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Corporate Governance and Social Responsibility Executive Summary

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Advanced Human Resource Perspectives (BUS320)

   

Added on  2020-05-01

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CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY 8 CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY Executive Summary Corporate governance is the set of regulations, procedures, and activities through which a corporation is directed and maintained; the corporate governance provides that it is necessary to balance the interest of multiple stakeholders such as employees, shareholders, consumers, government, suppliers, environment and many others. Many theories of justice, such a Kantian view, provide that it is ethical and moral to implement stakeholder approach

Corporate Governance and Social Responsibility Executive Summary

   

Advanced Human Resource Perspectives (BUS320)

   Added on 2020-05-01

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Running head: CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY0Corporate Governanceand Social Responsibility
Corporate Governance and Social Responsibility Executive Summary_1
CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY1Executive SummaryCorporate governance is the set of regulations, procedures, and activities through which acorporation is directed and maintained; the corporate governance provides that it is necessaryto balance the interest of multiple stakeholders such as employees, shareholders, consumers,government, suppliers, environment and many others. Traditionally, companies wereconsidered as an agent of a shareholder, and their primary objective was to maximiseshareholders profits. Modern corporations did not share a similar view; they implementcorporate social responsibility policies to ensure that equal importance is given to eachstakeholder and their interest in being fulfilled. The benefit of adopting stakeholdersapproach include positive reputation, better brand recognition, reduction in expenses,increase in financial performance, enhanced employees productivity and many others. Manytheories of justice, such a Kantian view, provide that it is ethical and moral to implementstakeholder approach because it benefits various sections of society. There are multiplestakeholders’ theories that can be applied by a company to ensure fulfillment of stakeholders’interest. Following are few recommendations for adopting stakeholders approach:Firstly, directors should determine the number of stakeholder in a company toanalyse their requirement and interest in the business; same preference should begiven to the need of each stakeholder.The directors should formulate business policies regarding the stakeholders’requirements which can be fulfilled by the actions of such company. The policies should include the interest of each stakeholder, and they must bemodified as per the change in organisational environment.The directors should continuously monitor the regulations to ensure that they areaccording to the requirement of stakeholders and alter the terms as per change instakeholders’ needs.
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CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY2Table of ContentsIntroduction................................................................................................................................3Purpose.......................................................................................................................................4Limitations.................................................................................................................................4Scope..........................................................................................................................................4Literature Review.......................................................................................................................5Benefits of Adopting Stakeholder’s Approach..........................................................................7Theories of Justice......................................................................................................................8Other Theories..........................................................................................................................10Conclusion and Recommendations..........................................................................................12References................................................................................................................................13
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CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY3IntroductionWith the advancement of technology, academicians, law, and governments the role of thecompany has also changed in society. Traditionally, the primary focus of corporations is toenhance their revenues and increase the value of their shareholder’s stock. Instead of focusingon profit maximisation, modern companies adopt corporate social responsibility policies tobenefit various sections of society. The firms are not considered as profit machines anymore;they played a significant role in improving the community’s status. Many experts are opposedto the corporate social responsibilities policies because they believe it is against the coreprinciple of a company. Many experts believe that social responsibility issues reduce theprofit-making ability of a company since they shift their focus from operations to the welfareof society. This report will analyse various articles provided by experts on shareholder andstakeholder policies and examine the impact of both policies upon a company’s performance.
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