Introduction: Corporate Sustainability means a strategic approach that creates goodwill of the business and enhances the opportunities, manages risks which occur from economic, social and environmental developments. In this proposal, we will study the factors of corporate sustainability, methodology, strategic recommendations, barriers and benefits to the social responsibility. This survey will focus on the dimensions of environment, therefore; it integrates goals of the environment into objectives of corporate for minimization of environmental impact. “Sustainable Development” and “Corporate Social Responsibility” are the terms which usually used instead of Corporate Sustainability in the literature. To know the current status of corporate
Lenovo 's Commitment to Sustainability Lenovo focuses on sustainability across its manufacturing and supply chain. Lenovo’s logistics organization is focused on increasing environmentally preferable shipping methods, reducing carrier greenhouse gas emissions and engaging external and regulatory agencies to pursue continual improvement actions. The principles of Product Life Cycle Assessment are followed to ensure that every stage of the product’s life is taken into consideration. Lenovo 's Commitment to Environment Lenovo has a history of being recognized for its environmental performance and leadership. Combating climate change The company is dedicated towards reducing its global carbon footprint.
The goal is to leverage your company’s unique capabilities in supporting social causes, and improve your competitive context at the same time. The job of today’s leaders is to stop being defensive and start thinking systematically about corporate responsibility.” Michael Porter, Professor, Harvard Business School, “Social responsibility is the responsibility of an organization for the impacts of its decisions and activities on society and the environment through transparent and ethical behavior that is consistent with sustainable development and the welfare of society; takes into account the expectations of stakeholders; is in compliance with applicable law and consistent with international norms of behavior; and is integrated throughout the organization.” Working definition, ISO 26000 Working Group on Social Responsibility, “The World Business Council for Sustainable Development has described CSR as the business contribution to sustainable economic development. Building on a base of compliance with legislation and regulations, CSR typically includes “beyond law” commitments and activities pertaining to”: • Corporate governance and ethics; • Health and safety; • Environmental stewardship; • Human rights (including core labor rights); • Sustainable
Lastly, Exxon regards their corporate social responsibility (CSR) as an important factor of business, and they continually implement change and innovate to reduce the impact of their operations. Their CSR appeals to six areas to improve sustainability: safety and health in the workplace, reducing climate change risks, improving environmental performance, community and human rights engagement, local development, and corporate governance (Exxon Mobil, n.d., para 1). II Change and Innovation Leadership Approach i. Effectiveness of the Leadership Approach Exxon Mobil’s organizational leadership approach to promote innovation within the organization is highly effective when looking at their innovation process, and their success rate with their innovations. For example, Roger
2014) posits that countries who seek to implement corporate governance principles should monitor their corporate governance framework, including regulatory and listing requirements and business practices, resulting in strength and maintenance in its contribution to market integrity and economic performance. Studies has also shown that good corporate governance maximizes the profitability and long term value of the firm for the shareholders (Khumani et al, 1998). Banerjee et al (2009) also states that effective corporate governance is critical to all economic transactions especially in emerging and transition economies. Hence the need to develop good corporate governance in countries has become
Also, the formulation of a mandatory framework of compliance to corporate social responsibilities would lead to enhanced awareness and contemplation of social and environmental effects of corporate organizations’ activities and operations. This is because the attention of the organizations’ management and personnel would be re-focused on sustainability, social, and environmental concerns (Coombs & Holladay, 2012). As a result, little violations of the legal regulations would be expected. This would lead to more benefits and well informed decisions made by the organizations in regard to the impacts they cause on the communities and environment they operate in, as well as their financial gains. Lastly, corporate organizations would be compelled to observe higher ethical standards, which would foster social stability and
Business must adjust their yearning to augment benefits against the needs of the stakeholders. Good business morals would mean moral standards acknowledged by the general public as right ought to be actualized throughout behaviour of corporate undertakings. Schedule IV of the Companies Act, 2013, deals with the code of independent directors. It deals with the guidelines of professional conduct and also with their role, functions and duties. Good business morals in the administration of the corporate undertakings would essentially include proper money related dealings in their managing which would in this manner help the organization to succeed.
Operational sustainability' is a method used by organizations to evaluate if its business can maintain as is without placing possible resources at risk. Business sustainability is driven by companies managing their financial, social, economic and environmental risks, responsibilities and opportunities. Companies that continue to drive and maximize their profits, continue to develop their people and engage and make decisions for the environment in which it operates to often maintain sustainability. Manging and adjusting based on these allow the business to with stain environmental, industry or business changes or volatile situations. Operational sustainability focuses mostly on ecological, social and or economic resources.
characterized supportability 'a persisting and adjusted way to deal with monetary action, ecological obligation and societal advantage'. Manageability is about meeting the difficulties of guaranteeing that future generations can appreciate the same sort of ways of life individuals appreciate today and better. This commonly includes taking a long-term viewpoint on adjusting monetary, ecological and social effects of business. A guarantee to ethics conduct is regularly demonstrated in the corporate social obligation, strategy of a business. The company is not judged exclusively on their capacity to convey goods and services additionally on the way of conveyance and how they affect on society and nature.
According to Elkington (1997) there are three main pillars of sustainability, economic, ecological and social systems which benefit the future generation this is known as “triple bottom line” concept. These are characterized as sustainability which is ‘ecological sustainability’ and conceptualisation of sustainable development is a process of change that has sustainability added to its list of objectives (Lele, 1991). According to the World business Council for Sustainable Development stated that sustainability offers business the notion of being able to merge the environmental protection and socio- economic development with improved business performance (WBCSD, 2010). Sustainable development means a potential nascent green-tech venture in order to achieve triple bottom line of combined economic, social, and environmental value (Meyskens & Carsrud,