Corporate Social Reasonability Governance value Creation

Question: Describe about the Corporate Social Reasonability for Governance value Creation. Answer: Introduction In this assignment, issues related with Corporate Social Reasonability and corporate governance has been discussed. At first, the comparison between the 2014 and 2015 reports for the company Wesfamers has been provided in relation to GRI G4 standard. Then the same has been done for Fuji Xerox Company. Some recommendations have provided for these companies in order to improve their CSR. Part A: MEMO TO: GENERAL MANAGER FROM: ASSISTANT MANAGER Date: 18th October 2016 Subject: Corporate governance and social responsibility issues affecting business decision making of Wesfamers Aebi, Sabato and Schmid (2012) stated that, Corporate Social Reasonability (CSR) can help to promote a revelation of business responsibility to a large range of investors, shareholders as well as stakeholders. The major areas that the company needs to be concern are such as environmental protection, wellbeing of workers and local community. It has been found that there are six major issues related corporate governance and social responsibility that can affect business decision of a company. They are such as: Role of government Chen et al (2012) stated that, in previous time, the government mainly relies on regulation and legislation to deal with environmental as well as social issues in the sector of business. However due to shrinkage of resources and due to distrust of regulations that leads companies to voluntary and non-regulatory initiatives instead. Demand of better disclosure Due to the growing demand for corporate disclosure from suppliers, stakeholders, communities and employees and activist organization, companies have to take initiatives to improve CSR and sustainable development (Bushee, Carter Gerakos 2013). Increasing interest of customers Liu and McConnell (2013) mentioned that, companies ethical conduct is now having significant impact on the customers purchasing decision. From a survey analysis, it has been found that 20% of the customers reward or punish companies depending on the perceived social performance (Hermalin Weisbach, 2012). Deal with investors pressure Nini, Smith and Sufi (2012) mentioned that presently investors are changing their methods to assess the performance of companies. They take decisions depending on various criteria that include ethical concerns. From a survey analysis it has been found that 25% of the investors all over the world take care of the ethical considerations while buying and selling stocks of a company (Claessens Yurtoglu 2013). For this reason, a company needs to invest more on corporate social responsibility. Competitive labor market Westphal and Zajac (2013) opined that, at present days employees are increasing looking beyond benefits and paychecks. They also look forward to have employee friendly working environment. Hence, all companies have to make sure that they are able to provide employee friendly working environment, so as to recruit and retain talented and skilled employees. Relationship with suppliers It has been found that stakeholders are becoming more interested towards corporate affairs. Erkens et al (2012) stated that stakeholders always try to ensure that their partners work in environmentally responsible manner. Improved sustainability performance Aspects Sub-group 2014 2015 Economic Wesfamers is the leading metallurgical coal producer. It is also the leading supplier of thermal coal for domestic power generation (Wesfarmers 2016). The company operates the Curragh coal mine near the Blackwater in Queenlands Bowen Basin. In addition the company has 40% share in the Bengalla mine in the Hunter Valley of New South Wales in the year of 2014 (Wesfarmers 2016). There are more than 588 employee works in the company including 547 workers in the Curragh mine. The company had produced more than 12 million tonnes of coal in the year of 2014 and exported in various parts of Asia, South America and Europe (Wesfarmers 2016). In the year of 2014 the total revenue of the company was $1,544 million (Wesfarmers 2016). Wesfamers is still the leading metallurgical coal producer. It is still also the leading supplier of thermal coal for domestic power generation (Wesfarmers 2016). The company still operates the Curragh coal mine near the Blackwater in Queenlands Bowen Basin. In addition the company still has 40% share in the Bengalla mine in the Hunter Valley of New South Wales in the year of 2015 (Wesfarmers 2016). There is more than 517 employees work in the company including 476 workers in the Curragh mine. The company had produced more than 12.25 million tonnes of coal in the year of 2015 and exported in various parts of Asia, South America and Europe (Wesfarmers 2016). In the year of 2014 the total revenue of the company is $1.37 billion (Wesfarmers 2016). Environmental It has been found that emissions from the business operation of Wesfamers include railing of cola. It has the potential to affect different stakeholders of the organization. for this reason, the company has taken various efforts to minimize the level of emission throughout different aspects of business operation. In the year of 2012, the company has developed a multi-disciplinary