Corporate Social responsibility assignment Essay

Corporate Social responsibility assignment - Essay Example Triple Bottom Line Triple bottom line is a system that operates to ensure that corporate social responsibility is seen as a formal and an essential aspect of business entities. This is because it formalises the process of corporate social responsibilities and ensures that social responsibilities is included in an organisation at the strategic level. Triple bottom line is â€Å"... the necessity for a corporation to disclose information about its social and environmental performance in growing† (Sridhar and Jones, 2013 p92). This is because triple bottom line creates a situation where the environmental and social aspects of a business is carried out in a way that is appropriate and leads to the best interest for all entities. And more importantly, environmental and social matters are audited and accounted for through the triple bottom line system. This is because it integrates these two aspects into the business and the firm will not have to only care about profitability and ma king money for the shareholders but also, other stakeholders and provide valid evidence of how they are seeking and working towards the attainment of stakeholder interests. Triple bottom line involves the identification of sustainable corporate performance by integrating systems to attain and account for three aspects of a business: 1. Financial 2. Social and 3. Environmental (Fauzi et al, 2010). This is because triple bottom line provides a system to get an organisation to look beyond just financial reporting and financial targets. This is because it integrates the elements of sustainability into corporate reporting. In order to attain the standards of triple bottom line, a firm would have to set up a system for corporate financial, social and environmental strategy and reports (Jamali, 2006). This will ensure that an organisation will be able to integrate other important pointers of corporate social responsibility and report it and monitor it for a year-on-year improvement. Carol and Buchholtz (2012) identify that triple bottom line is a requirement for corporate control and corporate governance that focuses on stakeholders and other entities. This is because it involves setting goals in areas and aspects that affects other stakeholders and make it imperative for corporate entities to work towards the attainment of results over a broader scope than the traditional method. In the opening discussions of Carol and Buchholtz, they spell out that from the period of modern business after the Industrial Revolution in the early 1800s, firms and businesses focused excessively on the profit motive and sought to provide the best interests of the owners of the business only (2012). However, the growth of the Post-Second World War global order has sought to preserve the rights of individuals and other third parties and prevent the attainment of profits at the expense of other people who are connected to or affected by the business. Hence, the triple bottom line approach integrates the needs of stakeholders by ensuring that the needs of the society and the wider environment is integrated into the organisation and the organisation must demonstrate a strong tendency to protect the wider environment through sustainable practices and targets and also protect the environment. This is meant to promote the needs and expectations of other stakeholders, not just shareholders. Jackson et al