Corporate Citizenship

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Corporate Citizenship Corporate Citizenship Professor Hector R Rodriguez School of Business Mount Ida College Business, Society & Environment

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CH -11 CORPORATE GOVERNANCE AND OTHER STAKEHOLDERS FOR CS PROFESSONAL, CA,CMA, MBA Stakeholder Concept • Recognition of Stakeholder Concept In Law • Stakeholder Engagement • Stakeholder Analysis • Types of Stakeholders • Caux Round Table • Clarkson Principle of Stakeholder Management • Governance Paradigm and Stakeholders • Stakeholders provide resources that are more or less critical to a firm’s long-term success. These resources may be both tangible and intangible. Shareholders, for example, supply capital; suppliers offer material resources or intangible knowledge; employees and managers grant expertise, leadership, and commitment; customers generate revenue and provide infrastructure; and the society builds its positive corporate images. • A director of a company shall act in good faith in order to promote the objects of the company for the benefit of its members as a whole, and in the best interest of the company, its employees, the community and the environment. • Stakeholder engagement leads to increased transparency, responsiveness, compliance, organizational learning, quality management, accountability and sustainability. Stakeholder engagement is a central feature of sustainability performance. • Primary stakeholders are those whose continued association is absolutely necessary for a firm’s survival; these include employees, customers, investors, and shareholders, as well as the governments and communities that provide necessary infrastructure. • Secondary stakeholders do not typically engage in transactions with a company and thus are not essential for its survival; these include the media, trade associations, and special interest groups. • Customers are considered as the king to drive the market and they can sometimes exercise influence by consolidating their bargaining power in order to get lower prices. • The lenders put a check and balance on the governance practices of an organization to ensure safety of their fund and as a societal responsibility. • The organization which builds a mutually strong relationship with its vendors improves its overall performance in the marketplace. • The society provides the desired climate for successful operation of a company business. If society turns against the company, then business lose its faith in the eyes of other stakeholders be it government or customer.

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Lesson Five: Corporate Ethics in the 21st Century Lesson Four discussed some of the most prominent behavioral theories concerning leadership as well as their ethical implications. Lesson Six will introduce some modern concepts of ethics for businesses, including socially responsible investing, corporate social responsibility, and environmentalism. With changes in public perception over time, the expectations of businesses operating within American society has changed considerably throughout the history of our nation. The classical view on the ethical role of businesses was predicated on the principle of profit maximization: the idea that the only purpose of a business is to maximize the amount of money generated for its owners. Furthermore, anything that runs counter to or distracts from this prerogative is antithetical to the essence of a business. The obligation to obey the law is implied based on the fact that businesses which violate laws typically suffer losses in the form of fines or even forced closure; so compliance with the law is a behavior that is compatible with, and in fact necessary to, the principle of profit maximization. However, things have changed. Businesses have grown to sizes and degrees of influence that present substantial threats to the welfare of communities, families, the natural environment, etc. and society no longer sees businesses as being responsible only to shareholders (McWilliams & Siegel, 2001). This lesson will discuss the ways in which changes in public perception have reshaped the ethical obligations of businesses in the 21st century. Socially Responsible Investing (SRI) One of the biggest ways in which public perception has changed business and industry is through socially responsible investment (SRI) funds. In the business startup world, some investors with strong ethical compasses have chosen to restrict the types of businesses in which they are willing to invest with their capital (Sparkes & Cowton, 2004). Some of these restricted categories are more or less unanimously seen as immoral industries. Others, however, are more controversial. · Alcohol: Obviously not all people abuse alcohol, and not all people view producers of alcohol as immoral. However, many SRI funds exclude alcohol companies because of the tragic effects that alcohol has in contexts such as drunk driving, etc. · Tobacco: Virtually the same arguments that apply to alcohol apply to tobacco, except that tobacco is vilified for its unmistakable role in cancers, emphysema, and early mortality. Thus, SRI funds typically avoid tobacco companies as well. · Gambling: Like alcohol, not all people have gambling problems or see any ethical issue with the gambling industry. However, we do know that gambling is another addictive behavior, and for this reason casinos are typically excluded from SRI funds. · Weapons: Firearms are a heated subject with all of the current political debate surrounding Second Amendment rights and the best ways ...

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