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Does Corporate Responsibility Provide an Incentive for Business to Become Environmentally Sustainable - Coursework Example

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"Does Corporate Responsibility Provide an Incentive for Business to Become Environmentally Sustainable" paper states that realizing the importance of Sustainable Development in relation to CSR, companies create separate departments for ‘Sustainable Development’ headed by environment professionals…
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Does Corporate Responsibility Provide an Incentive for Business to Become Environmentally Sustainable
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Extract of sample "Does Corporate Responsibility Provide an Incentive for Business to Become Environmentally Sustainable"

Download file to see previous pages It is about fairness in dealing with the stakeholders and transparency and accountability in the organization’s operations. It is primarily based on the principles of Sustainable Development “that meet the needs of the present without compromising the needs of future generations to meet their own needs” according to Bruntland (1987).   The long term social and environmental consequences of the activities, rather than profit motive that should guide an enterprise in its business activities, taking into account the future generations. It is a comprehensive approach in relation to the policies, programs, and practices integrated into the organization’s operations in managing the business to create a positive impact on society, which means inter alia, fair wages and working conditions for employees, transparency for shareholders, timely payment for suppliers and delivery for customers, environmental protection for the community and include conservation of energy, human & animal rights and global warming in a larger perspective. Blowfield and Murray (2008, p.17) state “…companies face three competing cases that will ultimately determine their corporate responsibility strategy: the moral case (obligations that the company has to society); the rational case (taking proactive steps that will minimize the restrictions society imposes on business); the economic case (adding financial value to the company by preserving its legitimacy with its stakeholders).”

Business practices with reference to the various groups which influence the functioning of an organization depend upon their needs, as it impacts its operations. Corporate citizenship implies meeting the legal, ethical and economic responsibilities assumed by its existence in respect of the stakeholders of the organization. Voluntary or discretionary responsibilities undertaken by the company indicate its understanding and willingness to take part in various activities that have a direct bearing on the welfare of society.  ...Download file to see next pagesRead More
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