Corporate Social Responsibility of TESCO

7/27/2019 Corporate Social Responsibility of TESCO

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Prepared by :-

Vikas Viswajeet Bebarta

Utkarsh Gupta

Selina

Sasmita


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Corporatesocialresponsibilityisamanagementconceptwherebycompanyintegratesocialandenvironmentalconcernsintheirbusinessoperationandinteractionwiththeirshareholders.

CSRisgenerallyunderstoodasbeingthewaythroughwhichacompanyachievesabalanceofeconomic,environmentalandsocialimperatives(Triple-Bottom-Line-Approach),whileatthesametimeaddressingtheexpectationsofshareholdersandstakeholders


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World business council for suitabledevelopment.

The European commission.

Triple bottom line.

The phrase was first used in 1989 by JohnElkington, co-founder of a consultancy focusedon sustainability. Sometimes referred to as "TBL",

or "3BL.Triple bottom line simply stands for

PEOPLEPLANET

PROFIT


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PEOPLE:-

This is also known as Human Capital. It really just

means treating your employees right, but

furthermore also the community where your

business operates.

PLANET:-

This is Natural Capital. A business will strive tominimize its ecological impact in all areas - from

sourcing raw materials, to production processes,

to shipping and administration.


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PROFIT:-This is more about making a honest profit

than raking a profit at any cost - it must bemade in harmony with the other two principlesof People and Planet.

The Importance of Triple Bottom Line :-Triple Bottom Line is not an award,accreditation or a certification you can achieve -it's an ongoing process that just helps a company

keep on track towards running a greenerbusiness and demonstrates to the community atlarge they are working not just towards riches,but the greater common good - and that's what

consumers are increasingly wanting to see thesedays.


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1.Environmental Management :- Today many companies have recognized the importance ofproper environmentmanagement and have switched over from traditional end-ofpipe solutions to theintegration of environment management in overallmanagement process of theIndustry.

2. ECO EFFICIENCY :-

Eco-efficiency is a management philosophy whichencourages business to search for environmentalimprovements that yield parallel economic benefits. Itfocuses on business opportunities and allows companies tobecome more environmentally responsible and more

profitable


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Responsible sourcing, also referred to assupply chain responsibility, is a voluntarycommitment by companies to take intoaccount social and environmentalconsiderations when managing their

relationships with suppliers

Stakeholder engagement is the process bywhich a firm's stakeholders engage in dialog

to improve a firm's decision-making andaccountability toward corporate socialresponsibility (CSR) and achieving the triplebottom line.


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The Labour Standards are devoted toadvancing opportunities for women and mento obtain decent and productive work inconditions of freedom, equity, security and

human dignity.

Employee relations is a common title for theindustrial relations function within personnelmanagement and is also sometimes used as analternative label for the academic field ofindustrial relations.


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The National Academy of Public Administration defines theterm as The fair, just and equitable management of allinstitutions serving the public directly or by contract; thefair, just and equitable distribution of public services andimplementation of public policy; and the commitment topromote fairness, justice, and equity in the formation ofpublic policy.

Gender balance can be referred to as the goalof having the same number of women and men

staff in the different levels of theorganizational structure.Gender balance refers to a balancedcomposition of women and men in order to

bring equality to the current male-dominatedinternational institutions.


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Governments Have Committed to Themselvesto :-

establishing the goal of gender balance ingovernmental bodies and committees, as wellas in public administrative entities, and inthe judiciary.

aim at gender balance in the lists of nationalcandidates nominated for election orappointment to United Nations bodies ,specialized agencies and other autonomous

organizations of the United Nations system,particularly for posts at the senior level.


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Human rights are rights inherent to all human

beings, whatever our nationality, place of residence,sex, national or ethnic origin, colour, religion,language, or any other status. We are all equallyentitled to our human rights without discrimination.

These rights are all interrelated, interdependent andindivisible.


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What do Human Rights have to dowith CSR :-

Human rights are relevant to the economic, social

and environmental aspects of corporate activity. Forexample, labour rights requiring companies to pay fairwages affect theeconomic aspect. Human rights suchas the right to non-discrimination are relevant to the

socialaspect.10. Goog Governance :-The concept of "governance" is not new. It is asold as human civilization. Simply put "governance"

means: the process of decision-making and theprocess by which decisions are implemented (ornot implemented). Governance can be used inseveral contexts such as corporate governance,

international governance, national governance andlocal overnance.


