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Ethical/Social Responsibilities - Essay Example

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Ethical/Social Responsibility Introduction Companies across the globe are trying to meet the new requirements of business which involve the prerequisites of the present-day population, without forgoing the capacity of the next generations to fulfil their own requirements…
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Ethical/Social Responsibilities

Download file to see previous pages... What is meant by ethical responsibility? Carroll (2010) identifies that the ethical responsibilities are the expectations placed on the business firm by corporate stakeholders and society as a whole, the idea which supposes that the business organisation has not only economic and legal obligations but also certain responsibilities which extend beyond all other responsibilities. Business ethics are considered to be moral principles which guides the manner a business, where performing in an ethical way involves distinguishing between ‘right’ and ‘wrong’ and then taking the right path. For example with a perspective of ethical responsibility, it is desired that no company should use child labour. Moreover, the corporate social responsibility enforces the company with wider responsibilities regarding minimising the harm to the environment and causing no damage to the communities in which it operates. ‘Anglo American’ is a UK public limited company that operates on a global scale and is one of the world’s leading mining companies. ...
Today a company needs to focus on both developing its bottom line as well as becoming a good business citizen. It is not an easy task for a business organisation to simultaneously remain committed to its financial obligations along with the global trends and to meet its social responsibilities. And this obligation to provide both private and public benefits has forced the organisations to restructure their functional frameworks, rule, and business representation. Also, to cope up with the rapidly increasing global challenges and to specifically understand and improve the current efforts, socially responsible firms must keep on changing their short-term and long-term policies in accordance with the societal requirements. All the leading business organisations have formulated their own code of business principles setting their core values and standard for their operation. In Anglo American’s case, this is called ‘Good Citizenship’. In the same way, companies should adopt and implement voluntary codes of practice that controls their industrial sector, like Anglo American playing an active part in the initiatives such as the Extractive Industries Transparency Initiative, the United Nations Global Compact, and the Global Reporting Initiatives (The Times 100). In recent years, there has been an extensive and compound shift in the way how organisations recognisa themselves with regard to the range of local and global stake holders. As their success, their capacity to react to competitive situations and their Corporate Social Responsibility (CSR) are highly influenced by the quality of relationship they maintain with their lower level management and other important stakeholders like, customers, shareholders, investors, and communities. Major changes in the global ...Download file to see next pagesRead More
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