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Managing, Leadership & Stewardship Assignment

   

Added on  2020-04-01

9 Pages2262 Words162 Views
Running Head: Managing, Leadership & StewardshipBP: Beyond PetroleumManaging, Leadership & Stewardship

Managing, Leadership & StewardshipPage | 1 Table of Content:Introduction................................................................................................................................3Organization Theory..................................................................................................................4Agency Theory.......................................................................................................................4Institutional Theory................................................................................................................4Bureaucracy Theory...............................................................................................................4Stakeholder Theory................................................................................................................4Stewardship Theory................................................................................................................4Issues at BP................................................................................................................................4Recommendation to Leaders at BP............................................................................................7References:.................................................................................................................................8

Managing, Leadership & StewardshipPage | 2Introduction:The company chosen for the assignment is BP, formerly known as British Petroleum, started in 1908 post discovery of oil in Persia, and since then the company has transited from coal, oil, gas, to now finding new sources of energy. The company has its headquarters in London and is headed under the leadership of Bob Dudley(BP, 2017). It is amongst the top 10 largest companies in the oil and gas sector. BP remains controversial even to this day, owing to its multiple oil spills, explosions and environmental hazards. The problem here lies with the management, not givng any attention to the alarms raised by the employees repeatedly, complete disregard for the reports by internal auditors devastated the company. The leaders of the company were neglecting all these claims to be in the good books of the stakeholders, they wanted to increase the productivity and profitability for the company, hence in turn they ended up compromising on the safety procedures.(Zarroli, 2010.)BP has been at the helm of lot of public scrutiny owing to its gulf oil spills, costing them $20Bn as fines to the US govt, (Rushe, 2015) Alaska spill, deepwater horizon spill and many more.The oil spill in the gulf ocean had ruined the ecosystem situated in the Mexican gulf, and the company had to face extreme scrutiny for the same.The company though in order to clean up the mammoth oil spill have hired a SCATS team, which patrol daily on the shore and look for traces of oil (International Resource Journal,2012)Organization Theory: This can be understood as different approaches to understanding organizations, which lays the framework for the code and conduct of the organization ( Turner, 2014). Some of the prominent theories are:Agency Theory: It is a hypothesis which explains the relationship between principals & agents in the business. It can also be concerned with resolving problems that can exist in agency relationship due to unaligned goals or different aversion levels of risk (Luger, Mammen & Haleblian, 2015)Institutional Theory: This can be understood as a theory on the deeper and stronger aspects of social structure, it considers the processes by which structures, schemes , social norms,

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