The paper "Corporate Governance and Corporate Social Responsibility - BP" is an outstanding example of a business case study. The process of implementing corporate governance initiatives often attracts public attention especially when a reputable company is involved. The activities of the board and the management during and in the in any decisions are determinants of the ability of a company to ensure the realization of effective corporate governance, which is essential in realizing high-level corporate performance, corporate social responsibility and sustainable policies. When making profits, or implementing policies, a corporation is therefore often attempting to seek more ways of realizing and upholding the initial objectives of the company and maintaining a legacy.
The main objective of the essay is to assess the relevance of corporate governance with regard to BP in the aftermath of the 2010 Gulf Mexico oil spill. Outline and summary of arguments This corporate governance article focuses on the initiatives BP has developed to help mitigate the effects of the 2010 deep-water horizon disaster at the Gulf of Mexico. In addition, the article also focuses on corporate governance initiatives taken by the company to prevent the possibility of another disaster in the future and the corporate social responsibility strategies developed by the company since the accident. Since the massive BP oil spill of 2010, the company has been developing initiatives aimed at environmental conservation and the promotion of the livelihood of the communities around the Gulf and other regions where the company has been drilling its oil and acquiring natural gas.
From the perspective of BP, the best way that the company can demonstrate its commitment to the development of corporate social responsibility is by acting on the long-term desires of the company’ s shareholders, its partners, and the surrounding communities.
Through its values aimed at expressing shared understanding, the company communicates its behavior objectives and its aspirations as an organization. In the aftermath of the Gulf of Mexico oil spill, the company continues to experience environmental and economic recovery in areas affected by the oil spill. Through the natural resource damage assessment process, the company has been able to monitor bird population in the Gulf while at the same time developing strategies that would limit the environmental hazards facing the bird population in the Gulf (Reed & Krauus 2015, p.
1). Until 2014, the company together with its trustees had agreed on the implementation of more than 50 restoration projects costing about $700 million. The work-included efforts aimed at the restoration of wildlife and habitat. Through these restoration initiatives, the company aims at the provision of access to fishing sites and other recreational platforms. Context of the reading in relation to corporate governance The operations of BP while realizing its objectives are based on the company’ s core values and corporate governance guidelines.
A strategy is a core value defining the practices of the organization with regard to corporate social responsibility and governance. Through its safety initiatives, BP believes that all its activities revolve around the workforce and the surrounding communities. The company has also declared its commitments in the delivery of safe energy to the world (British Petroleum Inc. 2014, p. 1).
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