The Corporation and Public Policy: Expanding Responsibilities

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Presentation transcript:

The Corporation and Public Policy: Expanding Responsibilities CHAPTER 3 The Corporation and Public Policy: Expanding Responsibilities

CHAPTER 3 The Corporation and Public Policy: Expanding Responsibilities and The First Step Towards Succsess

CHAPTER 3 ISSUES What is the proper role of business in society? What criticisms can be raised against the corporate community? What is corporate social responsibility?

QUESTION #1 S hould we “free” business from government intervention to achieve greater productivity and profit?

QUESTION #2 Should business play a larger role in politics, education and other public-sector activities?

QUESTION #3 Should business assume greater responsibilities in correcting societal ills?

CORPORATE POWER Of the globe’s 100 largest economic entities, 51 are corporations; only 49 are countries.

CORPORATE POWER The 300 largest global corporations hold one-quarter of the entire globe’s productive assets.

CORPORATE POWER Top 5 oil companies revenue is almost equal to the economic output of the entire United States 11 Trillion Dollars!!!

CORPORATE POWER 72% of Americans say business has too much power over too many aspects of American life.

SO THE QUESTION IS Who cares?

HAS AMERICA COMMITTED ITS SOUL TO CORPORATE VALUES? Business values Vs Traditional humanist values

CORPORATE WEALTH AND POLITICS: LOBBYING The business community spent approximately $2.22 billion to influence Congress and the White House in 2005

CORPORATE WEALTH ALSO IMPACTS… Schools Charitable organizations Entertainment Religion Sports, and

YES, EVEN

CORPORATE SOCIAL RESPONSIBILITY The question today is, should good business decisions include consideration not only of the welfare of the firm but of society as a whole?

“Corporate Social Responsibility” AND Just what is “Corporate Social Responsibility”

CORPORATE SOCIAL RESPONSIBILITY When business assumes a measure of the burden for the welfare of the total society.

CORPORATE SOCIAL RESPONSIBILITY THEORY Decision makers ( and you are future decision makers) are obligated to take actions which protect and improve the welfare of society as a whole, along with your own interests and the interests of your employer.

What about shareholder’s interests? BUT What about shareholder’s interests?

SOCIAL RESPONSIBILITY CONTINUUM Long term company interest Triple bottom Line/sustainability Profit maximization

SOCIAL RESPONSIBILITY PYRAMID

RULES OF SOCIAL RESPONSIBILITY Follow these, and success is guaranteed for you and your company.

PHILANTHROPIC RESPONSIBILITIES BE A GOOD CORPORATE CITIZEN. Contribute resources to the community and improve the quality of life.

ETHICAL RESPONSIBILITIES BE ETHICAL You have an obligation to do what is right, just and fair. Avoid harm.

LEGAL RESPONSIBILITIES OBEY THE LAW! Law is society’s codification of right and wrong. Play by the rules.

ECONOMIC RESPONSIBILITIES BE PROFITABLE Without profits, none of the above is possible.

STAKEHOLDERS To be successful today, management must take into consideration the needs of all stakeholders.

CORPORATE RESPONSIBILITY STANDARDS Be careful what you read and believe. Know your source!

EXPANDING RESPONSIBILITIES? So, let us ask the questions again:

QUESTION #1 S hould we “free” business from government intervention to achieve greater productivity and profit?

QUESTION #2 Should business play a larger role in politics, education and other public-sector activities?

QUESTION #3 Should business assume greater responsibilities in correcting societal ills?