Background of IBM
Corporate social responsibility is dominated with the valuable strategy and agenda for the business to improve the standards for the better of people, plant and prosperity. The main purpose of this essay is to contribute towards the evaluation of corporate social responsibly in the governance of business in perspective domestic market. The corporate governance is also valuable for the business in relation to integrating the sustainable development through social, environmental and economic benefits. To evaluate the CSR implications over the business, three businesses as IBM, Microsoft and Woolworths organizations are discussed with the market of USA, UK and Australia respectively. In relation to this essay, corporate governance is assessed in order to bringing up with positive image. The comparative analysis of these selected businesses has been carried out to determine the impact of CSR activities over the societies, economy and perspective environment. Moreover, the governance system of UK, USA and Australia is analyzed with respect to the CSR activities.
About IBM: The IBM is a renowned brand in the information technology industry. It is an American multinational IT company which is operating its business from it’s headquartering in New York, USA. It was established in the year 1911 and now it has operating its business in more than 170 countries. In its business operations, it has engaged into the manufacturing and market for the computers, hardware, middleware and it also provide the consulting and hosting service (Doublethedonation, 2018). On the other hand, IBM, US is also maintaining the record of patents from last 25 years of its business excellence. It has also generated the revenue about US$79.139 billion in the financial year 2017. Along with this, the company has also listed in top 30 most companies in Dow Jones and it has also hold the record for employees over the 380,000 (IBM, 2017).
Background of Woolworths: The Woolworths business is one of the leading retail chain companies which are operating in the line of supermarket or grocery in the Australian market. The headquarter of Woolworths is locate at New South Wales, Australia. The retail business is operating more than 1000 supermarket store across the Australian market. It is embodied towards creating value for the customer and its slogan is “The Fresh Food People” and it is also known for the cheapest price selling and money back guarantee for its defective quality and products. It has generated the operating income of AS$ 2.326 billion in the year 2017 and it has employed 205,000 employees to carry out its business activities (Woolworths, 2017).
Background information about Microsoft: The Microsoft business is also headed under the Information Technology industry and it is also multinational company. The IT Company delivers the products as windows, servers, software, and computer electronics. With this, it is an oldest valuable company and it is also ranked in largest IT Company which is also generating the higher revenue by software development (Microsoft, 2017).
In this globalized economy, the value of corporate social responsibility cannot be ignored as the several organizations are increasing which have introduced the CSR practices with its business practices. CSR is an approach in which business put the efforts in external activities for the business in order to derive the social, environmental and economical development. In context to the US market CSR activities are not mandatory for the organizations to integrate with it. But in the corporations have donated the $17.8 billion in year 2017 and 65% of Fortune 500 companies are also offering the programme for gift matching. The most of multinational organizations have engaged into the social responsibilities for grabbing the opportunities for business development. The benefits of CSR activities are determined by the corporations as enhancing the brand image of company in the global market (Fatma et. al, 2015). Due to the social integration with the perspective community than the media coverage also increases for the company as the external people do not know how many efforts company is putting for benefitting the society, environment and economy.
Background of Woolworths
In addition to this, the corporate have also experienced that employee engagement can also be boost by the company if company is working for the development of society through activities. In relation to this, employees also become loyal for the company if the business is doing well for the society and people and employees feel proud for volunteering by the business to support the community in a hazardous situation. On the other hand, the investors and external stakeholders are also important for the business as they are key people for the business so the CSR practices also contribute towards attracting and retaining the investors for long term. At the same time, the companies also assign the duties to the employees while carrying out the CSR activities than it also impacts the investors as they think that the company does not care about profit but the perspective society as well.
Apart from this, the organizational benefited from the CSR practices but the employees also get benefits from the social responsibility activities as organizations care outsider the organizational walls is directly create the positive environment for work. In addition to this, the creativity and innovation in the employees can also be blossom in their job task for developing the ideas for productive decision making. On the other hand, personal and professional growth of employees can also be encouraged when the employees are taking voluntarily for worthy practices. Apart from this, the customer is an important part of the organization and the customers also think that the company has engaged into molding the world towards better with which they have transacted so it also influence the customers to make them happy and satisfied (Bipiz, 2013). In contrast to this, it is necessary for the company to work for the higher cost social activities, it can carried out with lower cost so it might not be a higher cost for the business. With respect to this, CSR practices for business also drive the opportunities for the corporations in the new and existing and new market with potential customers and increased revenue. It is also assessed that embracing CSR practices are also resulted into the attainment of competitive advantages over its competitors.