Greenhouse Gas Emissions In the year of 2014, the company has produced 569 Tonnes of CO2 (Wesfarmers 2016). Energy usage In the year of 2015, the company has consumed 4.59 Petajoules of energy (Wesfarmers 2016). Water Consumption The company has consumed 8148 Megalitres of water in the year of 2014. In order to take care of the community concerns related with coal dust, the company along with its rail partner Aurizon has implemented a new technology. The company has applied non-toxic biodegradable veneer to all the coals after loading. The company has developed veneering station near the Curragh train load out facility. It reduces the emission of coal dust that cause nuisance for the neighbors and the community during the time of rail transportation. It makes sure that the company has complied with the Queensland Governments Coal Dust Management Plan. It provides recommendation to the company for appropriate management of dusts throughout Central Queensland rail network (Wesfarmers 2016). Greenhouse Gas Emissions In the year of 2015, The Greenhouse gas emission has been increased. The company has produced 869 Tonnes of CO2 (Wesfarmers 2016). Energy usage The energy consumption rate has been increased during 2015. In the year of 2015, the company has consumed 5.11 Petajoules of energy (Wesfarmers 2016). Water Consumption The company has reduced water consumption compare to the year of 2014. The company has consumed 7,086 Megalitres of water in the year of 2015. Social Labor practices In the year of 2014, the company has 588 workers across three sites (Wesfarmers 2016). The company has a labor union that represents on-site Curragh mine employees. In the year of 2014 the safety performance of the company was 5.00 TRIFR (Total recoverable Injury Frequency Rate). In the year of 2015, the company has 517 workers across three sites (Wesfarmers 2016). The company has a labor union that represents on-site Curragh mine employees. It has been found that safety is the highest priority of the company. In the year of 2015, the company able to reduce 66% in the total recordable injury frequency rate (Wesfarmers 2016). In the year of 2014 the safety performance of the company was 5.00 TRIFR, while in the year of 2015 the safety performance of the company was 4.20 TRIFR (Wesfarmers 2016). Human rights The company is highly focused on reducing rate of injury, lost time in injury. The company has developed an onsite emergency response team (ERT) to take care of growth and development of all employees of the company (Wesfarmers 2016). Taking care of the injury frequency rate also helps the company to reduce the workers compensation claims. Total recoverable Injury Frequency Rate It is 5.0 in the year of 2014 compared to 14.8 in the year of 2013 (Wesfarmers 2016). Lost Time Injury Frequency Rate Workers It is 0.6 in the year of 2014 compared to 1.9 in the year of 2013 (Wesfarmers 2016). compensation claims ($ millions) It is 13 in the year of 2014 compared to 26 in the year of 2013 (Wesfarmers 2016). The company understands that mining operations pose intrinsic risks to the health, safety and wellbeing of the workers. For this reason, the company has started to invest in safety and control program to develop positive and healthy workplace for employees (Wesfarmers 2016). The company is highly focused on reducing rate of injury, lost time in injury. The company has developed an onsite emergency response team (ERT) to take care of growth and development of all employees of the company (Wesfarmers 2016). Taking care of the injury frequency rate also helps the company to reduce the workers compensation claims. Total recoverable Injury Frequency Rate It is 4.2 in the year of 2015 compared to 5.0 in the year of 2014 (Wesfarmers 2016). Lost Time Injury Frequency Rate Workers It is 0.3 in the year of 2015 compared to 0.6 in the year of 2014 (Wesfarmers 2016). compensation claims ($ millions) It is 11 in the year of 2015 compared to 13 in the year of 2014 (Wesfarmers 2016). Aboriginal and Torres strait islander employees The company has also started increase their focus on retaining aboriginal employees in the organization. It has been found from the company report that in the year of 2013, there were 22 aboriginal employees work for the company (Wesfarmers 2016). However in the year of 2014, it was reduced to 18. In the year of 2015, the company started to increase its focus on welfare of aboriginal employees in order to retain them. Wintoki et al (2012) stated that retaining employees from different cultures can help to increase diversity at workplace. In the year of 2015, there were 20 aboriginal employees work in the company (Wesfarmers 2016). Society Customers: Domestic power generators and large export steel manufacturers are the major customers of the company. Contractors: Most of the major Australian Contracting firms that provide service to the company Suppliers: International, national and local suppliers are included in the list. Business partners: Organizations that the company does business with like port and rail operators. Government and the regulatory authorities: Selected representatives from state, local and international level. Local community: People live in the local community of Curragh mine Neighbors: Landowners whose properties and lands are