Global regulations and globalization
INTRODUCTION
This report evaluates two different global regulations, namely: Corporate social responsibility and Climate change and also compares the origin of the two regulations. Further the report explains how the corporate social responsibility applies to a multinational organization. It analyses the impact of the CSR on organization’s public relations and also that of the global media.
CORPORATE SOCIAL RESPONSIBILITY:
Corporate social responsibility (CSR) is the opinion that public has made about the social and environmental influences of an organization’s business operations and its voluntary contribution towards the welfare of its local and global communities (Gordon, 2011). It is noticeable that CSR is something which is different from good business practices, rather it makes an institute or organization to think out of the box and creatively about the favourable circumstances and risks it sees (Economist (2008a). An organization with strong values but bad management will not do well in terms of profit. And similarly an organization with strong commercial competence but with no CSR may do well but that is in a defenceless condition. Thus, it is necessary for any organization to have a strong commitment towards both the CR and strong commercial competence (Gordon, 2011).
United Nations Global Compact
United Nations Global compact (UNGC) is the largest corporate responsibility initiative that was voluntarily established in 1999 (United Nations Global Compact [UNGC][n.d.]). It was formed as a result of rise in activism against globalisation in the 1990s. The aim behind the formation of such initiative was to maintain the vision of inclusive and sustainable global economy which results in lasting benefits to the markets, people and communities. UNGC is a strategic program that encourages big businesses to consider environmental and social impacts on the society and economies (UNGC [n.d.])
The Compact has designed ten universally accepted principles
This report evaluates two different global regulations, namely: Corporate social responsibility and Climate change and also compares the origin of the two regulations. Further the report explains how the corporate social responsibility applies to a multinational organization. It analyses the impact of the CSR on organization’s public relations and also that of the global media.
CORPORATE SOCIAL RESPONSIBILITY:
Corporate social responsibility (CSR) is the opinion that public has made about the social and environmental influences of an organization’s business operations and its voluntary contribution towards the welfare of its local and global communities (Gordon, 2011). It is noticeable that CSR is something which is different from good business practices, rather it makes an institute or organization to think out of the box and creatively about the favourable circumstances and risks it sees (Economist (2008a). An organization with strong values but bad management will not do well in terms of profit. And similarly an organization with strong commercial competence but with no CSR may do well but that is in a defenceless condition. Thus, it is necessary for any organization to have a strong commitment towards both the CR and strong commercial competence (Gordon, 2011).
United Nations Global Compact
United Nations Global compact (UNGC) is the largest corporate responsibility initiative that was voluntarily established in 1999 (United Nations Global Compact [UNGC][n.d.]). It was formed as a result of rise in activism against globalisation in the 1990s. The aim behind the formation of such initiative was to maintain the vision of inclusive and sustainable global economy which results in lasting benefits to the markets, people and communities. UNGC is a strategic program that encourages big businesses to consider environmental and social impacts on the society and economies (UNGC [n.d.])
The Compact has designed ten universally accepted principles
References: Coomb W.T. Holladay S.J. 2012, Managing CSR: A Communication Approach, Backwell publishing, UK Ferrell O.C., Fraedrich J., Ferrell L Gordon A., (2011) Public Relations. Oxford, UK, Oxford university press Heath R.L., Toth E