On the other hand, if the business is lacking in concern to the corporate social responsibilities are also facing the issues related to the loyalty and image of business in the perspective community
The IBM, Microsoft and Woolworths have valuable brand image in its perspective markets with the fully integration with its product and service to worldwide people. These businesses are different to each other in its business line but the corporate social responsibilities are to play the responsibilities in reliable manner. These companies have engaged into the practices of CSR so that it can be in touch with the perspective communities. The IBM business is delivering the corporate social responsibilities in different segments such as education, environmental practices and social wellbeing and development. The IBM business has adopted the corporate environment reporting system for the company from the year 1990 in which it discloses the information related to the CSR activities and programs of company for societal development (IBM, 2016). The global reporting system is initiated by the IBM business with the tools and programs like OneReport, Ecovadis and CDP in which it provides the information about its CSR activities for environmental development. In comparison to this, Microsoft has also engaged into the social responsibilities with its mission to empower each person and organizations so that more can be achieved. In order to ensure the CSR, safety and human rights, Company integrate and apply with its power of technology.
Background of Microsoft
Along with this, the Microsoft has taken initiative to strengthen the 300 million young people with respect to the purpose of employment, entrepreneurship and education. With respect to this, the Woolworth has also engaged into the CSR activities in the Australian market. In order to provide the benefits to the society and environment, Woolworths has engaged into the enhancement of awareness about the issues of sustainability among the employees of organization it is useful for the company to get benefited from its initiative for the development of society and environment in effective manner. Woolworth business has also engaged into the recycling of 700 tons of plastic in a year which directly contributes towards decreasing the level of pollution in the climate. In compare to this, IBM also engaged into the betterment of environment as environment is one of the most stakeholder for the technological company to prosper. In relation to this, the IBM has developed the environmental management system for the purpose of protection and conserving the environment in efficient manner. In context to this, the IBM has launched the water conserving initiative which has resulted into the saving of water by 20 million cubic meters with this, it has also initiated with the worldwide environment management system in which it has set the goals for the management of climate factors as water, energy, air and natural resource for utilizing it for long time.
In relation to the effectiveness of CSR activities, IBM business has got the Climate Leadership Award for the year 2017 and it has also grabbed the opportunities from the identification in its USA market. The IBM business has also managed the policy of environmental affairs in which it is having the safe and workable culture in its organizational premises (Reilly, 2013). Along with this, the company has also prepared the policy for its people with the availability of emergency equipment. It also uses the recyclable material for its product packing so that the resources can be reused. In context to this, the Microsoft has also engaged into the generation of electricity by solar, wind and hydro power and 44% of its electricity is utilized from these human developed sources. In order to empower and transforming the digital education, Microsoft has distributed the free software for students and teachers in the nation. On the other hand, IBM is also spending $144 million for education purpose in order to accomplish its mission for Youth Sparkling. In relation to this, IBM has also started the educational programme in USA as KidSmart early learning with the partnership of Bank Street College of Education and United Way which is aimed for delivering the skills of becoming techno efficient kid in their early edge of school days. In contrast to this, Microsoft is also contributing in the education empowerment with the $86.5 million and it is also spent for CSR budget as 9% with the development of YoughSpark program which is focused on creating the opportunities for children and economic aspects (Microsoft, 2017). In context to this, Microsoft has provided the education about 227 million young people and it has provided the digital education to its people. At the same time, the Microsoft has also contributed by $900 million and the company is also successful in reducing the carbon emission by 30% from last five years.
CSR Practices in USA, UK, and Australia
In order to compare the CSR practices of chosen corporations, Microsoft has developed the window 10 and office 365 for the blind and low vision users in the perspective market. Moreover, the Microsoft business is also collaborating with the telecommunication companies for providing the broadband connectivity to more than 2 million people in the rural area of America with its plan of Rural Airband Initiative. In the financial year 2017, Microsoft has donated the $1.2 billion in the software technology so that the skills and knowledge of the people can be developed with the digital and techno based edge.