situated in the close proximity to the Curragh mine. Media: National, state and local media of Australia that includes television, print and social media. Interest groups: Non-profit groups that have the interest to cover the social and environmental issues faced by the organization. Community contribution ($ million): It has been found that the community contribution of the company is declining rapidly. In the year of 2013, the total contribution of the company is 0.30$ million (direct investment is 0.24 and indirect investment is 0.06). While in the year of 2014, total investment is 0.24 (direct investment is 0.24 and investment 0) Customers: Domestic power generators and large export steel manufacturers are the major customers of the company. Contractors: Most of the major Australian Contracting firms that provide service to the company Suppliers: International, national and local suppliers are included in the list. Business partners: Organizations that the company does business with like port and rail operators. Government and the regulatory authorities: Selected representatives from state, local and international level. Local community: People live in the local community of Curragh mine Neighbors: Landowners whose properties and lands are situated in the close proximity to the Curragh mine. Media: National, state and local media of Australia that includes television, print and social media. Interest groups: Non-profit groups that have the interest to cover the social and environmental issues faced by the organization. Community contribution ($ million): In the year of 2014, the total contribution of the company is 0.24$ million (direct investment is 0.24 and indirect investment is 0). While in the year of 2015, total investment is 0.12 (direct investment is 0.12 and investment 0) (Wesfarmers 2016). Product responsibility Waste development (Tonnes) Disposed: 581 Recycled: 2505 Waste development (Tonnes) Disposed: 1058 Recycled: 2521 This comparison of the report has been developed depending on the core data provided for the Wesfarmers Limited Sustainability Report. It has been fund that Wesfarmers is the company that strongly believes to deliver satisfactory return for its shareholders. The company does not only focus on improving financial performance. It also focuses on five key sustainability aspects. They are such as people, energy consumption, carbon emission, economic contribution, governance, community support and economic contribution (Acharya et al 2013). It has been found that this approach is consistently related with the Government Reporting Initiative (GRI). As McCahery (2016) stated that GRI encourages companies to focus on matters, which are critical to both business and stakeholders. In accordance to the GRI G4 standard, the company is trying to focus material issues as well. After analyzing the report, it has been found that the major target of this report is the different stakeholders. With the help of this report, the company wants to show all the shareholders how it is trying to improve sustainability. Part B: Fuji Xerox Comparison Different guidelines Guide lines used in 2014 report (UN Global Compact guidelines) 1. Transformation of business The company has defined, communicated and executed its strategy to ensure business viability and to transform the company business model. The company has communicated its strategy to stakeholders to build their confidence for the company (Fujixerox 2016). 2. Concentrating on what matters most The company has to develop better level of service and sustainable solution that are relevant for the customers. Due to increased economic pressure, the company has to focus on financial sustainability (Fujixerox 2016). 3. Procuring responsibility The company Fuji Xerox Australia has to focus on responsible, sustainable and ethical approach to procurement. The company needs to develop sound labor practices and has to take care of the health and safety of employees. 4. Retaining talented people The company has to develop appropriate strategy in order to attract talented and skilled employees. Denis (2016) stated that, it will enable a company to mange current organizational change in appropriate manner. 5. Cultural harmony The company has to foster the culture of mutual respect, diversity and anti-bullying behaviour. The diversity and anti-bullying has to be reduced in accordance to government guidelines. Guide lines used in 2015 report (UN Global Compact guidelines) Human rights 1. An organization has to respect as well as support the international human rights protection 2. The company has to ensure that they do not get involved with any abuse related with human rights (Fujixerox 2016). Labors 3. A business has to uphold the freedom of association. It also has to recognize the collective bargaining right in an effective manner. 