Corporate Governance Ethics & Corporate Social Responsibility

Running head: CORPORATE GOVERNANCE ETHICS & CSR
Corporate Governance Ethics & Corporate Social Responsibility
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1CORPORATE GOVERNANCE ETHICS & CSR
Introduction
Sustainable development goals are defined as the plan or strategy to accomplish a better
and sustainable future for everyone on the earth (Kates 2018). These goals are designed to
protect the environment, reduce poverty and inequality, providing job opportunity, ensuring
peace, justice and prosperity. This report addresses 8th sustainable development goal, that is,
“Decent Work and Economic Growth” and its various aspects, such as, its structure of
governance, identification of the stakeholders as per the Mitchell et al’s (1997) article “Toward a
theory of stakeholder identification and salience: defining the principle of and what really counts”,
and appraisal with the PRME core principals. It also provides recommendations for applying the
goals effectively.
Sustainable development goal 8: Decent Work and Economic Growth
This goal aimed to promote the sustained and inclusive economic growth along with full
and productive decent work opportunity for all. Economic growth is essential for sustainability.
Economic growth refers to the increase in the products of goods and services per head over a
certain financial year and to achieve a growing production, decent and full employment is
required. This in turn leads to a sustainable growth for the community. The target indicators
include per capita economic growth as per the circumstances of the nation, with a minimum of
7% gross growth rate of real GDP per capita; achieving higher levels of economic productivity
through technological advancement, innovation and diversification, with a focus on the labor
intensive sector to increase the employment; and increasing gender equality in non-agricultural
employment.

2CORPORATE GOVERNANCE ETHICS & CSR
Structure of governance to support the goal
Structure of governance for supporting the SDGs requires effective interactions,
infrastructures and institutions (Joshi, Hughes and Sisk 2015). To achieve the goal of decent
work and economic growth, inclusive employment opportunities and growth are required.
According to the structure of target indicators, annual real GDP per capita growth rate, annual
real GDP growth rate per employed person, increase in gender equality, increase in material
footprint and consumptions per capita and per GDP are required to be achieved. For the growth
of decent work and to achieve sustainability by 2030, full and productive employment should be
achieved, irrespective of sex, age and disability and there should be equal pay for the work of
equal value for both men and women. By 2020, there should be a reduction in the number or
proportion of youth, not engaged in education, training or employment. Effective measures
should be taken to reduce forced labor, modern slavery, and human trafficking. Another agendas
of this goal are to reduce the rate of fatal and non-fatal work place injuries, increase in the
national compliances of the labor rights, increase in tourism promotion and jobs to increase
GDP, increase in the branches of commercial banks and ATMs per 100,000 adults and in the
number of savings account, increasing the trade support funding and lastly, by 2020, increasing
the government spending in the social protection and in the employment programs as a
percentage of GDP and national budgets (sustainabledevelopment.un.org 2018). Thus, from the
SDG it can be inferred that, the goal includes multiple sections of the job sector, human and
labor rights as well as factors of economic growth to establish a sustainable economic growth for
the communities as a whole.
The governance structure therefore should cover all these elements of the SDG. As the
objective of these goals is to ensure the well being of all species by protecting the natural

3CORPORATE GOVERNANCE ETHICS & CSR
environment and providing suitable and sustainable infrastructure, thus, interaction between the
institutions is essential for the infrastructure, needed to achieve the goal. As stated by Biermann,
Kanie and Kim (2017), governance refers to the institutions or processes, which are backed by
the political party of the nation, that set some activities that need to be controlled or influenced
for the collective interest. Hence, governance structure for the 8th SDG will include the
employment and production specific factors, such as, ILO and other labor rights organizations,
international political and domestic institutions, non-agricultural employment sectors, that is,
various types of public and private industries. There should be synergic interaction among these
institutions for creating employment opportunities, reducing the gender pay gap, and child labor
and achieving sustainable economic growth. Infrastructures as per the national regulations should
be developed to provide the opportunities. For example, education opportunities should be
provided to all, especially to the children and youth, irrespective of gender and economic
condition, regulations should be imposed and followed strictly against child labor, banks should
expand its operations and ATM infrastructures, and industries should be developed and proper
equipment, capital and other resources should be supported by the government to create
inclusive, full and productive employment and increase production and consumption level,
which in turn increases the total and per capita GDP.