Challenges and Best Practices in Corporate Responsibility and Sustainability

Business Ethics,
Responsibility and
Sustainability

Table of Contents
INTRODUCTION ..........................................................................................................................1
MAIN BODY ..................................................................................................................................1
TASK ..............................................................................................................................................1
Explain various challenges related to corporate responsibility and sustainability in context of
selected firm. ..............................................................................................................................1
Various best practices in relevance of selected firm ..................................................................2
Recommendation.........................................................................................................................2
CONCLUSION ...............................................................................................................................2
REFERENCES ...............................................................................................................................3

INTRODUCTION
Main objective of this report is to understand the concept of business ethics,
responsibility and sustainability. For smoothly running their business operations an organisation
needs to fulfil its responsibility towards all stakeholder such as customers, government, society
and so on. For creating a good image a business needs to do ethical work and by considering
sustainability. Business ethics provide a potential analytical framework to an organisation with
the helps of which an management practices are evaluated in general and sustainability in
particular. Ethics defines the management actions are good or bad (Bellucci, Bini and Giunta,
2020). All these three factors play an essential role in growth and success of a business and helps
an organisation in achieving their goal. Business ethics, responsibility and sustainability all the
three factors helps an organisation in long term survival and creating a good image of company.
Sustainability is made up from three important pillars which are the economy, society and the
environment and it is the responsibility of company to effectively satisfying all needs of these
three pillars. This report is based on a oil and gas industry for which BG group plc is taking into
consideration. It is an British multinational oil and gas company. Which is founded in 1997
(Demerger of Centrica) 2000 (Demerger of Lattice group from BG group). It headquarter is in
Reading, United Kingdom and it was acquired by Royal Dutch Shell. It is mainly deal in crude
oil, natural gas, petrochemicals and around 5200 numbers of employees are successfully working
with it. This report includes various challenges faced by company related to corporate social
r3esponsibility and sustainability. Other that this it includes various best practices related to
ethics and moral issues of selected company. This report include a beneficial recommendation
with the helps of which business are being more responsible.
1

MAIN BODY
TASK
Explain various challenges related to corporate responsibility and sustainability in context of
selected firm.
Ethics- It refers to a set of moral principles or code of morals practices of a group of
people. It will defines what is good and bad and what activity is right and wrong. Ethics values
will guide the behaviour of a person. While in context of business it is related to the business
policies and practices related to corporate governance, insider trading, bribery, discrimination,
corporate social responsibilities and so on. Applying business ethics in helps an organisation in
effectively analysing ethical problems arises in business environment. Ethical business helps in
creating more values for company and also for its employee and customers (Boubaker and et. al.
2018).
Corporate responsibilities- It refers to a type of international private business self
regulation and its main objective is to contribute to its stakeholders. Main responsibility of
corporate is for four important parties which are customers, employees, shareholders and
communities. For success of any organisation its very important that they fulfil their corporate
responsibility effectively. An organisation is the part of society and use resources of society and
its the main responsibility to give back to the community and provide positive social values.
Government implement various rules related to corporate responsibility so that they can
effectively fulfil their CSR activities (De and et. al. 2018).
Sustainability- It means meeting the requirements and needs of current population
without compromising the needs and ability of future generations. In business sustainability
means performing business activities without negatively impacting the environment, community
2