Bps Corporate Social Responsibility - 1416 Words

BP Case Study Although BP’s extreme profitability has led to their position within the Fortune 500 Index, their Deepwater Horizon oil spill in 2010 and subsequent contamination of the Gulf Coast caused many to question the company’s corporate social responsibility (CSR) methods. Although the company utilized numerous reporting standards to report their performance, adverse effects caused by the oil spill exposed weaknesses in the company’s strategies and continue to inflict social and environmental harm. However, in an effort to minimize the damages to profit levels and their brand image, the company implemented strategies designed to steady the damage by modernizing internal procedures, improving investments, and reestablishing customer faith (BP, 2015d). Therefore, BP’s mistake, as well as their ensuing response, indicates the immense social and environmental impact their business practices produce and the inherit responsibility the company has to safegu ard and improve welfare. Consequently, BP’s commitment towards sustainability has been incorporated in the company’s overall business strategy intended to seize opportunities that create long-term shareholder value. For example, the company concentrates on creating value rather than volume by dedicating numerous resources to the improvement of the environment, impact on society, future energy demand, and safety (BP, 2015a). However, external factors such as a decreased global demand of oil and a shift towards sustainableShow MoreRelatedEthics - British Gas Essay1393 Words   |  6 Pages[pic] Enterprise and Social Responsibility Academic Year 2010/2011 Question 1.1 Identify each of the stakeholders and how they are affected. 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Also BP has had disasters related to social responsibility, and before the major oil spill in 2010, BP was gaining a better reputation as a socially responsible oil company. This analysis will explain the different struggles that BP has faced over the years. I. Analyze BP’s efforts to improve sustainability and its reputation prior to the Deepwater Horizon disaster. Was the company on the right track?Read MoreCompetitive Advantage And The Value Chain1400 Words   |  6 PagesCompetitive Advantage and the Value Chain Unit 3 Assignment Trecia Grimes Kaplan University GB570: Managing the Value Chain Dr. Rita Gunzelman September 25, 2017 â€Æ' Corporate Social Responsibility and the Value Chain It is difficult for an organization to remain competitive in today’s market without taking Corporate Social Responsibility (CSR) into consideration. In today’s market consumers are more aware of how businesses develop their products and service. A few major concerns for consumers areRead MoreHow Corporate Social Responsibility ( Csr ) Has Evolved Over Time2289 Words   |  10 Pagesthis essay is to discuss how corporate social responsibility (CSR) has evolved over time. The relative issue of greenwashing will also be discussed in regards to its rise as well as driving factors for its use, and how activist groups and NGOs are targeting and combating the issue. What is CSR? Firstly, we must understand today’s definition of CSR and the concept of the triple bottom line. Cherry and Snierson (2011, 1010) state that corporate social responsibility means â€Å"managing business withRead MoreThe Analysis Of The Deepwater Horizon Study Group1365 Words   |  6 PagesBP leadership along with partners did not have proper governance and process to evaluate the risk that they are willing to take. The employee at every level does not know how much risk to take nor did any corporate policy exist to guide them. Having zero risk tolerance and zero safety defects in these complex operations ensure there are no human losses. The analysis of the Deepwater Horizon Study Group (2011) (p.11) shows that the leadership was concerned about how much money was spent in excessRead MoreThe Un Global Compact Underlines900 Words   |  4 Pagesunderlining the important role business plays (Globalcompact. Com). These social implications of corruption underline the social re levance of conducting research about the topic. Mainstream literature (e.g. theory of firms) assumes that there is a separation between politics and business and companies are rather unwilling to intervene in domestic politics (Friedman 1962; Henderson 2001) ‘It is not a corporation’s responsibility to fulfil the obligations of states, particularly since it could jeopardize