Responsibility to the Environment an Underlying Profit...

As the role of the environment takes centre stage as one of the pressing problems facing our world, the role of business to aid with climate change projects is increasingly discussed. Government regulations only go far, and without wanting to impose on corporate freedom, governments have less of an impact regulating corporate initiatives on climate change. As Charles Lindblom mentions, â€Å"Do we want business enterprises to reduce industrial pollution of air and water? Again we must bear the consequences of the cots to them of their doing so and the resultant declines in investment and employment† (Lindblom, 1982). This leaves environmental stewardship initiatives within each corporate organization and whether the effort to protect the†¦show more content†¦Although most of these responsibilities are neglected for a larger focus on the bottom line, maintaining these responsibilities can in fact increase profitability and public image while at the same time reducing t he significant impact that damage to the environment will have in the future. Responsibility to Stakeholders The last criterion for taking responsibility is for corporations to operate in the best interests of their stakeholders. The traditional definition for a stakeholder would be the shareholders of the firm to whom corporations maintain they owe a fiduciary duty to, or in other words, to make a profit for. However, the stakeholders of a firm consist of many internal and external groups, all of whom are necessary to the firm and ensure that the firm is able to make money. As mentioned by Edward Freeman in his article, A Stakeholder Theory of the Modern Corporation, â€Å"For whose benefit and at whose expense should the firm be managed?† (Freeman, 1994) Traditionally the questions would be answered as the firm should be managed by its shareholders. However, with a changing of times stakeholders encompass numerous different groups ranging from beginning of the supply chain (suppliers) to that of the final consumers and the community within which the firm operates. In addition, the firm has a larger fiduciary relationship to its employees. The majority of stock holders diversify their portfolios and even more of them do notShow MoreRelated McDonaldization Essay1735 Words   |  7 Pagesjobs tend to be as less affected by McDonaldization than private sector jobs, this is primarily because most public sector organisations are run primarily to benefit the nation rather than to make profit. 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