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NYSEGs Corporate Responsibility - Essay Example

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The essay "NYSEG’s Corporate Responsibility" tells that donations collected from employees etc. have helped NYSEG create an effective network of charity work which has benefited many people. This has helped the company create a positive image in…
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NYSEGs Corporate Responsibility
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Case study I concur with NYSEG’s corporate responsibility project given that it is a representation of the firm’s attitudes towards the targetedcustomers. Customers get grants from NYSEG and these people often encounter financial hardships that can make it challenging for them to settle their bills. This is a sign of goodwill on behalf of the company since it is in a better position to create a positive image to the customers. This has also helped NYSEG to gain the trust of more than 800, 000 loyal customers in New York to become the best energy company in this area. NYSEG has also created a donation plan where it appeals to the customers with high income levels to pay extra money on their bills and this can be channeled to the cause of the needy customers. The major advantage of this gesture is that it empowers the customers since they can clear their debts and continue to access power which can improve their welfare. The members operating the system are paid from donations and the other benefit of the system to the company is that it has managed to gain competitive advantage since this altruism program has helped to create loyal customers. Donations collected from pensioners, employees and other customers haves helped NYSEG create an effective network of charity work which has benefited many people. This has helped the company create a positive image in as far as corporate social responsibility is concerned.
This altruistic program conforms to Milton Friedman and R. Edward Freeman’s concept of attempting to satisfy the profits needs of the company as well as the social responsibility needs of the employees and other stakeholders. This shows that the company is not only concerned with maximizing profits from its operations but it also has a duty to be socially responsible to the people in the environment in which it is operating from. Friedman states that the executives of the company ought to operate profitably while at the same time fulfilling the needs of the stakeholders impacted by its operations. In this case, it can be observed that Project Share is designed to appeal to the customs laws or public policies which require the companies to give back part of their profits to the members of the society in which they operate. This program does not interfere with the operations of the organization since there are responsible people who handle issues related to donations of funds to different people while the managers in the company are expected to focus on their core business of generating profits for the firm. However, I believe that NYSEG uses this program as a marketing gimmick where it seeks to maximize profits in the guise of corporate social responsibility (CSR) citizenry.
The customers and stakeholders are very important for the survival of the company according to the stakeholder theory advanced by Edward Freeman. Thus, all stakeholders including employees, managers, customers among others must be treated as valuable asserts when making decisions that affect the company’s profitability. It is imperative for NYSEG to continue sponsoring the altruism program so that it does not deceive the customers such that they may end up thinking that they are taken for granted. The CSR concept states that the customers form a strong pillar for the survival of the company and as suggested by Friedman (1984), all stakeholders must be given the opportunity to contribute towards the decision making process at NYSEG. This company as noted operates under the guidelines of the stakeholder interests where they can vote against the charity program whenever they feel that they cannot continue supporting it. Since the program supports financially customers only, its termination entails that they would need to seek other alternatives of power from NYSEG’s competitors. However, terminating this program entails that the company would be deviating from its commitment to be socially responsible for the sake of profit maximization. This goes against Freedman’s concept of the fiduciary of duty of the company which states that the customers’ rights should be protected so that they are not exploited.
The NYSEG Project Share also conforms with John Boatright’s equity argument. This states that the stakeholder interests remain protected by the board of directors responsible for making final decisions in the within the organization. In the same vein, Boatright suggests that customers, executives and shareholders should be treated as valuable assets given that the managers do not owe the fiduciary duty to the shareholders but the corporation. It can be seen that NYSEG’s fiduciary duty to its shareholders lacks proper definition in common law or other company articles and this gives the agents running the program to act on behalf of the corporation not the shareholders. As stated by Boatright, NYSEG does not have any fiduciary relationship with the shareholders and there can be no interaction between the two. The management has the right to establish and maintain good relationships with the customers as part of corporate social responsibility program. Read More
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