It required to select an international public listed company (SAMSUNG GROUP COMPANY) and write a report on the following issues:
1. To examine and discuss on the company’s sustainability report;
2. To discuss on the usefulness of such company’s sustainability reports can provide to the stakeholders; and
3. To prepare a presentation to the stakeholders explaining the company’s Operating Management System or sustainability report in relation to the environmental, social and other related issues (in power point format).
Samsung main aim is to protect the environment and provide people a better technology and resource. The report will also help the stakeholders to analyze and review the sustainability of Samsung. Samsung main aim is to provide a better product and services thus making the whole world a better place to live in. It has proper gadgets to protect the people, employees and even their company from disastrous situation. Samsung take the challenges and even they fulfill it. Their vision is beyond profit generation and maximization of the shareholder value. They always focus in three main areas i.e. people, society and environment (Ballot et. al, 2006). In their terms, they want to devote their talent and technology to create a better society. To have a good relation with the stakeholders Samsung even interacts with the stakeholders. The reporting is an indicator for long-term value creation. It can also help in identification of the issues early to the stakeholders.
Samsung group has built with the aim to generate positive value to the society. Even Samsung group has lot of ideas with the help of which they can make the whole world a better place to live in. In case of disaster, also they have various types of equipments with the help of which they save life and reduce people’s sufferings.
There has been proper facility for loss of material due to explosion in the mobile offshore drilling unit. There has been underground storage facility. Even if explosion takes place, some of the materials are protected. There is a technology named ‘EYECAN+’, an eye mouse that controls the PC with an eye movement. There is an Eco Friendly Council responsible for environmental issues. Even if the material is damaged, they will not destroy the environment. The earphone is prepared of bio-nylon such as castor seed oil that will not harm the environment. Even the battery cover is made up of vegetable coating varnish (Samsung, 2015).
Samsung group has 637 Eco-Friendly certifications and 13 awards in four years that also prove that they are not dangerous for the environment. Samsung products packaging have an eco friendly packaging with 100% recycled paper and vegetable ink. There is a motor ambulance in emergency. If any disaster happens then the ambulance, reaches people in a quick span of time (Samsung, 2015).There is an emergency response system for the occurrence of workplace accidents that protect the employees. There is a safety helmet, protective clothing, protective globe, air-supplied respirator etc that protect the employees from fire and sinking. Even people life can be protected with the these protected shields. Samsung has launched an application named as ‘Safety Contact’ for protecting employee’s health and life. This application detects the risk and informs it to the action team very easily.
Samsung installed a photovoltaic facility and an electric car charging station to raise environmental awareness of employees and even the people who stays there. Samsung believe in 3R i.e. Reduce, reuse and recycle. Action plans are there for conservation of bio-diversity.
The environmental and safety centre inspect all the worksites and suppliers to have a check on the status of green management and make necessary improvements when they examine the hazardous sites. The products that destroyed are eco friendly so they do not destroy the environment (Slaper et. al, 2011). The people living in that area are not afraid of because there are lot of emergency plans. There has been specialized clinic in that area where Samsung unit is established.
Stakeholders can get the true picture with the help of sustainability report. Stakeholders are very important part of every company. In the sustainability, report there is a true picture of the company. Even the company shows their plan to get rid of any disastrous situation. They have a Research and development team and they concentrate in making an innovative technology and products. There is some situation in which stakeholders lose confidence and in such a situation Samsung report help to build their confidence (Mark, 2010). Stakeholders get a mirror image of sustainability matters that include social, environmental, governance factor etc. The reporting help in increasing employee loyalty. Stakeholders can compare the performance of the company with another company (Investor and sustainability, 2014). When an explosion takes place, the stakeholder are tensed whether the company will survive or not. Thus sustainable reporting help in building confidence on the stakeholders so that their trust remains the same. It reflects about the performance of the company. There are many international codes and standards develop for corporate reporting and reporting on stakeholder engagement.
The Stakeholders also have an idea of non-financial reporting due to sustainability reporting. The stakeholders able to know the risk mitigation factors in the report (Investor and sustainability, 2014). The boards of directors are also mow focused on the sustainability performance and their related issues. Even Samsung with the help of this report demonstrate transparency and create financial value. Even the stakeholders know about the new technology which are introduced and how that technology will not harm the people and the environment (Cairns, 2000). Even the issues discussed such as recycling of the waste, energy consumption etc. The buyers are demanding for a mirror image of the company regarding the issues such as environmental, governance etc. Samsung also respond to the investors by issuing a sustainable report. Thus, the queries that come in the mind of investors are solved very early. Through this report, Samsung also give them information about the major products they are launching. For employees they have communication channels such as labor management councils, counselling centers and briefing sessions on management that build the confidence of the employees. For the customers there are customer satisfaction surveys by external organizations, prosumer activities and official blog that make the employees stronger for working in the company. Stakeholders are considering as family for the company.
