Implementing Effective Corporate Social Responsibility and Corporate Governance: A Framework
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Acer Corporate Social Responsibility Policy
Actions Shares. Embeds 0 No embeds. No notes for slide. We examine the relationships between businesses and various stakeholder groups and examine how a stakeholder framework can help us understand organizational ethics. The ethical decision making process is covered in order to provide an understanding of the importance of oversight in responding to stakeholders. There are three approaches to stakeholder theory: normative, descriptive and instrumental. Principles and values provide direction. Stakeholders are influenced by business, but they also have the ability to affect businesses.
The code of CG for Bangladesh prescribes the principles, procedures and process through which better CG practices may gradually be introduced, and so the code of CG has organized into principles and guidelines.
Organizations can start with the acknowledgement of the principles of CG into their own practices and then comply fully with the guidelines provided in the code for implementation. And it has clearly stated that the organizations that are involved in micro-credit should be considered the corporate governance guidelines for the NGOs .
The State and its various agencies have from time to time introduced various rules and regulations for the NGOs that have largely been ignored by NGOs later on. And the reason of ignorance was due to their complexity and lack of capacity to enforce. However, national and international corporate scandals made experts quick to point out that responsible governance is unavoidable in the health of any organization. Clearly, in both the public and the private sectors, good governance is considered a norm for a responsible and accountable organization .
And less emphasis was made on the governance of NGOs to ensure a transparent and accountable sector. Moreover, there is a lack of sufficient acknowledgement that the principles of good governance apply to NGOs and that the sector should perhaps be subjected to higher standards of governance if their claim to being the bedrock of transparent and accountable civil society is to be upheld . And so, providing Governance principles for this sector is therefore essential as a means of reducing the potential risk of poor governance within the NGO sector that includes inefficient, inappropriate or improper use of funds .
The development of NGO Governance principles will not only help raise the performance standards of the NGO sector but also increase accountability and act as tool for detecting and preventing loopholes and flaws in the current regulations. This in turn will promote the evolution of institutions capable of sustaining performance whilst maintaining greater accountability and transparency based on stronger ethical foundations .
His father was a successful goldsmith who always encouraged his sons to seek higher education. But his biggest influence was his mother, Sufia Khatun, who always helped any poor that knocked on their door. This inspired him to commit himself to eradication of poverty. In , The Nobel Peace Committee awarded Muhammad Yunus and Grameen Bank with Nobel Prize for their efforts to create economic and social development from below, to break out of poverty. Development from below also serves to advance democracy and human rights .
After the liberation war in East Pakistan became a new nation-Bangladesh. Yunus was working abroad as an assistant professor. In he went back to his home country with a vision to build a free and prosperous new nation. He joined the Economics Department at Chittagong University. But his dream turned in to a nightmare. There were natural disasters including floods, droughts, cyclones, and monsoons in the early s. And the whole country was suffering from the vicious destruction from the War of Liberation. And finally the terrible famine in , thousands were dying.
In , Professor Muhammad Yunus, professor of Chittagong University, led his students on a field trip to a poor village. They interviewed a woman named Sufiya who made bamboo stools, like many other she also relied on the local money lender for the money she need to buy the bamboo for her stools. On a condition that she would sell her stools to the money lender and he will decide the price. Through this unfair arrangement, she was left with a penny profit margin. Yunus with one of his students made a list of the victims of that money lending business.
S . Realizing that there must be something terribly wrong with the economics he was teaching, Yunus took matters into his own hands and gave those twenty seven dollars from his own pocket to free the victims out of the clutches of those money lenders. He found that it was possible with this tiny amount not only to help them survive, but he also he should do something to create the spark of personal initiative and enterprise necessary to pull themselves out of poverty . But he found that in conventional banking the rules were strict.
The conventional banks only lend money to the people who already had money. So he tried it in a different way. He took the loan himself and lends it to the poor. And the result was very positive. The poor people paid back their loans, on time every time. But Yunus failed to convince the Banks to disburse loan for the poor. Finally he decided to establish a separate bank for the poor people which would give loans without collateral, without requiring a credit history, without any legal instruments.
He started it as a project in and finally in it was transformed into a formal bank under a special law passed for its creation . Today Grameen Bank gives loans to over eight million poor people, 97 percent of whom are women. With branches, it works in 81, villages. Total staff is now 23, The repayment rate is currently Grameen Bank routinely makes a profit, just as any well-managed bank should do. Total revenue generated by Grameen Bank in was Tk Total expenditure was Tk Grameen Bank made a profit of Tk This is the highest cash dividend declared by any bank in Bangladesh in Highest record of dividend declared by Grameen Bank was in Financially, it is self-reliant and has been profitable every year of its existence except , , and Grameen Bank now has 18 companies in the Grameen network.
They are all independent companies, registered under Companies Act of Bangladesh. Since then, Yunus and his bank have won the Nobel Peace Prize and micro-credit has spread as an idea around the world . GB does not express any specific mission or vision for their organization.
