Governance and Sustainability- Document

GOVERNANCE AND SUSTAINABILITY
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CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY
Contents
INTRODUCTION......................................................................................................................3
CORPORATE GOVERNANCE AND SUSTAINABILTY OF MINING INDUSTRY IN
AUSTRALIA.............................................................................................................................4
THEORIES OF CSR AND SUSTAINABILTY........................................................................5
IMPLEMENTATION STRATEGY OF CSR IN MINING INDUSTRY.................................8
BENEFITS OF IMPLEMENTING CSR STRATEGIES..........................................................9
CONCLUSION........................................................................................................................10
REFERENCES.........................................................................................................................11
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CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY
INTRODUCTION
In today’s industry practices, Corporate Social Responsibility (CSR) is dishevelled with
many MNC’s and industries in strategic planning procedures. The drivers behind CSR can be
due to the reason for showing responsibility towards human and environment. This can also
be said that company’s along with producing product or service has to take responsibility to
satisfy entire stakeholders those can be common people, employees, owners, buyers or
government. According to Mallen Baker, "CSR is about how companies manage the business
processes to produce an overall positive impact on society" (Careers and Industry Guide,
2017) Competitors, government and populations often influence organisations to destabilize
or undertake unethical motives. Laws and penalties levied by government and legal bodies
keep safeguard of ethics and social values of industries. Legal processes if structured
accordingly ensure international borders are not exposed only for self interest. CSR’s
confirms shareholders that their organisations provide maximum profit out of processes while
ensuring to make positive impact on environment and society. Implementation of CSR in
industries has been visible immensely since the last decade as organisations are tending to be
modest in behaving under CSR criteria’s (Aras, 2008). Australian companies those are listed
in stock exchange have taken initiatives by showing their part of responsibility towards
nation. According to a study made by Australian Centre for CSR, Australian companies have
increased their awareness regarding CSR (Mendoza, 2017). Good initiatives shall always be
encouraged so that working with communities proactively alleviates the potential by
damaging obstructions in business and create significant benefits for long term (The
conversation Media Group, 2017). This report will make research on implementation of CSR
while demonstrating the way corporate governance may contribute to higher standards of
business performance and accountability in mining industry of Australia.
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CORPORATE SOCIAL RESPONSIBILITY AND SUSTAINABILITY
CORPORATE GOVERNANCE AND SUSTAINABILTY OF MINING INDUSTRY IN
AUSTRALIA
Mining industries are accountable for a noteworthy proportion of GDP in many developed
nations and has an impending prospective to deliver sustainable economic growth to worlds
most needful communities. In global context, the societal anticipation is growing towards
corporate, especially in developing nations to foster responsibility by not generating profits
only but benefiting entire community with their presence. Large MNC’s and global
resource’s sectors are responding to expectations by adopting high profile range of CSR
guidelines and sustainability frameworks along with serving public relation practices. Despite
of considerable potential in economy along with environmental and social impact on mass
commune, many low profile and small Australian mining and exploration companies operates
ignoring CSR practice in the country (Rice, 2016). While making the research it was found
that junior levelled industries and communities focussed to approach CSR and while
visualising the contraction in operations, they failed to understand the overall importance of
CSR (Lyons, 2016). Various theories in CSR will explore the complex force that shapes mid
tier mining industry in Australia and implement CSR and sustainability in their challenging
operational environment.
The critical research in CSR practices of resources sector has been seen delivering
inappropriate operations and also been accused of making unexpected processes. CSR
programmes are been conceded without consulting communities and is been carried without
thinking about its priorities. Those industries are also criticised as developers of environment
and social damage whereas billion dollar brands becomes vulnerable to communities and
suffer fallouts from mining sector without sharing much benefits out of it. Global
conglomerates in mining sector remain only handful that also dominates the industry. Many
junior resources industries who explore potential mineral deposits are sold off to big
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