AFA- CSR Final.pdf - Executive Summary This business report...

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 Contents
1. Corporate Social Responsibility (CSR) 1
1.1. 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 i n WHSP’s (as a parent company) a nnual report 2018 3
2.2. CSR in WHSP’s Subsidiaries and Associated 3
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 e
Corporate 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 21 st century 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profits for shareholders is outdated and doesn’t work very well, as the recent global financial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 , Governments and
regulators , Investors, Sales channel partners, Supplier are all part of stakeholders whom
business needs to consider for its survival.