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Multinational enterprises (MNEs) are increasingly expected to integrate sustainability into their core business activities, moving beyond philanthropy or public advocacy. In particular, the financial sector is expected to support the Sustainable Development Goals (SDGs) as it plays a critical role in promoting sustainable development through its key roles as risk managers, insurers, investors and lenders. It has been acknowledged that the sector has the power to direct investments towards sustainable activities, encourage sustainable business practices, and promote sustainable development more broadly. However, for MNEs, including insurance companies, examining sustainability practices across subsidiaries operating in expanded geographic contexts becomes complex. Implementing corporate sustainability strategies is challenging, particularly when their globally-developed strategy intersects with local operations. However, limited attention has been given to the sustainability practices adopted by the financial sector at the subsidiary or local levels. This study aims to fill this gap by examining how multinational insurance companies operating in emerging markets manage their sustainability practices, particularly in aligning their global sustainability strategy with local operations. Utilising a corporate sustainability assessment process framework and focusing on the case study context of Allianz in Malaysia, this study provides a comprehensive picture not only of the sustainability practices that have been implemented but also of the important role that global and local operations play in translating global strategies to achieve sustainability into meaningful and contextualised local agendas for sustainability.

The United Nations’ 2030 Agenda has further propelled the need for the private sector to engage with sustainable development. Corporate sustainability research seeks to specifically address this; however, extant literature highlights a paucity of research on how this occurs. In this study, we utilise an emerging process that has been identified to support managers in addressing sustainability—the corporate sustainability assessment (CSA). Utilising an in-depth case study and qualitative data collection, this study highlights how CSAs are a systematic and comprehensive approach to guide managers in how they can address sustainability. This study empirically examines three distinct but interconnected aspects of the CSA including the sustainability governance system, measurement of sustainability performance and sustainability reporting. With scant empirical studies on both CSAs and multinational enterprises (MNEs) operating in emerging markets, this study provides unique insights into two key traits of MNEs to understand the interplay between home- and host-country contexts and the industrial sector the MNE is operating within.

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