These are still counted as the key objectives for the organization today. The Grameen Bank is officially registered as a bank under the Bangladesh Bank Ordinance but conceptually it is a non-governmental organization . Therefore, in analysis, authors treat it as such. The code of CG for Bangladesh has stated particular governance policy for financial organizations and also stated that organization that are involved with micro financing micro-credit should follow the corporate governance guidelines for NGOs .
Corporate Governance CG has been motivated by the interest of the investors for more transparent and accountable information that could reduce the risk of investing. And, in doing so, countries around the world developed CG codes in order to provide general guidelines for organizations to follow. CG codes have been developed and issued from stock exchanges, committees appointed by government, institutional investors, or associations institutes of directors and managers with the support of governments and international organizations, or professional bodies representing directors or company secretaries or academics .
In a general view CG codes are taken as guidelines that should be adopted and implemented in business organizations with investment opportunities. But for sure, CG codes are similarly important for any kind of organizations for a transparent and accountable management.
In case of Bangladesh, this issue has brought out into a different phase. NGOs are considered as civil society organizations. And should therefore represent the views of the civil society in their services and provide public disclosures of their organizational mission, management, financing, programs and impact . A proper Governance processes and arrangements are therefore essential in ensuring and considerable image of NGOs. The term Governance from the NGO perspective assumes that NGOs participate in the definition, protection and promotion of public interest .
The code of CG for Bangladesh provided clear principles and guidelines on the mission and vision, the board, the role of stakeholders, human resources, conflict of interest, financial and non-financial disclosures, and fund-raising policy. Each of the sections is headed by a single Principle and is followed by a number of supporting guidelines.
The Corporate Social Responsibility Report and Effective Stakeholder Engagement
Grameen Bank, as a micro-credit provider, is supposed to adopt the stated principle of the code and follow the guidelines in implementing the codes into the very structure of the bank. Since its beginning Grameen Bank has grown rapidly over the years. And dealing with the society for the society makes it more liable for maintaining the core importance that includes professionalism, accountability, integrity and responsibility. Proper governance principles and guidelines code can be the best way of maintaining this core importance.
Adaptation of the governance code can make its members shareholders more confidence on its operation. And it should be mentioned that the Grameen Bank is known as the bank for the poor, where poor people seeks more security to the least saving they could make. In analyzing the adaptation of CG code by the Grameen Bank, the data that are mostly used its most recent annual report. The Grameen Bank does not express any specific mission or vision for their organization, even though the code stated for a specific and clear definition of it. The board structure shows the similarities with the governance code.
The board is consisting of expertise and also independent members selected from the general members or considered as the shareholders of Grameen bank. The role of the board also similar to the guidelines provided in the code, but the general body to supervise the board is not clear. But, as mentioned earlier the stakeholder representation has been clarified in the board structure . The organization structure of Grameen bank also shows its human resources. They have clear policies of how to recruit and what would be the responsibility for the staff. The Grameen Bank is fully adopting the principle and the guidelines.
The annual report and audit report proves its intention to be accountable and fair to its members. And as for the fund raising policy, Grameen Bank clear defines its operation describing how it will raise fund and how that fund will be disbursed. The annual report and also monthly report discloses its financial activities and current fund situation. The members are the prime borrowers of the bank, and the practiced model of depositing and borrowing makes it possible for the members to look after their own funds .
Besides the proper governance policy, Grameen bank also carries on its CSR policy. As a social organization it runs project for social development. Programs such as, loans for beggars, housing for poor, scholarships for the poor children, telephone ladies, etc. Grameen bank also provide donation during natural disasters and carries out charitable activities along with its core activities. Grameen Bank, micro-credit bank, has shown incredible growth in not only its organizational size but also in its funds too. Along with the growth came responsibility and following most of the principles and guidelines of the governance code indicates its intention to be a sustainable organization.
And sustainability can make it possible to achieve its goal. Corporate governance is the set of processes, policies, and laws, by which a corporation is directed, administered or controlled; it also ensures the relationships among the stakeholders including the shareholders and other stakeholders and the goals for which the corporation is governed.
The importance of adopting corporate governance has been a concern due to the major corporate collapses in various countries.
Corporate Social Responsibility and Corporate Governance || KOBE STEEL, LTD.
And this collapses occurred due to the lack of internal control, integrity and honesty among directors, independence of directors, stewardship, and dominance of individual. Corporate governance helps to ensure the ways to reduce these lacks, and also sets up appropriate monitoring system to ensure that the corporation runs to ensure the interests of the stakeholders.
The reason for developing the code of CG for Bangladesh lies on the benefit that may be resulted from implementing the code. Implementation of the code of CG will strengthen CG that will benefit individual organization along with investors, and the nation as a whole. And the increase of investment will help improve the sector and economy towards a sustainable development. The goal of alleviation of poverty made the bank adopt programs that help the society.
And along with this the bank also carries out the interest of its stakeholders.