4. The company also need to eliminate all types of compulsory and forced labor 5. The company also need to eliminate all types of forced and Child labor 6. Elimination any type of discrimination related with employment (Fujixerox 2016) Environment 7. The organization needs to prop up ant deterrent move toward the environmental challenge 8. The company must has to undertake initiatives that can promote environmental responsibilities 9. The company needs to encourage diffusion of environmental friendly technologies (Fujixerox 2016) Anti-corruption 10. The company needs to work against any types of corruptions like bribery and extortion. Different influences 2014 report (Australia) The company always tries to develop an open, respectful and safe working environment that both diverse and flexible (Fujixerox 2016). It also provides the opportunity for both personal and professional growth. There are various Australian associations that have influenced this report. They are such as Global Reporting Initiative (GRI) organizational stakeholder, Australian and New Zealand Recycling Platform signatory with board, United Way Australia (UW) partnership and Australia-Israel Chamber of Commerce (Fujixerox 2016). For this reason, the company has developed four major values. They are such as: Customer first: The company Fuji Xerox wants to be successful through satisfied customers Continuous improvement: The Company Fuji Xerox always wants to make continuous improvement in all business operations. Integrity and ethics: The Company Fuji Xerox operates at the high level of business ethics. Teamwork: Fuji Xerox always promotes team work and tries to improve team spirit. The major interests for Fuji Xerox Australia are: To share the voices of the stakeholders To identify issues and gaps within the organization To map the boundaries for the material matters 2015 report (Japan) There are 10 major values that have influenced the sustainability report of Fuji Xerox company report in 2015 (Fujixerox 2016). These values emphasize how the company needs to consider the business approach as the society members. It is also sets value for fundamental respect for humanity. These 10 values are such as team spirit, professionalism, scientific thinking, high ethical standards, environmental consciousness as well as customer satisfaction. Other 5 shared values are such as pioneering spirit, joy and fulfillment, trust and consideration, as well as cultural diversity. From this report, it has been found that business goal of the company is to develop mutual trust and develop diverse cultures. The company tries to develop an environment where customers can develop and efficiently utilize knowledge. The major aim of the company is to enable every employee to achieve personal and professional goals (Tricker 2015). It has been found that economic globalization continues to adv ance with the growth of information technology. Harford, Mansi and Maxwell (2012) stated that, the society is facing challenges recently, which are more complex in nature. There are many social issues that require immediate actions. For this reason, the company has developed missions in order to solve management problems for each customer by building an environment for the creation and effective utilization of knowledge. 2014-15comparison (in relation to the G4 GRI Guidelines) Stakeholder engagement mechanism (2014) Stakeholders Inform Consult Involve Collaborate Empower Employees The company provides them annual sustainability report and develops appropriate corporate communications. In addition, online training modules are also provided during the during the induction period (Fujixerox 2016). The company conducts an employment engagement survey annually. The company also has developed health and safety committees in order to take care of employee welfare. The company has developed employee engagement focus groups and also developed a post employee engagement survey. The company has developed an employee engagement working group. An annual workshop has been developed for environmental coordinators. The company has developed inclusivity steering committee to empower all the employees Customers Annual sustainability report is provided to the customers along with web development plans and environmental brochures. The company has developed bi-annual customer survey, win/ loss review, presentation for sustainability and an annual materiality process (Fujixerox 2016). Develop a round table meeting with customers. The company uses social media to develop more intense interaction with customers (Fujixerox 2016). The company has implemented innovation for product and solutions. For example sustainability on site centers. Dealers Only annual sustainability report is provided to dealers. The company has developed a survey for dealer sustainability program. The company has developed sustainability champion conference for the dealers. The company has developed dealers sustainability champions workshop and networks. Suppliers Procurement policies, sustainability code of conduct for suppliers, annual sustainability report. In addition, a separate supplier portal is also provided for the suppliers in the company website. Input for annual materiality process The company has developed a strategic procurement events The company has developed strategic supplier quarterly review. Community Annual sustainability report Input for annual materiality process The company has developed effective community programs and skilled volunteering, ABCN partnerships, graduate projects Stakeholder engagement mechanism (2015) Stakeholders Activities Customers 1. The company is trying to produce services and solutions irrespective of the information use and communication. 2. The company supports customers business continuity. 