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Lecture 2

ADM1301B society week 2 social responsability.docx

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University of Ottawa
David Delcorde

Contemporary Corporate Social Responsibility Concepts 1. Corporate Sustainability  Corporate activities demonstrating the inclusion of social and environmental as well as economic responsibilities in business operations as they impact all stakeholders  Five levels i. Compliance-driven: following gov’t regulations & responding to charity & stewardship considered appropriate by society  A minimalist approach ii. Profit-driven: consider social, ethical and environment aspects of business operations insofar as they contribute to the bottom line – you won’t invest in anything that doesn’t contribute to bottom line  A “tactical” approach iii. Caring: initiatives go beyond legal compliance and profit considerations – economic, social & environmental concerns are balanced  An “accommodating approach” – trying to accommodate a number of stakeholder interests iv. Synergistic: well-balanced and functional solutions are sought that create value in the economic, social & environmental areas that result in gains for all stakeholders  A “collaborative” approach – “all stakeholder” – you cannot appease all your stakeholders all the time. The best you can do is probably please your most important. This is more of a theoretical argument because this might not be very practical. v. Holistic: full integration of corporate sustainability embedded in every aspect of the corporation’s activity as this is important to the quality and the continuation of life of this planet  A “utopian” approach – this is almost like a vision statement – what we want to become. The idea is you may never get there, it’s what you’re striving toward. Admirable goal but not practical?  Corporate sustainability is recognized by the financial markets because it creates long-term shareholder value by embracing opportunities and managing risks relating to economic, social & environmental develops 2. Reputational Management -  Any effort to enhance the corporation’s image and good name i. Focus has moved away from the media, public relations & crisis mgmt. to developing relations with all stakeholders  Reputational management involves several stages in its development i. Identify the desired perception of the corporation ii. Recognize the significance of image with all stakeholders iii. Be aware of the influence of interactions with all stakeholders on the corporation’s reputation – iv. Manage relationships with stakeholders continuously 3. Social impact management  Defined by the Aspen Institute as “the field of inquiry at the intersection of business needs and wider social concerns that reflects and respects the complex interdependency of the two” – both need to exist. i. Stresses the need for business to recognize and understand this interdependency if business & society with to thrive  Two aspects: society’s influence on the corporation & the corporation’s influence on the social & environmental concerns of society  Social impact management evaluates three aspects of business: i. It’s purpose (in both societal
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