Definition of CSR and a description of what it is. Corporate Social Responsibility is a voluntary initiative taken by a company where they contribute to social, ethical , and environmental issues in society. Also known as “corporate citizenship”, CSR is a continuous commitment of a business to demonstrate ethical and economic activity that benefit the staff, the shareholders, the business, but most of all society. It is when a business takes of time money to make a difference in society. Whether it is to help a certain people or raise awareness for a cause, CSR is done in most businesses and it highly beneficial for the business in many ways.
Compare two multinational companies and assess which is more environmentally responsible Many multinational companies actively conduct their corporate social responsibilities regardless of losing profits at present. They are encouraged to fulfill their duties with regard to environmental protection and social concerns in their business operations. Unilever and Canon are both pioneers in their different business fields. The former is a diversified company selling foods and everyday household care products and 13 brands of which have sales of over 1 billion euros per year, with 169,000 people serving it (Unilever, 2017). The latter is an electrical device firm whose main products are electric appliances and imaging equipment such as cameras, sensors and GPS receivers; its common stock has reached 174,762 million yen by December 31 2016 (Canon, 2016).
Here are some recommendations for the company that can improve the ethical leadership practice in the company. Build ethics awareness program that works through steady communication and sharing the values, operating principles and the implementation of ethical standards. Lead by example, all the leader within a company must demonstrate his commitment to the ethics. Accountability for ethical
The company’s domestic sales of Tata commercial and passenger vehicles for June 2014 were 34,743 nos., 29% decline over 48,716 nos., sold in June last year. 2.2 Expansion strategy: Tata group of companies have followed the “unrelated or conglomerate” diversification strategy of expansion which can be clearly known from the above picture. They are into almost all the industries that one can name and is still on process of development and innovation. Their purpose is improving the quality of life of the communities they serve, by striving for leadership and global competitiveness in the business sectors in which they
Ethical and environmental values are fully integrated in a business environment. Treating colleagues and clients as well as societies and environment in which we work with respect to long term perspective is necessary to the success and goodwill of some company. Their corporate value forms the foundation of their business. Ethical values are followed in providing transparent information to their customer and the general public and to their employees. In case of customers, they ensure that customers fully understand the terms of the contracts and engage in financial education in order to raise public awareness of the dangers of in transparent financial offers.
Ltd), which is a Gurugram-based marketing and personalisation services company, as part of its plan to enhance the experience for its customers. • Indian Railways has appointed Ernst & Young (EY) as a consultant to discover its advertising potential, which is in line with the Railway Budget proposal of increasing non-fare earnings to over Rs 5,000 crore (US$ 750 million) in five
c) Increased sales and Market share: Consumers like to be associated with a company, which is ethical and has a positive image. Many companies have become innovative and stated contributions a certain portion of their sales to certain cause. This has to fold benefits; it increases the brand image as well as helps in differentiating the product from their direct competitors and hence increases in sales. d) Increased ability to attract, motivate and retain employees: Corporate Social Responsibility helps companies to be known as a responsible corporate citizen with sensitivity towards social and environmental issues. Such an image of the corporate helps employees and communities all with the corporate vision and Mission, as they all feel alike and contribute towards a common goal.
About International Finance Corporation The International Finance Corporation is an independent financial body that is a member of the World Bank Group. It consists of 184 member countries that are a part of it and each of these member countries have an appointed officers to conduct their activities. The IFC is aimed at ending extreme poverty by 2030 and to boost the prosperity in every developing country. The International Finance Corporation’s investment services include loans, equity, trade finance, syndicated loans, structured and securitized finance , liquidity management, client risk management services and many other financial assisstance. Approximately $12.7 million dollars were invested as a whole in the fiscal year of 2010 in 528 projects spread over 130
Secondly; there is legal responsibilities, a business’ legal responsibilities are the regulations that are made by the law. After guaranteeing it is profitable, it should ensure that it complies with all laws. Legal responsibilities can vary from securities regulations down to environmental law, labour law and criminal law. Thirdly; ethical responsibilities; this is when a business puts on itself as its owners believes it is the ethical thing to do, not because they have the responsibility to do so. Lastly; philanthropic responsibilities, this includes putting an effort to benefit society, for example, giving money to charity, donating services to the local community organizations and engaging in projects to help the environment (M. Scilly, 2016).
e) Does the organisation undertake corporate social responsibility? If so, what kind of social responsibility has it made? Corporate social responsibility means how a business is involved in activities that bring benefits to the society with relentless effort to be ethical and promote economic development while contributing to local community as a whole. For Malayan Banking Berhad (Maybank), they do undertake corporate social responsibility. For example, “Rumah Singgahan Kasih Maybank” is Maybank’s in-house programme.