It is also identified that the IBM technology is also working towards the sustainability of environment and it has reduced the greenhouse gas emission by the 42.9% and the company has also targeted the GHS goal by 35% up to the year 2020. In addition to this, the employees of IBM have also spent the 23 million hours for the purpose of internal education in the year 2017. In order to initiating the progress of women, IBM has won the Catalyst Award 2018 and it has won it for four times. In addition to this, the IBM has also awarded for climate leadership award for managing goals of the greenhouse gas and company has also hold the rank in the corporate citizenship with the 5th rank among 1000 companies of USA (WECU, 2016). On the other hand, Woolworths has also developed the internationalization strategy for expanding the business in the retail market of the different countries as Japan, France and Canada in which the company has focused on the following corporate social governance policy or the governance system of the country so that the ethical practices can be practices. In relation to this, the management of retail market Company has also engaged into the social media marketing for its initiative to develop the CSR governance system of business in resilient manner.
At the same time, Woolworths has also devoting its some part of profit for the CSR activities which is positive for the company to gain the attention of society and attraction towards the business products and services. In compare to this, IBM is also empowering the youth and community through its CSR focused programs. In relation to this, it is supporting the communities and not for profit sectors. Along with this, the company is focused on providing the technological knowledge to the young people who is directly beneficial for the next generation to lead them (Bipiz, 2013). In order to help the community, IBM has developed the World Community Grid in which it provides the required resources to the teacher so that they can be more focused on the STEM which is established for Science, Technology, Engineering and Maths education. On the other hand, world community grid is an initiative by the IBM in which anyone can come up with the volunteer and can help the community.
In compare and contrast to this, Woolworths is also not lacking over accomplishing the social responsibilities and it has also supported the local farmers of Australia whom have affected from the draught and the company has raised the $7 million to help the farmers. It has taken initiative to collect the fund from customers who have visited the stores of Woolworths and the amount is about $1.5 million. At the same time, the retail giant has also providing the counseling services to the regional community and rural areas people with the intention to work together for whole nation. Moreover, the Woolworths have also developed the FoodBank which is aimed to fighting the challenge of hunger in the Australian market. On the other hand, it has also started a relief programme as Salvation Army Disaster Relief which is emphasized on standing together for helping the people to come out from the disaster in the Australia (Watson, 2015). In addition to this, the Woolworths have also joined the OzHarvest initiative in order to fight against food waste. The Company has joined this initiative in September 2015 and the company has become able to provide the food about 3.5 million in the Australian nation. The main purpose of involving with the OzHarvest is to make the ability of world with free of hunger and zero food waste. On the other hand, Microsoft is also renowned as the best global CSR reputation. With respect to this, the IBM has integrated the corporate social responsibility as it core business practices so that it can influence the societies, volunteers and people which is creating value for the business.
Impact of CSR on Economy, Society and Environment
From the CSR impact, it can also be stated that the IBM has attained the valuable strategy of sustainable development through engaging with the corporate social responsibilities. In addition to this, IBM Company has also adopted the strategic philanthropy as involving into the charity activities in order to resolve the social issue with the determination of business goals. Values based self regulation is carried out in which it incorporates its code of business practices for CSR so that it can easily guide the behavior. The growth platform is also considered by the company which allows the business to access the new market for its introducing new products and services that directly resulted into the generation of revenue. In compare to this, the Microsoft and Woolworths are also following the pyramid of corporate social responsibility in which it adopts the economic responsibility with following the legal responsibility. On the other hand, it is also following the ethical responsibilities in the perspective environment. With this, the Microsoft has also become philanthropic as a good corporate governance citizen in which it contribute towards the improvement of quality of life of communities. With contrast to this, the IBM is introducing the new and innovative technologies which are utilized by the government, institutions and the life of communities. In addition to this, the IBM has also developed its policies for revitalizing the cities by establishing the sustainability framework (Goranova et. al, 2017). As the Woolworths and Microsoft do, IBM is also doing the social work for perspective community so that it can enhance the living standard in transformative manner. IBM has focused on its long lasting commitment to improving the development of 21st century by anticipating the need of changing the world. In addition to this, the IBM Company has also initiated with the P-TECH model of school in which it transforms the secondary educational level to career and college development. On the other hand, the model is developed by the IBM with the public- private partnership with involving the public schools, community college and corporate partnership which might be helpful for the society to improve the ability of people for work in this dynamic environment.