These reports also raise awareness and motivate employees. The employees have full knowledge about the environmental, social and economic behavior. Sustainability reporting plays a role in making a company an ‘employer of choice’. In case explosion takes place, they also specify in the report the steps the companies are taking to protect their employees in disaster situation. The report also solved the economic issues. For big companies the main focus in reputation and taking care of the stakeholders (Kruger, 2015). The report also specifies the steps they are taking for cost savings and revenue generation with the help of use of resources and materials. The companies also give information to the stakeholders about the material that are used to make this product so that they know that the product is eco- friendly and not dangerous for the areas in which this mobile drilling unit are set up. These also specify the corporate responsibility in the report. This corporate responsibility creates long-term shareholder and societal value (Sustainability reporting, 2012). It also specifies in the report the risks related to social, environmental and economic developments. It also helps the stakeholders to know the strategic direction they are taking. The employees also know about the recent approaches the company will take for them and even their families. Stakeholders are more confident on the companies which are honest in the specifying the social, environmental and economic issues and steps they are taking to get rid of those issues (Mark, 2010).
In case of a disaster, Samsung main aim is to protect the life of people and the employees. Samsung has a chemical management strategies and measures to safeguard workers from health hazards when explosion take place. Samsung follow the rules of chemical substance management guidelines. The equipment goes through a life expectancy program that eliminates the potential risk in the case of deterioration (Samsung, 2015). Even employees attain classes of regular safety trainings in which there are compliance safety rules and health and safety of employees. Samsung focus on minimizing the negative impact on biodiversity and conserve the eco system. Even where the explosion occurs they go on the spot and even take steps so that such disaster does not happen once again. The waste, which is there in the explosion site, they are recycled. The environmental disaster in case of explosion can be reduced by introducing an eco-friendly product.
The earphone jack is made up of amino acid, bio nylon etc. and battery cover is made up of petroleum coating varnish etc. which will not damage the environment. The case of the mobile phone is made up of bio plastic. Samsung uses a biodegradable plastic packaging. It leads to 79 % reduction of the amount of carbon emission. The main aim is that of a better future for customers, our environment and society through green management and thus respecting both people and nature (Fernando, 2009). In case of emergency Samsung has launched ambulance motorcycle installed with In-vitro Diagnostics that can transmit the data to the hospital as soon as possible. In case of emergency, there is an expert team of trainers, nutritionists and doctors for curing the patients with the customized health management program.
Samsung has a Privacy protection strategy which focus in three steps i.e. operates a dedicated team, employee education on privacy and embedded privacy protection in all products and services. Even the product, which is destroyed, can be recycled in case of explosion. Samsung manage the risk associated linked with social, environmental and economic development. In case of fire in the mobile drilling unit, the companies also suffer from economic losses but the company always has a backup plan for that. The employees of the Samsung Company are well prepared to face the risk that may occur at any time. There are safety helmets, safety glasses, protecting clothing, protective gloves etc. that protect the employees in case of explosion, sinking. The companies comply with the laws and ethical standards because of that they are not trapped in any case due to any explosion (Albuquerque, 2013).
Conclusion
When there is a fire and the product totally damaged but the product is prepared from that material that will not damage the environment. They establish their sites here so that so that they can provide education and employment to the people living there and thus makes that area a better place to live in. Even when explosion take place they treat the people living there as family member and cure them very fast. They focus in ‘Solve for tomorrow’. Therefore, it can be said that the company is well prepared to meet any unforeseen circumstances with ease and flexibility (Albuquerque, 2013). The presence of various programs along with strong governance ensures that there is no loophole when it comes to safeguard of the environment and the employees.
References
Albuquerque, R., Durnev, A., Koskinen, Y. (2013). Corporate social responsibility and firm risk: theory and empirical evidence. Boston University.
Ballot, B., Heitger, D. L. & Landes, C. E. (2006) The future of corporate sustainability reporting: A rapidly growing assurance opportunity. Journal of Accountancy 20, 65-74
Samsung 2015, Samsung: Annual report and accounts 2014, Retrieved May 30, 2016,
Cairns, R. D. (2000). Sustainability accounting and green accounting. Environment and Development Economics 5(1), 49-54.
Clarke, T. (2010). International Corporate Governance. London and New York: Routledge
Investor and sustainability. (2014). Do investors care about sustainability? Seven trends provide clues. Retrieved May 30, 2016,
Fernando, A C (2009). Corporate Governance Policies and Principles. Oxford University Press
Slaper, T. F., & Hall, T. J. (2011). The Triple Bottom Line: What Is It and How Does It Work? Indiana Business Review. 86(1), 6-10.
Sustainability reporting. (2012). Using sustainability to drive business innovation and growth 2012, Retrieved May 30, 2016
Kruger, P. (2015). Corporate goodness and shareholder wealth. Journal of Financial economics. 12, 304-329
Mark, JR. (2010). Political Determinants of Corporate Governance – Political Context, Corporate Impact. Oxford University Press.
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