Discuss about the Social Performance and Corporate Finance Performance.
Adelaide Brighton is currently one of the biggest Australian construction companies that operate in numerous states across the country. It has been seen that the business organization operates in a market where they do manufacturing and distribute cement and building materials in Victoria, Fyansford and in New South Wales. The business organization is widely popular due to their products like Sunstate cement, Cockburn cement, Independent cement and various building materials. In terms of revenue, the company is currently Australia’s largest building material supplier. The purpose of this report is to highlight the CSR activities and the ethical issues that are associated with the operations of the business organization.
Corporate social responsibility or CSR is a business organization’s initiative to evaluate and take responsibility for the organization’s effects on social and environmental well being. This particular term is widely used to the efforts put in by the managements of business organizations that go beyond what it is required by the environment protection groups (Chrun, Dolšak and Prakash 2016). Corporate citizenship may involve incurring short term costs that does not provide immediate economic benefit to the business concerns but significantly promotes remarkable positive environmental and social change.
As the CSR initiatives taken by the management of Adelaide Brighton involves empowering people, strengthening communities those give a major boost to the global economy. It has been seen that Adelaide Brighton has been creating a significant amount of job opportunities in the global market and strengthening the communities by fostering economic and civic growth, it can surely be said that the management of Adelaide Brighton’s economic social contribution is significant.
While taking CSR initiatives and while performing the daily operations, the management of Adelaide Brighton ensures that they are abiding by all the rules and regulations set by the governments of their areas of operations. It has also been observed that the process of operations of Adelaide Brighton does not harm the balance of environment at any stage and therefore it can surely be said that legal aspects of the company’s CSR activities are major.
The management of the business organization aims to continue with an operational strategy that should be ethical and moral. In this regard, it can be said that if the management operates with more responsibility, it can go beyond the narrow requirements of the law and regulations (Fuad 2016). The ethical issues in the CSR activities and in the operations of the business organization involve their treatment of the internal and external stakeholders and maintaining ethics in the entire operation process (Galvão et al. 2016). Therefore it can also be said that the management of Adelaide Brighton abides by all the ethical norms that should be maintained.
Philanthropic aspects of the operations and the CSR activities of Adelaide Brighton involves their responsibility to return or give back some favors to the society. These activities can be discretionary but has major importance. Therefore, it can be said that by engaging in activities like charitable donations and staff time on projects, the management of Adelaide Brighton ensures that they are taking enough initiatives regarding their philanthropic contributions.
The term Corporate Social Performance was initially introduced by Wartick and Cochran and the fundamental idea behind CSP is the realization and identification that the business organizations do have some ethical obligations and those obligations should be respected and abode by. It can be said that Adelaide Brighton satisfies all the requirements as prescribed in the typology shared by Wartick and Cochrane, and therefore their position in terms of CSR activities is in a good rank (Fuad 2016).
Investors, suppliers, customers, and employees of Adelaide Brighton are the key stakeholders of the business organizations. It is a matter of fact that the Federal government of Australia, where Adelaide Brighton operates can also be counted as the major stakeholders of the business organization.
The management of Adelaide Brighton believes that rapid change in the climate is becoming a major issue for the humankinds and that requires a global response from all the industries. It has been seen that in the year of 2009, the management of Adelaide Brighton took to reduce the carbon emission that causes due to their operations and they have successfully reduced it by 30% already and aiming to reduce it by 72% by the year of 2030 (AM and Francis 2017). It has thus been seen that the CSR activities of the business organization is commendable comparing with many other business organizations (Fuad 2016). The targets set in the Paris Climate Agreement, it has been seen that Adelaide Brighton has successfully satisfied all the targets and that put the organization in a place that should be respected widely for their significant contribution to the society. It can be said that the management significantly contributes to maintain the balance o the environment (Galvão et al. 2016).
It has been seen that the business organization Adelaide Brighton proactively takes part in improving the situation of the neighbouring communities of their area of operations. The management of the business organization stated in a press meet that they along with all the stakeholders share vision and that is to strengthen their engagement with the communities and to improve the socioeconomic condition of those communities. It is a matter of fact that being a business organization that operates in the construction industry, it has been seen that the organization generates huge job opportunities in the market of Australia that is giving a major boost to the economy of the country (AM and Francis 2017). Not only that, the board of directors decided that they will give opportunities to the aboriginal and Torres islanders and therefore there will be a 20% reservation for them in the workforce. It has been seen that the management of the business organization is employing the unprivileged population of the country immensely and supporting them to get back to a normal lifestyle that every Australian lives. It can be said that the management of the organization has taken several initiatives to support human rights and gender equality both in domestic and in international platforms (Boubaker and Nguyen 2014).
It has been seen that the management of Adelaide Brighton realizes the importance of maintaining ethical code of conducts in the workplace and due to this they are blessed with a workforce in their disposal that is immensely motivated and loyal towards the business organization. It has been observed that the business organization since it was founded never marketed their products in unethical ways or they never misled their target customers by incorporating disputed information in their advertisements.
