Social, Cultural and Environmental Responsibility of...

Introduction Corporate social responsibility is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. The goal of CSR is to embrace responsibility for the company s actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, CSR-focused businesses would proactively promote the public interest (PI) by encouraging community growth and development, and voluntarily eliminating practices that harm the public†¦show more content†¦The relationship between investor confidence and companies’ environmental impact was recently illustrated by the catastrophic failure of BP’s gulf coast oil rig, Deepwater Horizon. The disastrous failure of the rig’ s safety features has already taken a devastating toll on the ecology of the Gulf Coast, and is likely to have harmful ramifications long into the future. The magnitude of the Deepwater Horizon disaster and the immediate and long term costs it implies for BP seems to be sinking in with BP investors as well. According to the New York Times, BP’s stock has plunged more than 13% since the incident began on April 20th. The company which operated the rig, Transocean, has seen stock prices fall by more than 14%. Top BP Plc executives faced U.S. lawmakers who grilled BP Plc on the drilling rig explosion and oil spill that threatens a socially irresponsible environmental catastrophe and a major corporal social responsibility setback for BP off the coast of Louisiana in the Gulf of Mexico. The colossal oil spill threatens numerous tourist beaches, wildlife sanctuaries and fishing grounds across four states in the United States. â€Å"BP Plc has spent up to US$125 million annually on its corporate social responsibility CSR campaign to enhance its socially responsible image in its transition from British Petroleum to Beyond Petroleum since 2000.† BP Plc made monumental investments in solar energy and after a stringShow MoreRelatedCorporate Social Responsibility At The Bank Of America Corporation1544 Words   |  7 PagesCorporate Social Responsibility at the Bank of America Corporation Overview of Corporate Social Responsibility the Bank of America Corporation Background Information About Bank of America The Bank of America Corporation (Bank of America) is a bank and financial holding company that serves â€Å"individual consumers, small- and middle-market businesses, institutional investors, corporations and Governments with†¦ bank and nonbank financial services and products.† (Reuters) Profiting $5.32 billion inRead MoreCorporate Social Responsibility ( Csr )1167 Words   |  5 PagesCorporate Social Responsibility Introduction Corporate social responsibility (CSR) is a concept which is also known as corporate citizenship, corporate conscience or in a simple way a responsible business. 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