Corporate social responsibility and governance – Essay Example

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The other wave of criticism is on the rising concern where organizations that allege to be champions of corporate social reporting on paper are worst perpetrators of sustainability in practice (Brockett & Rezaee, 2012). On a similar note, some organizations that often has excellent plans on sustainability end up failing to do so in real practice. The research considers social reporting an important tool of communication which promotes transparency and better interaction with the stakeholders (Rittenberg et al. , 2012). Literature Review In the past, Corporate Social Responsibility reporting had recognized itself as a major factor in movement for making organizations socially responsible on matters of environmental conservation (Aras & Crowther, 2010).

However, CSR is neither mandated through commerce laws or stock exchange rules. It is in essence a voluntary exercise. There has been extensive research by scholars in regards to general opinion about the effectiveness of corporate social responsibility across companies. Some have openly advocated discrediting the disadvantages of voluntary reporting schemes but instead advocating for formulation of mandatory disclosure requirement by all companies. Gottschalk, (2011) asserts that the Triple Bottom Line reporting risks tokenism unless regulatory authorities are willing to formulate laws mandating the practice.

The mandatory requirements should also be in a position to state where and when the reporting must be piloted and what precise matters should be included in the disclosure. It has been widely accepted that social reporting goes a long way into enhancing corporate accountability, democracy among all stakeholders and general corporate practices that promote developmental sustainability (Mullerat & Brennan, 2011). Acceptable guidelines on social reports are enshrined in the Global Reporting Initiative (GRI) standards for corporate reporting (Gottschalk, 2011).

Organizations are obliged to report their corporate social responsibility based on the guidelines provided by the Global Reporting Initiative (GRI) (Simpson & Taylor, 2013). Corporate Social Responsibility issues continue to create concerns all over the world with scholars seeking a better understanding about the subject. Banks in particular have been categorized as active participants in Corporate Social Responsibility affairs attracting immense attention from academicians. As earlier mentioned, one major concern in CSR is on the content of disclosure.


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