Corporate Social Responsibility CSR And Corporate Governance Workshop

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Corporate Social Responsibility (CSR) and Corporate Governance Workshop

1. Using the assigned reading describe, in your own words, how Corporate Social

Responsibility (CSR) has changed (part 1).

In the 1950s, organizations understood CSR as the responsibilities to pursue the policies, make the

decisions, and follow the plans that are desirable and effective regarding beliefs and values of their

communities. This understanding was based on the popular belief that large businesses were critical

centers of power and their decisions affected the welfare of people in different ways. For instance,

business leaders were expected to ensure that resources were used to address social needs as opposed

to narrowly circumscribed interests of individuals and organizations. Corporate managers were,

therefore, regarded as public trustees, while philanthropy was seen as an illustration of a business

that supported the common interests of society.

Five decades later, the understanding of CSR has changed from societal-needs-centric to an

effective sustainability tool aimed at advancing the benefits of good governance to the shareholders.

Hence, companies are now taking CSR as an opportunity to explain their strategic frameworks on

long-term value creation to the members who should then use these opportunities to assess the

progress. For example, if members are not convinced that the progress is sufficient, they may vote

against the incumbent directors or call for a review of the director’s compensation schemes in place.

Furthermore, members rely on CSR to review a company's alignment to sustainable business models,

internal and external factors affecting the firm, and the organization’s contribution to the welfare of

the community. Therefore, CSR is now more concerned with long-term growth, research, human

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resource development, and the financial health of a firm. For these reasons, the current CSR policies

emphasize the long-term sustainability of the companies.

1. How the CSR Pyramid can be used to help develop a strategic plan to meet the expectations

of stakeholders while at the same time staying focused on the long-term growth of the business?

(Part 2)

The CSR Pyramid allows the corporate leaders to incorporate the economic, legal, ethical, and

philanthropic social duties. With this pyramid, the stakeholders' needs can be met by enhancing the

sustainability of an organization. Furthermore, CSR Pyramid can enhance the long-term growth by

enabling a business to incorporate the legal and ethical needs to create a favorable environment for

the long-lasting growth and sustainability of the business. On the other hand, the philanthropic

responsibility in the pyramid should be used to meet the society’s expectations such as promoting

human welfare or goodwill. What is more, the CSR Pyramid can assist corporate managers to

address the risks by balancing societal risks and business decisions while engaging all the

stakeholders on different issues. Therefore, the pyramid must incorporate the economic, legal,

ethical, and philanthropic social responsibilities to address the expectation of the stakeholders,

promote long-term growth of the business, and manage the risks.

1. Describe what is needed to ensure an organization is able to compete effectively in the

marketplace and invest in a robust CSR program (part 3).

To enhance their competitiveness in the marketplace and invest in robust CSR programs,

organizations must align their CSR initiatives with corporate objectives. Well-designed CSR

programs increase competitiveness by enhancing reputation and the returns as well as the loyalty and

motivation of employees. Many firms have used CSR to strengthen valuable partnerships. There is a

definite relationship between the strategic social responsibility measures and the competitive

advantages. Organizations should prioritize corporate activities that increase societal participation

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and generate a positive attitude towards the public and private sectors. Social cohesion has been

shown to increase the profitability of organizations. Investing in social capital will help the

organizations build expertise and reputation, which is an opportunity for the organizations to align

the CSR activities with the company’s objectives.

2. Explain in your own words how BlackRock expects Corporate Governance and the Lead

Independent Director to lead the organization to long-term growth using the guidelines spelled

out in the Corporate Governance, “Governance overview.”

BlackRock expects corporate governance and the Lead Independent Director to lead the initiatives

that are aimed at enhancing the long-term stability of the organization by paying close attention to

research, technology, human resource development, and financial wellbeing. BlackRock believes that

with the current challenges associated with globalization and technology changes, employees and

communities are facing unprecedented challenges. For instance, highly skilled laborers in the urban

centers have benefitted more than have the low skilled workers because technology is replacing

millions of jobs for the latter while creating more opportunities for the former. The firm believes it

must devise strategic frameworks that reflect and changes in the global environment and offer

solutions to the society. As such, corporate governance and Lead Independent Director must use the

CSR strategies to address these challenges.

Indeed, long-term growth should be anchored at the center of any CSR strategy. The

environmental, social, and governance (ESG) factors are critical determinants of the long-term

growth and sustainability of an organization. For example, the business model, operations, and the

external factors affect the business performance. BlackRock expects the leaders and corporate

governance to consider these factors and develop CSR strategies that promote long-term growth and

sustainability by creating a supportive environment since the organization is part of the community in

which it operates. Furthermore, financial management is a critical determinant of a company’s

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sustainability. It is important for the Lead Independent Director and the governance model to ensure

that buybacks will contribute to the long-term returns. The company also expects the Lead

Independent Director to improve the employees welfare, implement robust retirement packages, train

workers on financial literacy, and empower employees to use the available resources to improve their

lives.

Based on the above discussion, BlackRock expects corporate governance and the Lead

Independent Director to have a wider role in managing the organizations. CSR must be used to

increase the competitiveness of the organization by creating a conducive environment. To achieve

this objective, corporate governance and the Lead Independent Director must focus on the

community needs, financial management, and employee’s welfare with the goal of achieving long-

term success of the firm.

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