Corporate Social Responsibility For Complementary Frameworks

CSL

Discuss about the Corporate Social Responsibility for Complementary Frameworks.

Corporate social responsibility and ethics are important for an organization to survive. Globalization has led to multiple opportunities but it has given importance to development of ethical conduct and good governance. CSL group Limited is a global biotechnology company which aims for saving life by research and development whereas Macquarie is an investment company which aims for creating wealth for its investors. Both the company has different operations but there way to achieve success is by following value and ethics.

CSL is a global biotechnology company founded in 1916 in Australia. Commonwealth serum laboratories is a government held company dedicated in research, development, and manufacturing of medical products. They are known for producing vaccines, antivenom and blood plasma derivatives through medical investigation. It has employed 16,000 employees in more than 30 countries and has medical facilities in Australia, Germany, Switzerland, U.K, and U.S.A (CSL Group Global, 2016).

Macquarie group is the largest Australian global investment bank which is providing multiple banking, financial advisory, merger and acquisition, and fund management services to the world. Macquarie has its headquarters in Sydney and is listed on Australian Securities Exchange. It is known as “the Millionaire Factory” because of its lucrative rewards and high margin profits (Our organization, 2016).

CSL mission is to ensure safety, quality to its customers through extensive research and development. There focus is to protect the health of the people and save them against hazardous ailment. It has grown into a leader providing pioneering therapies to the patients around the world. The company aims for creating a difference by saving the lives with the help of its dedicated staff (About CSL, 2016).CSL is consistently focused on achieving their goals by keeping them simple and measurable. There specific goal is to ensure safety of the patients which they have achieved with their realistic approach under the given time period. They are popular for providing niche services in a biotechnology industry. Their global presence has helped them to achieve the prerequisite mission. They are consistently expanding their business which is held for their success.

Macquarie vision is to enhance the wealth of its investors by diversifying the assets at various places. They are focused on uncovering the opportunities through consistent encouragement. Innovation and entrepreneurial drive is their mission to achieve success under competitive environment. Macquarie is focused on enhancing the wealth of the shareholders and investors through risk management tools. Their goals are big which sometimes poses difficulty to achieve a regular growth. A report has shown that they are addressed by media as “the Millionaire Factory” due to their timely dedication in following the realistic approach. But it is helping them to achieve regular growth.

Macquarie Group

CSL is focused on meeting the needs of its customers through consistent inventions in the field of biotechnology. The group is driven by ethic and honest to pursue its mission regarding health care and research. For the purpose of providing better health facilities the company has collaborated with other biotech giants to save life through research. Their superior quality performance in the field of biotechnology has forced them to focus on maintaining value and ethics. The company is focused on emphasizing on the ethics and morals which is the inherent mission of the company. Ethics and morals are given priority with the change in global environment (Value and Ethics, 2016). CSL has a clear values and ethics which they have achieved within the given time frame. It is due to their consistent dedication they have achieved a remarkable growth. The company is working for the welfare of the society by bringing changes in the medicine industry whereas; Macquarie aims for enhancing the overall wealth of their investors. They are focused on achieving the required growth as per the trends. The mode of operations and values of both the company are different while measure on same parameters.

Macquarie works in the favor of its investor on the principles of honesty and transparency. Their high quality standards have helped them in earning the trust of the clients, community, and shareholders. They value to encourage high ethical atmosphere in managing the wealth of its clients. All these features have helped them in achieving the desired goals through regular improvement in the services. The company has a strict framework against any unethical activities. Its financial division has developed internal values by developing collaboration and transparency. They are consistently focused on building strong relationship with the clients. The staff is given rights to harness relationships with the clients.

CSL is focused on conducting its business through ethical practices by making regular contribution in the social, economic and environmental well-being. Sustainable environment is their priority while delivering its services. They ensure that their CR practices are inculcated in their regular functioning to benefit the interest of their stakeholders. There key areas are to focus on the research and development by meeting the needs of the patients. CSL ensures to manage high standard of product life cycle by incorporating best CSR practices in their work- culture. It includes that their medicines and other products are reaching its customers in an ethical manner by dispersing the financial success with their shareholders. The management has ensured that the research and technology is not imposing any kind of harm to the environment. CSL is committed to comply with the regulations in meeting its research code of conduct. They ensure that their research does not harm the rights of the participants (Corporate responsibility, 2016). In addition proper monitoring is done when experiments are conducted on the animals. This provides an insight into the corporate social responsibility and governance practices.