The management of Adelaide Brighton Ltd is aiming to operate the business by sustaining the ethical considerations and according to the high standards corporate governance. It can be said that the management of the business organization follows the ASX Corporate Governance Council’s Principles and Recommendations during their operations of 2017 and 2018 (AM and Francis 2017). The company’s Governance structure is provided below;
Corporate governance structure
(Adams and Borsellino 2015)
The management of the business organization wants to provide relevant and important information to all the stakeholders to the broader market according to the Corporations Act 2001. The management of the business organization is promoting the responsible and ethical decision making in all the levels and the management treats all the employees of the organization with honesty and integrity.
The management of Adelaide Brighton has taken numerous initiatives for returning some favor back to the society. It has been observed that the business organization has been improving the environmental performance of the sites of the business organization (AM and Francis 2017). The management of Adelaide Brighton has a core purpose to help the society and they are investing for the betterment of the society after a number of considerations (Adams and Borsellino 2015). The management of the business organization is sponsoring the education and medical services to the underprivileged population of the country and they are supporting a number of NGOs that are working for the children of the country (Boubaker and Nguyen 2014). In this context, to address the numbers of philanthropic activities performed by the Adelaide Brighton, it can definitely be said that they provide under graduate scholarships in the engineering schools. The management of the organization offers post graduate scholarship in chemical engineering field and in other sectors of education also (Boubaker and Nguyen 2014). It has been noticed, that in the rural regions of Australia, the management of the business corporation works for providing drinking water to the unprivileged population of the nation. It has also been seen that the management of the business organization is incessantly promoting the well being of the neighboring communities of their areas of operations. Therefore, it can definitely be said that the organization is doing a lot to return back something to the society for the betterment of the nation as a whole (Wang et al. 2016).
The directors of the business organization share a common vision and that is to improve the CSR policies of the business organization ad they are doing so for the last couple of decades. In this regard, it is worthwhile to mention that the management of the business organization wants to improve the socio-economic condition of the people of the country and especially for those who are still underprivileged (Adams and Borsellino 2015). Therefore, the management of the business organization has deployed a team only for identifying and evaluating the social issues on which the management of the business organization can work on to improve the situation. It is a matter of fact that the business organization is doing a lot of works that are satisfying the targets of the organization regarding their targets to improve the socio-economic conditions of the neighboring countries (Wang et al. 2016).
Conclusion
Thus to conclude, it can be said that the management of the Adelaide Brighton in doing some remarkable works to improve the socio-economic condition of the country and therefore earned a huge reputation in their operational market. Apart from that, it has been seen that the management of the business organization has been able to maintain a motivated and loyal workforce by sustaining an ethical way of operation in the workplace. The organization satisfies all the rules and regulations set by ASX committee and that makes the company free from all the legal and governmental issues and helped the organization to sustain their reputation. The management of the business organization has been able to maintain a positive company culture that is significantly contributing to the productivity and reputation of the business organization along with the profitability. Thus, to be precise, it can be said that the management of the business organization has been able to sustain the growth and profitability of the business organization in today’s market full of competition by abiding by all the rules and regulations set by the federal government of Australia and the ASX committee and maintaining good corporate culture and also by getting engaged to several activities for the underprivileged population of Australia.
References
Adams, M. and Borsellino, G., 2015. Is there a positive link between corporate governance and board diversity? Lessons from Asia. Journal of Business Systems, Governance & Ethics, 10(1).
Wang, H., Lu, W., Ye, M., Chau, K.W. and Zhang, X., 2016. The curvilinear relationship between corporate social performance and corporate financial performance: Evidence from the international construction industry. Journal of cleaner production, 137, pp.1313-1322.
Boubaker, S. and Nguyen, D.K., 2014. Corporate governance and corporate social responsibility: Emerging markets focus. World Scientific.
Fuad, M., 2016. Pelatihan Kolaboratif Untuk Perbaikan Kompetensi Peternak Sapi di Kabupaten Pasaman Barat(Doctoral dissertation, Universitas Andalas).
Galvão, L.A., Haby, M.M., Chapman, E., Clark, R., Câmara, V.M., Luiz, R.R. and Becerra-Posada, F., 2016. The new United Nations approach to sustainable development post-2015: findings from four overviews of systematic reviews on interventions for sustainable development and health. Revista Panamericana de Salud Publica, 39, pp.157-165.
AM, A.F.A. and Francis, R.D., 2017. The trouble with leadership: theories of good and troubled leadership and their ethical implications. In The Palgrave Handbook of Leadership in Transforming Asia (pp. 143-162). Palgrave Macmillan, London.
Chrun, E., Dolšak, N. and Prakash, A., 2016. Corporate environmentalism: Motivations and mechanisms. Annual Review of Environment and Resources, 41, pp.341-362.
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