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De Beers - Blood Diamonds - Essay Example

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De beers – Blood Diamonds Introduction In the recent past, managers of organisations prime goal were towards increasing shareholders wealth. To date there is a rapid change and the debate that has hit many businesses is on how to give back to the society and at the same time increase shareholders wealth…
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De Beers - Blood Diamonds
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Download file to see previous pages After creation of social legislation in 1970s, employees, environment, and consumers are recognised as legitimate stakeholders of companies and every decision of the company must incorporate them. For instance, a firm involved in building a school for its workers children will be undertaking its social responsibility. In another case, by innovating in new ways of manufacturing its products that are friendlier to the environment, a company will also be undertaking its social responsibility as it maximises its profits. This paper discusses De beer-Black Diamonds company’s ways of undertaking its social responsibilities. Carroll Model Early theologians tried to define company social responsibility. For instance, J.M Clark emphasized the importance of transparency in business dealings and emphasized that men must take responsibility of their own actions whether the law recognised it or not (CSR Quest, 2012, P.1). In 1960, Keith Davis suggested that, “social responsibility refers to businesses decisions and actions taken for reasons at least partially beyond the firm’s direct economic or technical interest” (CBE, 1991, P.1). Carroll Model is similar to the suggestions of these two theologians. He conceived CSR as divided into four obligatory parts namely, economic, legal, ethical, and discretionary. The major responsibility that shareholders vests on the company managers is to increase the economic value of their assets. Therefore, businesses must work hard to earn profits to keep the company going. In all its undertakings, the company must do so in accordance to the laws of the land. The third responsibility is for corporate companies to do what is right, just, fair, and avoid harm to employees and the neighbourhoods. Lastly, a corporate company is expected to contribute its resources towards improving the life of the surrounding community (Slide share, 2009, P.1). For instance, at the place of mining, there is no good Medicare for the miners. A mining company may build a hospital or a community clinic where its workers can access medical services. Background Information of the Company De Beers is an international company that operates mines in South Africa, Tanzania, Botswana, Canada, and Namibia. It dominates the Diamond world in open-pit mining, underground, large-scale alluvial and deep-sea mining. It has existed for more than 100 years now and has spent lots of money to advertise the diamond products it produces as a symbol of love, purity, and beauty. De Beers acquired its monopolistic powers before the twentieth century via buying individual diamond dealers and spoiled the market for those who could not join in. However, this monopoly ended in 2000 after Russian entry in the market. De Beers Company employs about 20,000 employees around the world. It sells the rough diamonds through Diamond Trading Company and $5.9bn sales were recorded in 2007. The company sells its finished jewels through a joint venture with French Luxury Goods Products Today the company is acquiring a new name “Blood diamonds” or “conflict diamonds” since the African nation that hold most of its mining grounds want to reclaim their lands. There are so many disputes and blood shed over the mining grounds and it is believed that the weapon used in these fights comes from the west. According to Durham, “ ...Download file to see next pagesRead More
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