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Is It Justified for orporations to Promote Stakeholder Involvement and Public Good Objectives - Essay Example

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Why corporations should promote stakeholder involvement and public good objectives even when these conflict with the interests of shareholders. Why they should be legally permitted to do so and the extent to which corporate social responsibility is legally required Name Institution Law Tutor Date Introduction There is no precise definition that can be used to encompass what Corporate Social Responsibility (CSR) entails hence diversified definitions of CSR exist…
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Download file to see previous pages CSR also involves the relationship of the organization with its key partners: place of work, supply chain, public policy, and community.1 Firstly, a three dimensional terminology has been used to aid in the definition of CSR. This definition involves three diversified concepts of CSR: altruistic CSR which entails the organizations having the responsibility of acting and living while observing the interest of other people. The second dimension reviews ethical CSR which embeds an organization avoiding social injuries and harm to others as it conducts its operations. The final dimension is strategic CSR which incorporates the actions an entity engages in that translate to its benefit and also the benefit of its stake holders. To a greater extent, the discussion in this paper will be more anchored to reviewing the strategic dimension since the paper aims at reviewing to what extent a corporation should engage in maintaining public good though this move is against the interest of the stakeholders.2 Evidence reveals that CSR has its origins and can be traced back to the United Kingdom with reference to factors that make the UK acquire a leadership role. To begin with, UK has a colonial past especially in the African countries and has a viable international position necessitating its anchor in CSR activities. Consequently, UK serves as the headquarters for a great number of accountancy firms especially those bestowed with CSR embedded in the extensive journalistic expansion in the country. Subsequently, UK felt the prime impact of industrial revolution in the eighteenth century and thus experienced the first privatization of industries thus necessitating the need for early involvement in CSR. In addition, UK has spearheaded majority of the non-governmental community projects and aided in the shape of Shell and Unilever with the aid of Anglo-Dutch drivers. All these factors have worked in unison to give the UK a comparative advantage as far as CSR is concerned.3 CSR has also been defined as incorporating financial reporting of organizations to the relevant stakeholders. 4 The history of disclosing information currently being referred to as CSR has been documented to have existed in the UK since 1900s with reference to Hardfield’s Limited.5 The disclosures in these company included issues dealing with government policy, commercial responsibility, armaments, and professional responsibility to relevant stakeholders. However, the difference was in the quality of information disclosed with the current information being disclosed in the CSR being of a higher quality. This has led to the documentation of the importance and motivations of companies in the UK to engage in disclosures not only with the aim of informing their stakeholders. Disclosure informs the public of the activities of the organization, organizations also derive CSR positive public relations from disclosing and also to meet the disclosure requirements as stipulated by the stakeholders. Also, disclosure illustrates if employees are tailored to meeting the company’s target and to show that organizations abide by the regulations of CSR. Disclosure also reveals to stakeholders the importance of other non-financial activities that an organization engages and thus a ...Download file to see next pages Read More
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