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Social responsibility in finance decision making - Essay Example

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Globalization has had numerous impacts on human and business living including the need for businesses to take concerted efforts in social responsibility. The importance of corporate social responsibility (CSR) has increased in recent years owing to the increasing benefits to…
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Social responsibility in finance decision making
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Download file to see previous pages Further, Monsanto CSR initiatives, the influence they have had on stakeholders and company image, with recommendations provided for improvement of CSR at Monsanto. Monsanto failed to meet CSR needs in two instances that seriously affected the business and formed the platform for more CSR initiatives that have allowed the business to receive global recognition, win back the confidence of the consumers, and achieve success in environmental conservation.
Monsanto is a leading seed company globally specializing in biotechnology and genetic manipulation of organisms for the development of cheaper and resistant food and crops. Monsanto inserts genes to existing plant genes as a measure of augmenting disease resistance and yields. The effect is the production of drought resistant, more productive, and disease resistant plants known as genetically modified organisms GMO. Monsanto has achieved global success in terms of the supply of Agent O, saccharin, vanilla flavouring, artificial sweeteners, petroleum, packaging Roundup herbicides, petroleum, and GMO seeds. Despite the success, Monsanto faced CSR issues that seriously affected the firm and realized the importance of CSR taking several initiatives in correcting the situation and making several gains in the end.
Corporate social responsibility (CSR) at Monsanto was not at the forefront of the company’s operations in the past, as is the case in recent years. For example, there are instances where Monsanto inflicted harm on a number of stakeholders for the sake of the firm’s profits that was the main aim of the firm at the time. Monsanto was not very cognisant of the CSR it had on a number of stakeholders. Monsanto’s production of Agent Orange in 1970’s for the deforestation of Vietnamese jungles forms the case where the company neglected its CSR responsibilities in favour of profit making (Ferrel et al., 2013). Agent Orange, as it was later discovered, contained a carcinogenic ...Download file to see next pagesRead More
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