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MGT301A : Ethics and Sustainability Assignment

   

Added on  2020-04-15

7 Pages1876 Words128 Views
Running head: ETHICS AND SUSTAINABILITYEthics and Sustainability: Self Reflection ReportName of the Student:Name of the University:Author note:

1ETHICS AND SUSTAINABILITYCorporate Social Responsibility and its relationship with ethical business practicesCorporate social responsibility is a major agenda of almost all the organizations in theworld. As the activities of the organizations bring positive outcomes, it also bring some negativeoutcomes too. To reduce the negative impact on the environment and community due to theproduction activities, the organizations design policies, known as the Corporate SocialResponsibility (CSR). From the writing of Cheng, Ioannou and Serafeim (2014), I have learntthat, CSR is the relationship between the organization and the local committee or with thestakeholders. There are three theories of CSR, namely, the stakeholder theory, business ethics theoryand shareholder value theory. The stakeholder theory says that, the stakeholders create pressureon the organizations to contribute something for their benefit. The business ethics theoryemphasizes on the broad social obligation and moral values and duties that the organizationshave towards the community. The social expectations towards a social problem, ethicalprinciples and contribution towards the society are the components of this theory. Lastly, theshareholder theory says that, a business has only one motive, that is, to make profit by followinglegal rules and regulations (Tai and Chuang 2014). On the other hand, ethical business practicesrefer to those activities that are morally correct, such as, corporate governance, fiduciaryresponsibilities etc. CSR is also part of the ethical practices. The CSR policies include thoseactivities that follow the business ethics.

2ETHICS AND SUSTAINABILITYPrincipal trends driving corporate ethics and sustainabilityI have found some principal trends that drive the corporate ethics and sustainability in thecoming years from the report of ethical corp. I found that, embedding sustainability is one of themajor priority or trend for the coming years. Sustainable innovation is another key factor.Transparency in business activities, trust between the society and the businesses, communityparticipation, responsible production and consumption are the other major trends driving thecorporate ethics and sustainability (Korschun, Bhattacharya and Swain 2014). Sustainability is one of the biggest challenges of the organizations. Since, almost all themajor economic activities revolve around the production and consumption, these activities arecreating immense pressure on the reserve of the resources. Thus, the organizations are becomingcareful about reducing wastages, recycling and reusing the resources and encouraging the usageof non-renewable sources of energy. Along with that, contribution in the development of thecommunity through the implementation of sustainable techniques is another trend that drives thesustainability. For corporate ethics, transparency in the business activities and disclosure of theperformance are important and these also help in building the trust among the corporate housesand the stakeholders. The community participation of the organizations is also increasing leadingto more contribution towards the development of the society. CSR from the perspectives of stakeholder interests at a national and international levelUnder various theories of CSR, stakeholder approach comes under the relational theory.This approach was developed to demonstrate the strategies for improving the management of theorganization. This theory also aims to manage the socially responsible behavior of the company.According to the Garriga and Mele’s analysis of the stakeholder approach of CSR, this approach

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