Qualification - OTHM Level 5 Diploma in Accounting And Business
Unit Name - Business Ethics and Corporate Social Responsibility
Unit Reference Number - Y/617/3293
Unit Level - Level 5
Unit Credits - 20
Assignment Title - Business Ethics And Corporate Social Responsbility
Learning Outcome 1: Understand how business ethics and Corporate Social Responsibility (CSR) relate to financial decision making.
Learning Outcome 2: Understand the nature and importance of corporate governance and ethical behaviour.
Learning Outcome 3: Be able to analyse complex issues in CSR and corporate governance.
Y/617/3293 Business Ethics and Corporate Social Responsibility, OTHM Level 5 Diploma in Accounting And Business Assignment Help - Best Quality At A Reasonable Price
3.1. Review CSR and corporate governance issues in CSR and corporate governance. in an organizational setting.
Although Corporate Social Responsibility (CSR) and Corporate Governance (CG) are vital to an organization in modern days, it is equally challenging to implement these policies and find a consensus in the finalization of an initiative. It is basically because many companies treat CSR and CG as an act obligated under the law and thus does not gets required importance and attention (Tricker, 2013). It is also felt like a burden which the companies need to carry out due to prevailing rules and regulations and thus companies are not interested in doing CSR and CG activities. Let us review certain problems faced in the implementation of them and see certain solutions as well:
1. Lack of interest: the project of CSR and CG are thought to be an added burden and thus staff and board members generally are not too excited of the same and exhibit lack of interest and thus it defeats the whole purpose of the exercise.
2. Need to build local resources: Since we do not get appropriate response from the office staff, and due to work being seen as a burden, the companies need to deploy local NGO's and people working on the similar agendas and help them fulfil their work and dream and thus indirectly the company would be able to attain their targeted CSR activity.
3. Transparency: A major issue is that the companies are not very transparent on the expenses of activity and there is no proper audit and supervision done as it is looked as a wasteful activity. Thus besides spending money, the desired results are not even properly scrutinized.
4. Less number of organized NGO's: it is a fact that corporate employees cannot perform CSR activity as it would be done by a local body or NGO. Thus companies look to donate funds or other resources to such NGO's however, there is the dearth of organised NGO's in the market and thus the issue of the effectiveness of result still looms (Griseri, 2014).
5. Lack of consensus: board members need to decide on an agenda of CSR initiative and move ahead with it however due to their limited exposure, they do not arrive at a conclusion and thus make a decision in haste without much understanding of better areas of work.
6. Lack of visibility: it is to be noted that the role of media is too discriminatory herein as they do not cover a good act of CSR and thus corporate houses are not too keen as there is zero visibility.
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3.2. Recommend solutions to CSR and corporate governance issues in an organisational setting
If we analyse well, clearly the problem corporate houses face in carrying out agendas of CSR and CG are non-profitable activity, unskilled manpower to carry on, lesser number of organised NGO's and lack of visibility (Griseri, 2010). For making a better result oriented activity, the government must lay more thrust on CRS disclosures and result as well form the companies and probably give additional incentives to complaint companies and penal actions against others. This would lead to a sense of responsibility amongst board members and they would also take the CSR activity seriously and get involved at all stage (Tricker, 2010). Secondly, the team members conducting the CSR activity would also be supervised and thus they would take it as a part of their job rather than as irrelevant activity and thus there would be an improvement in achievements of the result. Similarly, better disclosure and monitoring of NGO's would make them better organized and behave professionally and thus it would be easier for the corporate houses to trust an NGO in selecting them as their partner for CSR activities. Last but not the least, such corporate houses deserve some appreciation and visibility by parting away with the profits they earn and foregoing the opportunity cost (Caroll, 2009). Thus it is desired that media houses also act responsibly and cover good deeds and highlight them so that the board members and corporate houses have something more to cheer for. If we see the history and various researches are done by Cadbury report 1992, Greenbury report 1995, Hampel report 1998, Turnbull report 1999 they all suggest ways of establishing good corporate governance at the office and also speaks of need and role corporate social responsibility in ensuring us a sustainable business model and society.
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