Executive Summary This report investigates our corporate motivations for the voluntary reporting of MacMillan printing company’s social and environmental reporting. Also it indicates as to why we need to do social and environmental report? The greater recognition and benefits we can achieve through our report against our competitors. Our report is the forum for efficiently sharing, both, internally and externally the success of MacMillan, as well as MacMillan’s understandings of the environment, through social and environmental reporting. Also the form our report should take to do this report for our relevant users. Introduction For the past three decades matters pertaining to the organization and its interaction with its physical environment, have been widely accepted. Any business in its operations affects its immediate physical environment both directly and indirectly. It is, therefore, important for a business organizational to assess the degree with which it affects its environment and subsequently stands accountable, not only for economic benefits, but also for the future well being of the society (Henderson et al., 2006). There is concrete evidence to believe that success in business is derived, in part at least, from the society and the natural environment. Business, the society and nature maintain a symbiotic relationship that guarantees mutual benefits for all the parties. A business acquires factors of production and market for its final goods from the society and the natural environment. Contextually, our company acquires its raw materials (tree) directly from the environment. This has a direct impact to the society and the environment in terms of deforestation and the subsequent consequences of deforestation to the ... ... middle of paper ... ...nvironment. It gives the different users like, shareholders, government and environmental protectors information regarding our activities and our scope. We believe we should do a social and environmental report as it is very beneficial for the company in the long run. As, our main objective should not just be procuring permanent customers but a healthy community to operate in. the step by step form of our report will help us achieve it so. References Adams, C. A., Owen, D., & Gray, R. (2003). Accounting and accountability: Changes and challenges in corporate social and environmental reporting. Henderson, S., Peirson, G., & Herbohn, K. F. (2006). Issues in financial accounting. Pearson Prentice-Hall. Adams, C. A. (2004). The ethical, social and environmental reporting-performance portrayal gap. Accounting, Auditing & Accountability Journal,17(5), 731-757.
Reimers, Jane L. (2003). Financial Accounting A Business Process Application. Upper Saddle River, New Jersey, Prentice Hall.
With forward movement in society, it is important to consider not just what will propel most toward success, but also what will help to sustain the environment along the way. What may have been considered appropriate decades ago, may no longer be socially acceptable due to the changes observed in both the business world and the environment (Fiske, 2010). Therefore, it is important for organizations thriving in today?s economy to consider how they may capitalize most effectively from their product or service of choice while minimizing or eliminating any damages along the way (Knoke, 2012).
Throughout the past several years major corporate scandals have rocked the economy and hurt investor confidence. The largest bankruptcies in history have resulted from greedy executives that “cook the books” to gain the numbers they want. These scandals typically involve complex methods for misusing or misdirecting funds, overstating revenues, understating expenses, overstating the value of assets or underreporting of liabilities, sometimes with the cooperation of officials in other corporations (Medura 1-3). In response to the increasing number of scandals the US government amended the Sarbanes Oxley act of 2002 to mitigate these problems. Sarbanes Oxley has extensive regulations that hold the CEO and top executives responsible for the numbers they report but problems still occur. To ensure proper accounting standards have been used Sarbanes Oxley also requires that public companies be audited by accounting firms (Livingstone). The problem is that the accounting firms are also public companies that also have to look after their bottom line while still remaining objective with the corporations they audit. When an accounting firm is hired the company that hired them has the power in the relationship. When the company has the power they can bully the firm into doing what they tell them to do. The accounting firm then loses its objectivity and independence making their job ineffective and not accomplishing their goal of honest accounting (Gerard). Their have been 379 convictions of fraud to date, and 3 to 6 new cases opening per month. The problem has clearly not been solved (Ulinski).
According to the case study, the work of environmental managers often exposes them to many pollution prevention solutions, but they often have trouble getting access to production areas. Production often sees Environmental Managers as "the compliance police". Stakeholders The stakeholders in this case study include the corporation, the community and the countryside.
Marshall, M.H., McManus, W.W., Viele, V.F. (2003). Accounting: What the Numbers Mean. 6th ed. New York: McGraw-Hill Companies.
Gibson, C. H. (2011). Financial reporting & analysis: Using financial accounting information. (12th ed.). Mason, OH: South-Western Cengage Learning.
It will be advantageous for the company if they can project themselves as responsible corporate citizen and an environment friendly company. Social enrichment schemes, recycling schemes and educational funds can be initiated to cater to this cause and long term goal.
PwC also offers services on sustainability reporting. They will asses any existing process/ procedures and reporting mechanisms of an organization, then give guidance in achieving more effective reporting on internal and external sustainability issues. They believe that effective reporting to stakeholder is crucial. Reports are created to show environmental, social, ethical and economic performances of the organization. PwC also provides a service of independent assurance on the quality of these reports.
Bowie, Norman, 1991, ‘New directions in corporate social responsibility – moral pluralism and reciprocity’, Business Horizonz, July-August.
The next part of Audit process is to understand the business environmental aspects of the company. As part of the marketing audit project the author is going to analyze and provide detailed information on the following key environmental aspects
Schroeder, Richard G., Myrtle Clark, and Jack M. Cathey. Financial Accounting Theory and Analysis: Text and Cases. 10th ed. Hoboken, NJ: John Wiley & Sons, 2009. 97. Print.
The United States government has generally had a hands off approach regarding business environmental corporate ethics. Up until the year 1970, the government rarely accounted for the amount of pollution and the effect it had on the American population. This year, 1970, the movement enacted the largest Environmental Protection Agency otherwise known as EPA. The Environmental Protection Agency has several branches across the United States to help enforce and institute laws and regulations, regarding the government (EPA). The reason “EPA” was established was to police these code infract...
Now-a-days it is considered that CSR is one of the major concerns of organization’s business ethics. Companies increasingly increase their corporate social responsibility (CSR) and ethical management accepting the positive impact on the bottom line. The vast bulk of Standard & Poor’s 500 companies publish sustainability reports unfolding their program challenges and achievements. These pre-emptive efforts can pr...
It has been shown that there are many different areas in which a company may choose to focus its corporate social responsibility. The top area of focus in corporate social responsibility is on environment. Other areas that should be considered in the development of corporate social responsibility programs are education, health, nutrition and employment. “Social responsibility investment combines investors’ financial goals with their obligation and dedication to factors that ensure the well being of society such as environmental friendly practices, economic growth and justice in society” (Anderson 9). These elements not only epic corporate social responsibility, but also represent ethical standards of a company. It is unethical for some individuals to own so much and earn so much, at the expense of other suffering members of society. It is also unethical for companies to damage environmentally that result in illnesses and loss of life. It can be concluded that Social corporate responsibility and the maintenance of high ethical standards is not an option but an obligation for all