As it is indicated above, under the STEM initiative, the IBM Company has contributed in significant manner. The CSR practices are denoting the development of societies as in the year 2001 there was only one school by the company support but in the year 2016, the number of school have been increased by more than 100 by which it seems that the IBM business is acting seriously the community by CSR practices. In the USA market, it has served more than 100000 students that create value in the communities in sustainable manner. As compare to this, the Microsoft Company is also concerned to the volunteering in order to provide the free health check up for the old age people and people who cannot afford the health check easily so it helps the community in effective manner. It has initiated the programme of one patient one time (Schmidt and Fahlenbrach, 2017). On the other hand, IBM has also adopted the health prosperity program which is focused on the analysis of health challenges in the country. Along with this, it has also started the pro bono health grant program which is devoted to resolve the health challenges that directly leads to the social and economic development.
Analysis of Governance Systems in USA, UK, and Australia
Apart from this, it has also run the smarter cities challenge program which resolves the issues of transportation and economic development. On the other hand, Company has also sent the teams from the organization to solve the problem of society. In addition to this, it is also surveyed that the 68% of people have replied that these business are really generating the revenue with the effective governance of CSR policies in the national wide. In comparison of this, Woolworths has also practicing towards the welfare of society through integrating with the delivering of free medical check –ups for all the people in concerned communities (Feils et. al, 2018). On the other hand, it is also working towards spreading the awareness about the health issues so that the adverse impact of health problem can be reduced. Along with this, the Woolworths are distributing the free medicine for the man and women with the more empowerment of women in the backward areas of Australian market.
In respect to the environmental prosperity, as it has planted around 1 million trees in the last 4 years so that it can reduce the negative impact of greenhouse gases and environmental hazards. In addition to this, Woolworths has also created the positive image through contributing in the societal development. It is also experienced by the company that business enabled towards the sustainable growth of the business from last one as decades and brand value as it has started to engage into the CSR practices (Yakovleva, 2017). The goodwill value of retail Company has also improved due to the CSR program and activities for the sustainability of business. With respect to this, the business has also developed the corporate social responsibility framework in which it has put the first priority for people, planet and prosperity. In order to accomplish the sustainability goals, Woolworths is committed towards the enabling the gender equality in the highest position of women as the senior manager. With respect to this, it is aimed to reduce the wage gap in between the male and female on the equitant position in the organization. On the other hand, it is also aimed to reduce the level of carbon emission by 10% by the year 2018 (Woolworths, 2017).
With respect to this, the Woolworths has launched the strategy of Woolworths as “Doing the thing right” in the year 2007 and the company to committed towards the attainment of the goals which have been targeted by the company.
In contrast to this, the Microsoft Company has also implemented the new and innovative technologies in its different located plants as Air Cooling techniques in which it has reduced the water consumption by 90%. On the other hand, Microsoft has also integrated with the IT Asset Disposition Programme which has resulted into the avoidance of carbon by 4000 metric ton in the year 2015. Along with this, the carbon offset community projects are also launched by the Company in which it supports more than 7 million. In addition to this, the Microsoft device supply chain group is also ensured that the CSR practices and program are meeting the standards of sustainability goals (Belal, 2016). In order to determine the CSR standard the company has also employed the 50 people who are responsible for ensuring the compliances by the company along with the braches of policies so that it can focus on developing the CSR agenda according to the requirements of nationwide framework. On the other hand, Microsoft business also integrated towards the maintaining interest of key stakeholders in its business for the purpose of managing long term relationship in positive manner.
Over the assessment it is also determined that the IBM is also identified as a member of IMPACT 2030 which is a business lead coalition for national volunteering efforts. With this, it has also taken initiative as Microsoft Watson which is AI –powered tool that supports to teachers for improving the skills and abilities of teachers. It is also assessed, up to the September 2017; more than 10000 people have registered in the United State (Lins et. al, 2017). Moreover, it has also lunched the Teachers TryScience which is developed with the collaboration New York
Corporate governance refers to the system of practices, rules and processes by which a firm is managed and controlled. The concept of corporate governance basically involves meeting the interests of all the stakeholders of a company, such as investors, customers, management, financiers, suppliers, government and the society (Hermalin, and Weisbach, 2017). The Board of Directors is responsible to supervise the delivery of ethical duties by directors while ensuring proper compliance with the country’s laws in corporate activities.