Macquarie structure is based on ESG approach which gives special attention towards managing environmental and social risk. The employees are focused on delivering best services to the clients through strict business practices. Their environmental social risk is based on the international guidelines to provide the customers with the world-class environment. They have incorporated high standards in their business conduct by focusing on its three pillars (opportunity, accountability, and integrity). There business practices are carried with high degree of consistency with the law and market regulations which has helped in committing their assets into correct place. They are focusing their investments into the sustainable development of the environment with the support of their clients. A major amount is invested in the field of technology, infrastructure and renewable energy. The corporate social responsibility of CSL is based on the simplistic approach. As per the report they are following the strict norms as mentioned in their website. The company is adhering to the norms as mentioned by the government whereas; Macquarie approach is based on the social responsibility mentioned in their memorandum. Both of the company’s way of achieving the value is different but both of them are making a difference to the society by making investments in various projects.

Engagement of stakeholder’s interest is the foundation of the corporate responsibility. At CSL the key stakeholders are patients, employees, investors, regulators, government healthcare professional, plasma donor, academic staff and partners. It includes different educating the patients, health care services, active collaboration to form a structured organization. They believe in following different mechanism as per the current issues which are involved in the well-being of the organization (Caroll, A.2015) (Mason&Simmons, 2014).

Macquaire mission is to focus on enhancing the wealth of its shareholders by incorporating the best governance practice. Their roadmap is to enhance the wealty of  the shareholders by diversifying it at different places. clents, shareholders, community is their utmost priority while managing wealth. The various stakeholders are government, regulatory frame work, consumers, clients, investors, shareholders, etc( Leadership and corporate governance.2016).They are persistent towards delivering the best services by adhering on the responsibility which are on them while developing the wealth of the various stakeholders. The stakeholders of both the organization are different in terms of their opertaional areas. CSL is a bioseutical company held by the australian government. The major stakeholders of this company are mostly research department, patients, research partners, licence partners etc whereas in case og macquaire the investor criteria is completely different while interpreting the result. on the parameter of SMART Aanalysis both the company are fulfilling the stakeholder criteria (Business Studies.2014). Both the organization has a different set of stakeholders but they are trying their best to satisfy the needs of their customers. It is hence proved that both the companies are making consistent effort by benifitting the stakeholders (Schaefer and Williams, 2013)

Both are working in a complete different environment but are committed in achieving the requisite growth. There ways of achieving the goals can be seen through their corporate statement. Where CSLis focused on saving the life of the people through innovationn and research, macquaire has a record to benefit  the stakeholders through continuous hardwork. There employers are creating continuous difference to the society which helped both the companies to achieve a remarkable growth in the recent time.

Conclusion

The intentition of both the company is mentioned in its charter which focues on achieving result with a mutual corporation among the organization with its stakeholders. Both the organization has a different goals and objectives but they are focused on achieving a sustainable environment through its consistent hard work. Their intention are believable and ensures achievement of multiple target with keeping in mind the corporate social responsibility which is mentioned in their corporate report. The company has dedicated itself for the well being of  the environment which is necessary to be fulfiled by adhering to the goals. Both the companies have a set of objectives which can only be incorporated if focused with the desired result.

References

CSL Group Global, 2016. (Online). Available from: https://www.csl.com.au/ (Accessed on: 28/09/16)

About CSL, 2016. (Online). Available from: https://www.csl.com.au/about (Accessed on: 28/09/16)

Value and Ethics.2016. (Online). Available from: https://www.csl.com.au/about/values-ethics.htm (Accessed on 28/09/16)

Corporate responsibility, 2016. (Online).Available from: https://www.csl.com.au/corporate-responsibility.htm (Accessed on: 28/09/16)

Caroll, A.2015. Corporate social responsibility: The centerpiece of competing and complementary Frameworks. Organizational Dynamics (2015) 44, 87-96

Schaefer, A. and Williams, S. 2013.Small and Medium-Sized Enterprises and Sustainability: Managers’ Values and Engagement with Environmental and Climate Change Issues. Volume 22, Issue March 2013, Pages 173–186

Mason, C. & Simmons, 2014. Embedding Corporate Social Responsibility in Corporate Governance: A Stakeholder Systems Approach.2013.Journal of Business Ethics (2014) 119: 77.

Colley, S.2013.An examination of the relationship amongst profiles of perceived organizational values, safety climate and safety outcomes. Safety Science Volume 51, Issue 1, January 2013, Pages 69–76

About us, 2016. (Online).Available from:  https://www.macquarie.com/au/about (Accessed on: 28/09/16)

Our organization, 2016. (Online).Available from:  https://www.macquarie.com/au/about/company#our-organisation (Accessed on: 28/09/16)

Leadership and corporate governance.2016. (Online).Available from:  https://www.macquarie.com/au/about/company/leadership-corporate-governance (Accessed on: 28/09/16

Business Studies.2014. (Online).Available from:  https://www.bbc.co.uk/schools/gcsebitesize/business/aims/partnershiprev2.shtml (Accessed on: 28/09/16)