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GOODGOVERNANCE

ACCOUNTABLE

TRANSPARENT

RESPONSIVE

EQUITABLE ANDINCLUSIVE

EFFECTIVE ANDEFFICIENT

FOLLOWS THERULE OF LAW

PARTICIPATORY

CONSENSUSORIENTED


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CHARACTERSTICS OF GOOD GOVERNANCE :-

PARTISIPATION :-

Participation by both men and women is a keycornerstone of good governance. Participation couldbe either direct or through legitimate intermediateinstitutions or representatives.

RULE OF LAW :-

Good governance requires fair legal frameworksthat are enforced impartially.

It also requires full protection of human rights,particularly those of minorities.


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TRANSPARENCY :-

Transparency means that decisions taken and theirenforcement are done in a manner that follows rules and

regulations. It also means that information is freelyavailable and directly accessible to those who will beaffected by such decisions and their enforcement.

RESPONSIVENESS :-

Good governance requires that institutions andprocesses try to serve all stakeholders within areasonable timeframe.

CONSENSUS ORIENTED :-There are several actors and as many view points in agiven society. Good governance requires mediation of thedifferent interests in society to reach a broad consensus insociety on what is in the best interest of the wholecommunity and how this can be achieved.


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EQUITY AND INCLUSIVENESS :-

A societys well being depends on ensuring that all itsmembers feel that they have a stake in it and do not feelexcluded from the mainstream of society.

EFFECTIVE NESS AND EFFICIENCY :-

Good governance means that processes andinstitutions produce results that meet the needs ofsociety while making the best use of resources at their

disposal. The concept of efficiency in the context of goodgovernance also covers the sustainable use of naturalresources and the protection of the environment.


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ACCONTIBILITY :-

Accountability is a key requirement of good

governance. Not only governmental institutions but alsothe private sector and civil society organizations mustbe accountable to the public and to their institutionalstakeholders.

ANTI-CORRUPTION MEASURES :-

Corruption is inherently wrong. It is a misuse ofpower and position and has a disproportionateimpact on the poor and disadvantaged.

It undermines the integrity of all involved anddamages the fabric of the organizations to which theybelong.


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THE BUSINESS CASE :-

There are many reasons why it is in any company'sbusiness interest to ensure that it does not engage incorrupt practices. All companies, large and small, arevulnerable and the potential for damage to them isconsiderable. The following are some of the key reasons foravoiding involvement in corrupt practices:

LEGAL RISK

The main aim of forming this is to maintain a goodlegal hold in the market so that there is no political riskto the organization.

The enforcement of anti-corruption legislationinternationally has hitherto been relatively poor, butthis is slowly changing.


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Reputational Risk :-

Based on the experience of recent years, companies whosepolicies and practices fail to meet high ethical standards, orthat take a relaxed attitude to compliance with laws, areexposed to serious reputational risks.

Financial Cost :-

There is now clear evidence that in many countriescorruption adds upwards of 10 per cent to the cost of

doing business and that corruption adds as much as 25per cent to the cost of public procurement. Thisundermines business performance and diverts publicresources from legitimate sustainable development.


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Known as Clean" and Repeat Demand :-

There is growing evidence that a company is less likely

to be under pressure to pay bribes if it has not done so inthe past. Once a bribe is paid, repeat demands arepossible and the amounts demanded are likely to rise.

For example, a business manager representing a large

international company in China recently confirmed thatdespite pressures to do otherwise, his company did notaccept any kinds of corruption: 'Zero tolerance is the onlypractical solution'.

Blackmail ,no Recourse and Security Risk :-

By engaging in corrupt practices, company managersexpose themselves to blackmail. Consequently the securityof staff, plant and other assets are put at risk.


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The one who cheats will be cheated against

If a company engages in or tolerates corruptpractice, it will soon be widely known, bothinternally and externally. Unethical behaviorerodes staff loyalty to the company and it canbe difficult for staff to see why high standards

should be applied within a company when itdoes not apply in the company's externalrelations. Internal trust and confidence is theneroded.


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CONCLUSION :-

A properly implemented CSR concept canbring along a variety of competitiveadvantages, such asenhanced access to capital and markets

increased sales and profits

operational cost savingsimproved productivity and qualityefficient human resource baseimproved brand image and reputationenhanced customer loyaltybetter decision makingrisk management processes

Corporate Social Responsibility of TESCO

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