The annual reports of Microsoft indicate that the company fulfills its commitments of corporate social responsibilities in accordance with the corporate governance system of the UK. The company carries out its operations in an effective manner that extends beyond the provision of goods and services. In order to comply with the codes of corporate governance structure of UK, Microsoft deeply commits to operate the business, utilize the resources, and emphasize on the corporate patronage in a manner that has a positive impact on the society at large. The society directs the way Microsoft does innovation in new areas (Goranova et al., 2017). Within the guidelines issued by the UK’s corporate governance structure, the organization utilizes the technologies for the purpose of solving the real-life issues and satisfying the customers’ needs and wants (Lund-Thomsen and Lindgreen, 2014). It affects the way people and communities are served not only in UK but also around the globe.
It has been recognized that in UK, an alternative to complying with its governance system is allowed by the companies in particular circumstances when the company is doing good and taking into consideration the interests of the society. A condition of doing so is however allowed if the reasons for adopting that alternative are justified and explain clearly the benefits not only to shareholders but to all the stakeholders. In case, the company fails to give reason for the deviation with the country’s governance, the voting purposes may be influenced as a consequence. Microsoft is complying with all the regulations. While providing a clarification, the company attempts to effectively demonstrate how its real practices are aligned with the principles which the particular provisions of corporate governance of UK are related to (Flammer, 2015).
In addition to this, Microsoft contributes to the good governance and promotes ethical accomplishment of business objectives. The UK’s governance principles set out the foundation provides a clear explanation for its social decisions and actions it is taking. It also describes the mitigating procedures adopted by the company for addressing any additional risk and maintaining compliance with the applicable codes of governance (Feils et al., 2018). If the divergence from a specific provision is proposed to be limited in time, the clarification should indicate if the company is not going to follow any of the provision. The UK government also states that the commitment between company boards and shareholders is crucial to the health of the UK’s corporate governance management. The impact also includes the responsibilities of the organization and shareholders for making sure that a proper ‘comply or explain’ remains a successful option to a principle-based environmental system. There are some practical and executive barriers to the improved interaction between the organization and shareholders regarding social and environmental responsibilities. However, surely there is a scope for an increase in trust which could create a moral upward twist in the attitudes to the Code and in its practical use.
The CSR governance system of Woolworth is committed to ensure an effective integration of CSR in its daily operations. For this purpose, the Board of Directors of the organization communicates with the relevant stakeholders on the regular basis. The Australian corporate governance emphasizes mainly on the accountabilities of the CSR groups which are engaged in the policy creation, external reporting and capacity enhancement. In Woolworth, the principles of CSR stay at the heart of good governance. From an organization’s perspective, corporate governance in Australia is all about maximizing the value subject to the meeting the financial, legal and other statutory obligations of the corporation (Feils et al., 2018). This inclusive definition specified by the Australian corporate governance stresses on the need for boards of directors in order to balance the interests of all the stakeholders such as customers, employees, investors, suppliers, communities in order to attain the sustained value for the long term. The benefit of this approach promoted by the Australian governance system attempts towards promoting the corporate governance in companies in order to fulfill the broad objectives of maximizing shareholder value, and acting honestly in the interests of other stakeholders along with working out to meet the interest of the company’s affairs as well (Rangan et. al, 2015).
In Australia, distinction between the ownership and management has been a basic characteristic for companies. It has been also found that, Australian corporate governance were best known as ‘family capitalism’ in the first half of the 20th century, with relevant directorship and effective managerial positions held by the close-knit business group. In Australia, corporate governance regulation does not require the corporations to adopt “a one size fits all” approach because these laws are very flexible in nature, in comparison to the CGR system of other countries (Buchwald, 2017). On the other hand, the Woolworths have implemented a black letter law approach by preserving compulsory corporate governance improvements in the current legislation. The board of directors takes all the responsibilities towards the environmental protection from their activities and proper caring for the needs of shareholders. For the purpose, the Woolworths Limited regularly communicates to them for discussing about the performance of the organization and is responsible for designing, executing, and improving the practices of corporate governance. The primary objective of the Board is to enhance and maintain the shareholder value while ensuring that the organization’s overall operations are effectively managed. In order to confirm with the country’s corporate governance activities, the board implements the highest standards of corporate governance, which are viewed as essential to its commitment to business professionalism, sustainability, and integrity in all its activities (Aksak et. al, 2016).