3. The company provides high quality and safe service to customers to improve customer loyalty. Employees 1. The company is trying to develop an environment where a diverse workforce can work together for organizational objectives. 2. The company tries to develop skilled and talented human resources who can be empowered. Global environment 1. The company is trying to reduce CO2 emission throughout the lifecycle of the product. 2. Influence customers to reduce CO2 emission 3. Responsible procurement of paper Suppliers 1. The company has implemented CSR at the manufacturing sites that can help to increase competitiveness. 2. The company is trying to expand and enhance the ethical procurement the can help to improve competitiveness of the organization. Local communities 1. The company has made contributions for the education of the future generation 2. The company has provided support for the Great East Japan Earthquake Shareholders and investors 1. Appropriate corporate governance 2. Security of information 3. Fair business practices 4. Respecting human rights Part C: Conclusion and recommendations Wesfarmers Wesfarmers is the company that strongly believes to deliver satisfactory return for its shareholders. The company does not only focus on improving financial performance. It also focuses on five key sustainability aspects. They are like people, energy consumption, carbon emission, economic contribution, governance, community support and economic contribution. It has been found that this approach is consistently related with the Government Reporting Initiative (GRI). It has been found that the company is has taken various initiatives to improve corporate and social responsibilities of the company. For example, the company has decreased the usage of water and reduces the emission of CO2. In addition, the company has decreased waste generation and increased waste disposal. However, the company has issues related with community investment and dust management. Recommendations The company has to increase direct and indirect investment for the community in order to improve CSR activity. The company needs to implement new technologies in order manage dust form the mines in appropriate manner and reduce making nuisance for the neighbors. Fuji Xerox The company always tries to develop an open, respectful and safe working environment that both diverse and flexible (Fujixerox 2016). It also provides the opportunity for both personal and professional growth. There are 10 major values that have affected the corporate governance and CSR of the company Fuji Xerox. These 10 values are such as scientific thinking, professionalism, team spirit, high ethical standards, environmental consciousness as well as customer satisfaction. It has been found that the company has taken various initiatives to reduce forced labor and child labor. Recommendations The company has to take initiatives to take care of the environmental issues: The company has to implement enhanced technologies in order to reduce CO2 emission The company has to develop policies to reduce waste emission. Part D: Reflective journal of personal development This assignment helps me to develop my personal knowledge related CSR and corporate governance. There are some major reasons for which a company needs to increase investment on corporate governance. They are such as role of government, demand of better disclosure, increasing interest of customers; deal with investors pressure, competitive labor market and relationship with suppliers. I come to know that the Australian government mainly relies on regulation and legislation to deal with environmental and social issues in business sector. However due to shrinkage of resources and due to distrust of regulations that leads companies to voluntary and non-regulatory initiatives instead. I also come know that due to the growing demand for corporate disclosure from suppliers, stakeholders, communities and employees and activist organization, companies have to take initiatives to improve CSR and sustainable development. I have come to understand that there are three theoretical approaches related with CSR. They are such as theory of CSR, Triple bottom line approach and stakeholder theory. I come to understand that CSR is combined with four obligations. They are philanthropic responsibility, ethical responsibility, legal responsibility as well as economic responsibility. I come to understand that presently investors are changing their methods to assess the performance of companies. They take decisions depending on various criteria that include ethical concerns. From a survey analysis it has been found that 25% of the investors all over the world take care of the ethical considerations while buying and selling stocks of a company. For this reason, a company needs to invest more on corporate social responsibility. Currently I am situating in the managerial position of a multinational company. I have come to understand that environmental, social and governance issues related with CSR have been increasing in recent years. As a manager, I have to take care of these issues and I have to develop friendly environment within the company so that we can attract talented and skilled employees. 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