Caux Round Table Principles

In the Caux Round Table Principles for Business there are seven principles that Monsanto should follow when developing them with a global approach that is corporately responsible (Thorne, 2010). The first principle established the basis for respect among all shareholders. The company’s established board of directors should treat all of their stakeholders including employees, customers and investors with the same amount of respect as they would want be provided to them. Monsanto should continue to seek out innovative ways that their employees can better do their jobs and provide more output for the farmers, while maintaining an ethical balance within that does not see shortcuts taken to increase their financial status. If an issue were to arise, they should be up front and honest with all the stakeholders so that they all have the
same information as the others. Contributing to a community’s development both economically and environmentally is the second principle established (Thorne, 2010). Monsanto needs to contribute to the community and its success when they develop in a new area.
The company needs to do whatever it can to hire any new employees needed from the community itself and not bus in workers from other areas they are already established in, taking them from that community. There are employees with the same skills sets all over, we should do what we can to reach out to those and benefit not just our company but the employee themselves. The third principle establishes the thought that the company must respect the law and its intent (Thorne, 2010). Monsanto should maintain a highly ethical approach to their business dealings. In the company and on the company’s board of directors, there should be business leaders who are extremely knowledgeable of ethics and business laws. As changes are made in existing laws, the leaders of the company should say on top of them and assure that all policies in place are effective in preventing any possible legal issues. The company being respectful of the rules of the community and the traditions that they uphold is the fourth principle (Thorne, 2010). When establishing itself in a new community, Monsanto should also immerse themselves in the community and
their traditions. The company should assure that the increased economic stability of the area is to everyone’s benefit and that all stakeholders will be considered equally responsible for maintaining the integrity of the company. The company’s board of directors must establish this policy based on the laws of the area that is seeing the expansion. The fifth principle establishes the importance of globalization and commerce (Thorne, 2010). Monsanto should establish itself as a productive member of the global community and immerse themselves in the laws of their local communities as well as any trade laws that might affect their business. Having a staffed department including a legal team on board that can research and determine laws that might affect how the conduct their business and provide insight into law changes they can approach lawmakers about adjusting. Being respectful of the environment and prevention of the over usage of our natural resources is the sixth principle (Thorne 2010). Monsanto should have an environmental specialist on staff that can review any processes or procedures that might cause harm to the community and the environment surrounding their facility. The more that we lower the risk of unwanted waste, the better chance we have of not causing unrepairable damage in the area. If an environmental issue were to arise, we should do what it takes to fix the problem and develop a plan for the future to hopefully eliminate the chance it will occur again. The final principle defines the responsibility for the business not to conduct itself in any manner that could be construed as illegal in nature (Thorne, 2010). Monsanto should have a legal team that can aid the company in further global development and trade agreements while assuring that everything is being done in a legal manner. They should also work to maintain an ethical working environment that will lower the risk that the company would be on the wrong end of a lawsuit. The legal team should work in conjunction with the HR Department to ensure that all processes are legal as well as ethical.