The USA is mainly viewed as the typical case of the market-based or shareholder-oriented approach to the corporate governance. Ownership of corporations according to the American CGR is dispersed. However, it involves high participation from the institutional investors like pension funds. Corporate boards of IBM are highly focused towards maintaining the ecological preservation and not harming the society on the expense of earning more profits. For this purpose, the organization has a high number of independent members who regularly meet the social committees to improve the board processes. The internal and external aspects of corporate governance in USA are connected through the supervision of gatekeepers, such as audit entities that verify the surge of useful information from the managers to the capital markets, and then the market for corporate power applies a final approach on the unsuccessfully performing corporations, who deal with a sensitive risk of takeover (Goranova et al., 2017). The varied components of the CGR policy also have strong institutional complementarities which function as an encouraging and a reinforcing system for effective corporate governance in the entities. These unique characteristics of the American CGR model are widely recognized as best practices and even a global standard for good corporate governance (Kavoura and Sahinidis, 2015).
In the context of USA CGR guidelines, Trust and Compliance Office of provides federal and self-regulating oversight of the company’s ethics and compliance aspects. This Trust and Compliance program is run by IBM’s Assistant General Counsel, Vice President, Chief Trust, and Compliance Officer. In addition to this, a global team of compliance experts operate with the company’s employees around the world in order to ensure that IBM carries out activities with integrity. The team also monitors the IBM’s global Business Conduct Guidelines certification, in addition to its education program (Schmidt, and Fahlenbrach, 2017). In addition to this, integrity is the foundation to the values IBM that promotes the relevance of confidence and personal accountability to fulfill environmental commitments and all social relationships related to the sustainability. All managers throughout IBM play a critical role in fostering effective business integrity in the workplace. The company actively plays this role by creating, promoting, and leading a culture of truthfulness and transparency in their operations. The Trust & Compliance Office thus supports company’s efforts by providing compliance tools, resources, capabilities, and knowledge.
In addition to this, the CGR policies of USA devote significant resources at the international level to enable an effective compliance with the complex system of export controls, with the breadth of companies’ worldwide operations and reliance on exports. However, IBM is vitally required to be able to carry out the operations with minimum delays or other impacts to serve the customers in a competitive marketplace of IT (Feils et al., 2018). In this context, The Export Regulation Office (ERO) in USA also acts as the focal point for an international network of export regulatory professionals to check the compliance with current corporate governing regulations and development of companies’ positions on specific control issues with best practices.
Conclusion
On the basis of above analysis, it can be concluded that the value of corporate social responsibilities is experienced by the corporate while it operating in the highly technology and competitive environment. It can also be concluded the most of largest companies have adopted the CSR agenda in its company practices so that they can devise and bring the business in the eyes of existing and potential customers. In relation to this, it can also be stated that the Microsoft, IBM and Woolworths businesses have been assessed with its practices of corporate social responsibilities. In relation to this, it can also be summarized that these businesses have taken initiative towards the development and contribute for economic, social and environmental perspectives. With respect to this, it can also be said that the Microsoft, IBM and Woolworths have amused the value for its benefit from the social responsible activities. It can also be concluded that these three companies understand the importance of better social responsibilities as they also enhanced the brand image in positive manner. In relation to this, the comparison is also carried out in between the Microsoft, Woolworths and IBM with respect to the environment, society and economical aspect. In relation to this, it can also be said that the companies have developed the agenda for their contribution in order to improving the sustainability level of corporations. In addition to this, it is also concluded that the Microsoft is a technology company so it is also contributing through the development of environment and development policy for the purpose of education, societal development and economic perspectives. In context to this, it is also being summed up that the companies are contributing as it is possible by corporation. On the other hand, IBM has also published the corporate social responsibility report every year for reporting the data over the different aspects for meeting in the upcoming years.
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