INTERNATIONAL CSRR 3
planet, profit and the people as stipulated in the CSRR reporting standard. For instance, in the
Takeda report, it is stated that "we continue to work on aspects of sustainability such as
environmental protection, employee health and safety, and supplier management and
compliance." It is clear that the Takeda report conforms with the stakeholder's theory where
all the stakeholder's demands were met (Heidhues, 2012). The stakeholders comprise the
customers, shareholders, suppliers and distributors, employees, and the local communities
surrounding the enterprise. The legitimacy theory also formed the basis of the Takeda report
by shielding the company against political, social and economic pressures. GlaxoSmithKline
(GSK) just like the Takeda also complied with the CSRR standards. GSK considered the
immediate environment, social life and financial abilities of employees and communities,
investors, patients and consumers. The GSK extract states that" GSK's mission is to create a
responsible business to serve the purpose of improving people's lives and protecting the
environment. GSK conforms to stakeholder's theory by investing in people and the
environment to support global health goals and develop value for shareholders (Hopkins,
2012).
(c)
The various CSR reports ranging from carbon footprint reports to financial and non-
financial have become increasingly mandatory. Political lobbying has resulted to overturning
of set standards thus compromising the independence and reputation of organisations that
govern the standards. These have led to the violation of the standards. This new CSR agenda
termed as radical hinders the existence of the free market and the business community
(Hopkins, 2012). Governments that appreciate the importance of free market have pushed to
set bureaucracy that oversees the enactment of the CSR agenda. To sum up, it is quite evident
that the quality of CSRR directly reflects the economic status of a country. Gray's accounting
