Executive Summary This business report has been prepared for the Board of Directors and the CFO of Washington H. Soul Pattinson (WHSP) and company limited to update them about the social responsibilities of the company. The report will Introduce the concept of corporate social responsibility, and its stakeholder and the business case for being socially responsible. Analyze CSR activities of WHSP both as a parent company and as a Controlling entity from its annual report 2018. Critically evaluate WHSP’s CSR performance with respect to stakeholder theory, legitimacy theory, CSR reporting standards and best practices of CSR Reporting. Provide recommendations for improving CSR performance of the company.
Table of Contents1.Corporate Social Responsibility (CSR)11.1. Stakeholders of CSR 1 1.2. Arguments for CSR 1 1.3. Arguments against CSR 2 2.Company Analysis: Washington H Soul Pattinson and company limited (WHSP) 3 2.1. CSR in WHSP’s (as a parent company) annual report 2018 3 2.2. CSR in WHSP’s Subsidiaries and Associated3 3.Critical Evaluation of CSR Initiatives of WHSP 4 3.1. Why Choose Cisco as Best Practice 4 3.2. Comparison between WHSP and Cisco 4 4.Recommendations 5 5.References 6 6.Media Release 7 7.Appendix 8
1 | P a g eCorporate Social Responsibility Analysis of Washington H. Soul Pattinson and company limited 1.Corporate Social Responsibility The present-day Corporate Social Responsibility (CSR) (also called corporate responsibility, corporate citizenship, responsible business, and corporate social opportunity) is a concept whereby business organizations consider the interest of society by taking responsibility for the impact of their activities on its stakeholders. The United Nations Industrial Development Organization defines CSR as a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. The concept of CSR has been the subject of considerable debate but it is getting momentum. Business in the 21stcentury is global and multi-faceted, and shareholder value may not capture that dynamism. Freeman (2015) suggests that “The idea that business is about maximizing profits for shareholders is outdated and doesn’t work very well, as the recent global financial crisis has taught us. The 21st Century is one of ‘Managing for Stakeholders’.”1.1. Stakeholders of CSR The prevalence of stakeholder theory is grounded in the belief that CSR-stakeholder relationship is the essentials assets that corporates must manage. A business needs a successful community, not only to create demand for its products but also to provide critical public assets and a supportive environment. Communities, Customers, Employees, Governmentsand regulators, Investors, Sales channel partners, Supplier are all part of stakeholders whom business needs to consider for its survival.