Julia Burton-Durham Grade 12.1 Current Affairs News Article Analysis Business Studies Trinityhouse High School Table on contents: Rationale page 1 News Article Analysis page 2-4 Glossary page 5-6 Reflection on task page 7 Reference List page 7-8 Appendix Rationale: The topic that I decided to research is “The impact that Corporate Governance and Corporate Social Responsibility has on the ethics and sustainability of the business”. The reason I decided to research this is due to the fact that personally, I believe that many of the companies have become focused on what they achieve rather than how they have achieved it. And for this reason, many businesses have been drawn in to either illegal activities or acts of pure greed whereby they do not look at giving back to the society or those in need. I believe for a business to be successful, it is pivotal for them to operate within the legal boundaries and participate in social upliftment initiatives which will lead to the business maintaining or gaining a positive public image. [As seen on page 69 section 7.8 in the NSC Business Studies book] As a South African citizen, I would prefer to give my support to businesses that have invested in the Corporate Social Responsibility (CSR) initiatives or set up their own Corporate Social Investment (CSI) plans, rather than bus... ... middle of paper ... ...ncing: * Russell Y.; Topper S.; Ackerman L.; Oliviera J. 2013. Studying Business. NSC Business Studies. Grade twelve edition. PostNet Suite 75. Excom Publishers CC. * Drea De Foe. 16 May 2013. Arguments for and Against Corporate Social Responsibility. Hub Pages. Available: http://dreadefoe.hubpages.com/hub/Arguments-for-and-Against-Corporate-Social-Responsibility. 12 April 2014. * Nicole Dando. 8 August 2013. Corporate Governance: why the board must lead on ethics. Ethical Corporation. Available: http://www.ethicalcorp.com/business-strategy/corporate-governance-why-board-must-lead-ethics. 12 April 2014. * Pick and Pay Public Relations Department. 2014 . Foundation. Pick and Pay. Available: http://www.picknpay.co.za/foundation. 12 April 2014. * WebFinance Inc. 2014.Business Dictionary.com. Available: http://www.businessdictionary.com/aboutus.php. 20 April 2014.
In most cases, profits and social welfare are at odds. In such a case, business executives being answerable to shareholders are likely to focus on the profit-making aspect of the business rather than going against the interest of their shareholders by promoting social welfare at the expense of profits. In addition, research shows that companies actively involved in Corporate Social Responsibility efforts are more likely to be targeted by activists (Kress, 2011). In fact, it has been established that many companies initiate corporate social welfare projects when they stand to gain from those projects. For example, automakers resulted to creating fuel-efficient vehicles when they became profitable; similarly, energy conservation became an important CSR activity when the cost of energy became very costly. As such, the companies are benefiting their society as they follow their own
Windsor, D. (2001). The future of corporate social responsibility. International Journal of Organizational Analysis, 9 (3): 225-256.
In today’s world Global Corporate Social Responsibility is a pressing Topic. In most cases a collaboration between a buyer and a seller or supplier must collaborate and participate in the makeup of Corporate Social Responsibilities. According to the Business Dictionary Ethics are the proper Business Policies and practices regarding potentially controversial issues such as corporate governance insider trading, bribery, discrimination, corporate and social responsibility.
Business performance of organizations are primarily steered through good ethics and corporate social responsibility, and such business practices have become an integral part in order to conduct successful business operations in today’s highly competitive and dynamic environment (Joyner & Payne, 2012). Ethical business practices are widely implemented in small or large enterprise as the growing need of social responsibility and environmentally proactive practices are recognized by these businesses. Hence businesses should be conducted in a way that it not only benefits the owners, employees or customers but the society and community at large (Smith, 2008).
Businesses have a social responsibility to their consumers and communities. Poor social responsibility can affect a company’s profitability and impact customer loyalty. In the 1990’s, Nike faced allegations of being the villains of child labor laws and running sweat shops. In 2008 JPMorgan’s involvement (or lack of) in Madoff’s Ponzi scheme and 2015, Volkswagen’s emissions scandal are all examples of failed social responsibility. Corporate social responsibility (CSR) is more than donating to charities; it’s about doing the right thing and being active members of the community.
The concept of business ethics refers to a set of guiding principles that encourage individuals in an organization to make decisions based on the company’s stated beliefs and attitudes toward business practices within its industry (Lisa McQuerrey., 2016). Ethical and Unethical business decisions have long been a predicament encountered by organisations, these practices are concerned with how the companies interact with the global business world, and to their one-on-one dealings with individuals (Garry Crystal, 2016.) The concept of ethics and social responsibility emerged into the business world in the early 1970s after the end of World War I, saw these organisations become more profit driven resulting in negative impacts on society at large.
" What Are the Advantages of Corporate Social Responsibility?" WiseGeek. Conjecture, 19 Dec. 2013. Web.
An organization’s Corporate Social Responsibility (CSR) drives them to look out for the different interests of society. Most business corporations undertake responsibility for the impact of their organizational pursuits and various activities on their customers, employees, shareholders, communities and the environment. With the high volume of general competition between different companies and organizations in varied fields, CSR has become a morally imperative commitment, more than one enforced by the law. Most organizations in the modern world willingly try to improve the general well-being of not only their employees, but also their families and the society as a whole.
The "Benefits Of Authoritarian Parenting." Benefits Of Authoritarian Parenting? 25 Mar. 2014 http://benefitof.net/benefits-of-authoritarian-parenting/>. The Disadvantages of Strict Parenting. Everyday Life. 26 Mar. 2014 http://everydaylife.globalpost.com/disadvantages-strict-parenting-3790.html>.
Heskett, J. (2008, February 1). How sustainable is sustainability in a for-profit organization? Retrieved from http://hbswk.hbs.edu/item/5834.html
Russel Y., Topper S., Akerman L., Oliveira J., Strydom Z.; 2013; Studying Business NSC Business Studies Grade 12; 2013 Edition; Paardekraal; Excom Publishers; 26/05/2014
Covey & Brown (2001) “the role of business in society has progressed over the years, from being primarily concerned with profit for sharehold¬ers to a stakeholder and community approach with a focus on corporate social responsibility”
Corporate Social Responsibility is an organisation’s obligation to serve the company’s own interest and the one’s of the society. Moreover, Corporate Social Responsibility has a definition of a concept where the companies integrate social and the environmental concerns into their own business operation and also on a basis of voluntary with their interactions they have with the stakeholders. Corporate Social Resp...
Business Ethics are much more than the buzz word stories on late night news. The Corporate Social Responsibility of a company goes well beyond that. “Business Ethics are moral guidelines for the conduct of business based on notions of what is right, wrong and fair.” (Bellow, 2012). Individual backgrounds play a huge role in person by person code of conduct can vary from employee to employer. To help solve some grey areas in what is ethically correct, companies now make a code of conduct that is over everyone in the company. This code of responsibility helps employees have better understanding of what is required of each and every one of them. “Corporate Social Responsibility is a business philosophy which stresses the need for
A company has an economic obligation. It must earn a favorable return for its stockholders in the restrictions of the law. But, corporate social responsibility means that organizations have also ethical and societal responsibilities that go past their economic responsibilities. CSR needs organizations to develop their documentations of their responsibilities to include other stakeholders such as workers, customers, suppliers, local societies, state governments, international organizations, etc. Ethics could be seen as a fundamental component of individual and group activities at the heart of organizations’ errands.