The activities of businesses affect different stakeholders within the communities they operate in. They affect customers, employees, shareholders, suppliers, financiers, regulatory authorities, and communities. Accordingly, in their pursuit of economic objectives, business organizations have a responsibility to satisfy the concerns of stakeholders affected by their operations. This is the core of corporate social responsibility (CSR). CSR theory asserts that business organizations exist for not only profit motives, but also social and environmental objectives (Schwartz, 2011). Indeed, CSR has become so that important governments in most countries around the world have enacted laws and regulations that businesses must adhere to so as to foster community wellbeing and environmental sustainability. Inattention to social and environmental concerns may harm an organization's public reputation or have serious legal ramifications on the organization.
WECAREHealth (WCH), a New Jersey-based pharmaceutical company, is facing serious human rights issues and environmental concerns due to its activities in the African nation of Colberia. WCH is one of the most successful pharmaceutical companies in the world, but the company's little or no regard for workers and the environment in its Colberian operations is one of its major shortcomings as far as corporate ethical responsibility is concerned. Following a brief definition of the notion of stakeholder, this paper identifies WCH's stakeholders and the human rights issues the company presents for some of its stakeholders. The paper also identifies environmental concerns raised by the firm's operations and utilizes various ethical theories (utilitarianism, deontology, virtue ethics, and ethics of care) to evaluate the firm's treatment of the indigenous people of Colberia. Finally, a comparison of WCH's actions and a number of real-world companies is provided.
Indeed, power (influence) and interest are the two major characteristics that differentiate stakeholders. This means that some stakeholders are more important than others. While some stakeholders command huge influence and have high interest in an organization, others have low influence and low interest. For instance, managers have both high influence on and high interest in an organization as they are the responsible for creating wealth for shareholders. On the contrary, suppliers have high interest in the organization owing to the need to secure business, but have little or no influence over the operations of the organization. It is imperative for an organization to understand its most important stakeholders so that it can closely engage and keep them informed.
CSR Corporate Social Responsibility (CSR) in this article discusses the fact that corporate responsibility is fledgling in protecting employees at Ealing Hospital. The case discusses instances when professionals lost their jobs when stepping forward to report others fur unethical conduct. There is evidence that the hospital has covered up several instances of fraud and attempted to remove those that reported wrongdoing. The Health Secretary, Stephen Dorrell has reported that an investigation
" Apple went on to insist that it demands "compliance" with its code of ethics through a "…rigorous monitoring programme, including factory audits, corrective action plans and verification measures" (Chamberlain, 2011). A recent article published by the media company Al Jazeera (in Qatar) reports that Apple admitted "…some of its suppliers continue to overwork and underpay employees." Apple received heavy criticism for its factory work done by Foxconn so it opened
CSR in Saudi Firms Corporate Social Responsibility References to corporate social responsibility (CSR) reportedly occurred numerous times before the 1950s, however, in regard to CSR definitions, that particular decade birthed the "modern era." Carroll (1999) compliments the researcher's current study as it expands on the historical progression of CSR definitions. According to Carrol, Bowen initially defined the social responsibilities of businessmen; explaining that the concept relates to the obligations businessmen have to
Organization Corporate Social Responsibility (CSR) refers to the relationship between a business and the society and how can both can benefit mutually through a joint partnership. Caroll (1991) suggests four different aspects to be a part of CSR and they are economic, legal, ethical and philanthropic. The economic aspect is the basis on which the business is built while legal responsibilities are encoded in law. Ethical responsibilities include doing what
Business Ethics: Corporate Social Responsibility and the Triple Bottom Line Picture two companies, Company A and Company B. Company A manufactures chemical products and has been on the receiving end of criticism and public outcry for the air and water pollution caused by its chemical manufacturing plant. Due to increased pressure, Company A devises a strategy to start a project that will enable all farmers in the neighboring areas to get
Corporate Social Responsibility and Transnational Companies In this essay, I have discussed how essential Corporate Social Responsibility (CSR) is for the success of Transnational Corporations. UN Global Compact is also being discussed. I have also included case studies to support of Nike, Primark and Microsoft. Moreover, I have included positives and negatives about CSR and the factors that exist in CSR which may lead to the success of transnational corporations. Finally,