Corporate Governance and Social Responsibility - Essay Example

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Corporate Governance and Social Responsibility Name: University: Course: Tutor: Date: Table of Contents 1Introduction 3 2Findings 5 1McDonalds: A Brief Introduction 5 2McDonald’s Stated Position on CSR 5 3McDonald’s Stated Position on Corporate Governance 7 4Critic of McDonalds CSR and Corporate Governance 8 3Conclusion 10 1Nutrition 10 2Lack of Trust by Customers 10 3Environmental Conservation 11 4Giving Back To the Community 11 5Supply Chain 11 6Employees Welfare 11 4Recommendations 12 Bibliography: 13 1 Introduction The issue of corporate social responsibility (CSR) has been debatable for a long time…
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Download file to see previous pages This could be attributed to the fact that many of such organisations concentrate much on maximising profits and forget to look into issues revolving around factors that could lead to the maximization of the profit (Gray Koury and Lavers 1995). Therefore, the main concern about CSR should be an inclusive outlook of the overall welfare of the organisation’s stakeholders. In this regard, it is critical for organisations to first understand every need of all stakeholders’ whist concentrating on fulfilling these needs (Hohnen 2007). In essence, CSR entails organisations continued commitment to conduct their operations ethically and contribute to socioeconomic development of their employees and the local community as the quality of life of these stakeholders gets prioritised. Nevertheless, the issue of CSR varies with culture across the world (Belal 2008). To some cultures, CSR could be viewed as capacity building for sustainable livelihood to the community where the organisation is based (Mock, Strohm and Swartz 2007). Therefore, organisations need to have a clear understanding of what all stakeholders expect from them. This way, organisations are able to have an action plan on how to make CSR reality. On the other hand, CSR does not simply come without incorporating the system of corporate governance (Adams 2008; Mallin 2007). This assertion is arguably correct because corporate governance entails practices and processes through which an organisation is controlled. If an organisation has poor corporate governance, it is apparent that implementing CSR would be challenging (Sun, Stewart and Pollard 2010). Mainly, this applies to large organisations, which have many and complex organisational processes, and which each of these processes depend on the performance of each of the processes. For instance, an organisation with poor corporate governance translates to having an underperforming workforce, which fails to produce top results in their operations. In this regard, organisations inspiring to have good practices of CSR need to first streamline corporate governance. Corporate governance incorporates all stakeholders’ interests in an organisation (Schwartz 2011; Carroll and Buchholtz 2011). Basically, this entails management, suppliers, financiers, customers and other stakeholders. In fact, research has indicated that corporate governance helps organisation to attain organisation’s objectives. It lays a foundation on which the success of an organisation lies. With such deliberations, it is apparent that both CSR and corporate governance are inseparable. Nowadays, as Bacher (2007) stipulated, it is not enough for organisations to only concentrate on being profitable. There is also a need to have issues of good practices which are stipulated both by CSR and corporate governance. It is on this hypothetical theory that the current paper assesses and evaluates the importance of good practice in areas of Corporate Social Responsibility and Corporate Governance. The rationale for this research will be applied in convincing McDonalds to adopt the recommendations ...Download file to see next pagesRead More
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