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Corporate Social Responsibility & The Role of Media in Corporate Governance

Corporate Social Responsibility & The Role of Media in Corporate Governance. What is included in CSR. Charity (Philanthropy) Doing business responsibly Being a good citizen. Philanthropy. Financial donations to worthy causes Setting up socially needed bodies

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Corporate Social Responsibility & The Role of Media in Corporate Governance

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  1. Corporate Social Responsibility &The Role of Media in Corporate Governance

  2. What is included in CSR • Charity (Philanthropy) • Doing business responsibly • Being a good citizen

  3. Philanthropy • Financial donations to worthy causes • Setting up socially needed bodies • Running or supporting social bodies • Supplementing state efforts towards social welfare

  4. Doing business responsibly • Protecting stakeholders’ interests • Employees • Equal opportunity • Human element • Clients & Suppliers • Passing benefit of research • Not dealing in “bad” goods.

  5. Being a good citizen • Obeying the law (including CCG) • No direct or indirect tax evasion • Concern for environment • Doing general good for the society • U-fone’s medical line • Supplementing government’s efforts towards good citizenship • Paying for various social campaigns

  6. Concern for Environment • Eco-balance • Deforestation • Soil degradation • Atmospheric changes • Pollution • Waste/Discharges management • Depletion of resources • Emphasis on creating re-usable resources

  7. Strategies forPrevention of Industrial Pollution • Environmental processes’ audit • Waste management audit • Material usage review • Non-solid effluents audit • Financial considerations • Cost benefit analysis of being eco-balanced • Use of new cleaner technology • Life cycle assessments • Spreading awareness among users

  8. Environmental Risk Management • Elements of environmental risks • Definition of an environmental disaster • Probability of its occurrence • Cost of handling it when it occurs • Allocation of responsibility • Means of handling the risk • Prevention • Insurance

  9. Resource Management • Energy resources (fossil fuels vs. others) • Re-cycling of materials • Using re-cycled material • Using bio-degradable material • Conservation of life supporting systems • Forests, tree, water sources • Wild life

  10. Laws relating to EP • EP Act • What else? • Self-regulation

  11. Some Big Environmental Disasters • Chernobyl Nuclear Disaster (1986) • Nuclear reactors went berserk • Exxon Valdez (1989) in Alaska • 11.5 million barrels of crude spilled • Tokiamora Accident (1999) • Nuclear radiation leaked • Bhopal Tragedy (1984) • Leakage of poisonous gas, killing 300 and affecting 400,000 persons

  12. Role of Media • Reporting on facts • Commentary • Awareness Campaigns • Advertisement

  13. Objectives of Media Intervention • To stop the “bad” corporate practices. • To encourage the “good” corporate behavior.

  14. Reporting on Factsand Commentaries • Corporate reporting is gaining popularity. • It is coming out of the domain of specialized journals into daily newspapers. • It has impact on all stakeholders; so companies care. • Shareholders activism • Consumer activism • Factual reporting and commentaries can serve as “carrot and stick” mode of motivation for companies.

  15. Awareness Campaigns • Media has greater reach; hence is more effective. • Polythene bags issue • Harmful effluents disposal • Companies can help media in campaigns for social good. • Awards • Political campaigns

  16. Advertisement • Media can insist on honest advertising • Printing disclaimers is not enough • Advertisements are also a way of buying media’s support (or silence)

  17. Ethics in Media • Must maintain editorial independence. • Refuse dishonest advertisement. • Avoid sensationalism • All reports should be substantiated • Media also needs CSR standards • Morals in advertising

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