Business Assignment: Corporate Social Responsibility
Added on - 28 May 2020
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Running head: CORPORATE RESPONSIBILITYCORPORATE RESPONSIBILITYName of the Student:Name of the University:Author’s Note:
1ReferenceCORPORATE RESPONSIBILITYCorporate Social Responsibility states that every business has a responsibility towardsthe society whether it is environmental, social or even towards its stakeholders includingemployees, suppliers, shareholders and community at large (Suliman, Al-Khatib, & Thomas,2016). Corporate social responsibility states that every business has responsibility tocontribute towards the social well being of the society at large. Nowadays most of thecompany are compulsorily required to follow and fulfil their social responsibility towards thesociety in which it operates (Cheng, Ioannou, & Serafeim, 2014).The company which is selected for this assignment is Altech Chemical Ltd which hasits headquarters in Australia and it is also listed in the Australian stock exchange(Altechchemicals.com,2018). The corporate responsibilities of a business organisation aregiven in points below:1.The main responsibility of any business organisation is to contribute to the needsof the society which may be generation of employment and income generation forthe society as well as development of the business.2.Some of the business takes responsibility of environmental issues of the societysuch as planting of more trees, management and use of society resources in aneffective manner.3.Most of the chemical and oil companies are responsible for waste management. Inother words such types of companies are responsible to dispose off the wastecreated by them in a safe manner. Most of the time such wastes are hazardous innature and therefore these waste must be dealt with in a safe manner.4.A business can engage in charitable work in order to show the society that thecompany is following its corporate responsibility toward the society. Thecharitable work of the business can be donations to public organisations, schoolsand charitable institutions.
2ReferenceCORPORATE RESPONSIBILITYAltech Chemical ltd has to follow its corporate social responsibility as every business inAustralia has to strictly follow corporate social responsibility. The corporate socialresponsibility of Altech Chemical ltd is the management of waste which the companygenerates in production of alumina (Altechchemicals.com,2018). The hazardous and biodegradeable are dumped in a pit where there is no chance of leakage to the ground water orelse it will lead to ground water population. The company is also engaged in explorationactivities which naturally disrupt an area and its surroundings. However the company haslicense for exploration activity from the government of Australia. The responsibility of theAltech Chemical ltd is to ensure that the company develops the area where the company hadconducted exploration activities (Altechchemicals.com,2018). The company will berecovering the area and planting trees and levelling the ground soil.Most of the companies in Australia need to follow corporate social responsibilities asit is mandatory in most of the countries. It is the responsibility of the business to ensure thatthey are contributing to the needs of the society. (Bučiūnienė, & Kazlauskaitė, 2012).Basically the society gives the power to such business to operate and in return the societyexpects that the needs of the society are given priority. However most of the businesses donot consider such responsibilities as important. They just incur such expenses in order toshow the public that the company is incurring some expenses in Corporate SocialResponsibilities (CSR). Such companies consider this CSR expenses as unnecessaryexpenses (Brammer, Jackson, & Matten, 2012). However some of the companies follow suchpolicies properly. Altech Chemical Company has shown exploration and developmentexpenses in the balance sheet at $571904 for the period ending on 30 June 2016. The figureof exploration and development expense consist of restoration costs which the companyincurs on the sites of exploration by the company (Altechchemicals.com,2018).