Management theories are of the opinion that the only objective of a corporation is to maximize its profit subject to the constraints it faces. The primary factor in such a model is that the shareholder acts as the ultimate residual to claim profits and who provides all the required resources needed by the firm to run its operations. But, to do this different companies opt for different methods. Moreover there is a variation quite high about what or to what extent a firm can compete for pursuing maximization of profits. While some corporate entities focus more on their short term goals or returns some are for the long run (Eccles 2011);. Some might care less about the external impacts in their operations or on their shareholders while some might concentrate more on decision making on ethical grounds.The purpose of this report is to compare and contrast or analyze the similarities or dissimilarities of two distinctive companies.
CSL Limited are the manufacturers, developers and marketers of pharmaceutical products with a biological origin. Their business encompasses the health care and they develop products made from the human plasma which claims to save lives, they are involved in diagnostics and pharmaceutical activities for the health of the community and they are also involved in providing vaccines and diagnostics services to livestock or companion animals. The vision statement of CSL Ltd comprises of the following:-
With corporate offices in 28 countries, the Macquarie Group is a global financial service provider. Investment banking, advisory markets, capital markets, trading, hedging, asset finance, funds management, research and retail and financial are the areas covered by the company. They are diversified in their operations. Along with a robust management system in place and a strong capital fund they are considered to be one of the best financial contributors in last 47 years.
The mission statement of Macquarie Groups is quite simple. They are completely committed in making the society enriched by delivering super efficient investment services. They are never afraid to challenge traditional wisdom and knowhow and prefer engaging themselves to change for pursuing growth. They are committed in putting their clients to be the heart of their business by developing and sustaining long customer relationships with them. They are a singular firm totally committed in delivering a complete range of skills, knowledge, resources to whoever needs. Diversification is accepted and differences in opinion are valued and respected ( Anonymous).
The values and ethics of the CSL Group involve focus on the customers essentially and their satisfaction. Apart from this, it also entails innovation, integrity, collaboration and superior performance. On the other other hand, the values of the Macquarie Group have been explained in a more elaborate manner. The company has clearly stated the values of the company and claims that it follows them religiously. Some of the values of the Macquarie Group include an elaborate code of conduct that all employees are bound to follow, focus on integrity, enhancing accountability, provision of higher number of opportunities and an approach that takes into consideration the interests of the clients, the shareholders of the company and the people in general that are relative to the company in one way or the other.
Every company these days has a Corporate Social Responsibility that they follow outline and aim to follow while conducting business in all spheres. The Corporate Social Responsibility initiatives and details of the CSL Group have been elaborated in a perfect manner on its website. It is extensive in nature and includes almost every important factor about the CSR of any company. The priority areas of function of the company include researching, innovating and developing new medication for the areas not explored as yet. Furthermore, the company focuses on delivering the best quality therapies to the patients and ensuring the safety during the provision to treatments to the people. Apart from this, it also focuses on ensuring that the operations are carried out responsibly, provision of positive environment for the employees of the company, supporting the local community as far as possible, minimising the impacts on the environment while delivering the services provided by the company.
There are a number of other important factors about the corporate social responsibility of the CSL group such as ensuring the safety and quality of life of the employees while at the workplace, following responsibility in the marketplace, improving the environmental conditions etc.
Since the area of focus and services provision of the two companies are different from each other, hence, the Corporate Social Responsibility policies of the two companies may differ from each other. The corporate social responsibility of the Macquarie takes into consideration a number of similarities with CSL Group. The main objectives of the Macquarie CSR include:
For CSL Ltd stakeholders engagement is a matter of a responsibility of the corporate business. The primary stakeholders identified by the company are patients, crew, investors, suppliers, regulators, government, business partners, health care professionals, scientific research community and plasma donors. A varied range of activities is covered by the stakeholders at CSL Limited. Fetching and providing data or information, providing the health service professionals educational materials and collaboration and active dialogue with the representatives of the stakeholders. Different methods are used for the stakeholder’s engagement. Survey of customers, visit to primary suppliers, conduct meetings and perception studies technique are some approaches (Perreault, 2013).
The stakeholders community for Macquarie shows a very positive result. Funding and capital is the primary focus for the group. It also provides strategic analysis to the senior management and businesses of Macquarie’s. The financial management group ensures that the company keeps meeting the financial and compliance obligations and regulations. Their Investor Relations and Corporate Communication engages a varied range of stakeholders. Their list of active stakeholders comprises of investment analysts, rating specialists, media, government ,staff and a vast range of community members. The main objective is to make sure that their understanding about their stakeholders is maximised.
The SMART objectives of the two companies will be measured along the lines of Specific, Measurable, Achievable, Realistic and Timely factors. The objectives of the CSL Group include the following:
The CSL Group and Macquarie group have a varied number of similarities and differences that have been analyzed. The vision of both the companies are extremely strong and the values are similar to each other though they differ to some extent considering the presence of visible difference in the service provision of both the companies. Furthermore, considering the corporate social responsibility of both the companies, they are very similar to each other. They ensure giving importance to the safety of the employees, provision to safe environment and assurance to take care of the environment while the delivery of services. The involvement of the stakeholders is also high in both the companies. Considering the SMART Objectives of both the companies, we can easily relate that the two companies are working towards the delivery of the best quality services and ensuring that they meet their SMART objectives in the best possible manner. The offer realistic goals and ensure that they are met in the timeline that they provide to their customers; thus, deliveries the commitments that they make.
Ghemawat, P. (2011). National Cultural Differences and Multinational Business
Eccles, J. (2011). The Impact of Corporate Sustainability on Organizational Processes and Performance
Anonymous, (2016). Discover the Macquarie Difference.
Perreault, P. (2013). Our Code Of Responsible Business Practice
Joan, (2015). Community Service Learning: How to write measurable objectives.
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