The Difference in CSR Agenda by Oil and Gas Companies Analyzing Projects in Developing Countries - Essay Example

It is evidently clear from the discussion that CSR is the process by which a company integrates the economic, its environmental and social objectives at the same time, addressing the expectations of its stakeholder and enhancing as well as sustaining the shareholder value.  CSR is the overall association between a corporation and the stakeholders that include its customers, its employees, its communities, owners/investors, the government, its suppliers, and competitors. Elements of CSR will include investment in the community outreach, its employee relations, creation and the maintenance of employment, the environmental stewardship and its financial performance.

A firm which is committed to the development of its employee and empowerment is, by default, already incorporating some components of activities related to CSR. A firm that freely shares information with its employees about any move toward downsizing, and then helping the displaced employees in finding new jobs, is said to actively practice CSR. Moreover, a firm which is actively committed towards the production of reliable, safe and many innovative products and services which is in line with the customer needs is said to be strategically involved in the CSR activities.

There can be situations where employees can become cynical that while on one side the organization is fairly generous in its donations and charities, it does not adequately express sensitivity to the working conditions or to employees' safety. In such conditions, the public could become critical if it so turned out that an organization is not showing responsibility towards its environmental issues. CSR is, thus considered a management approach which takes into account several integrated procedures.

The socio-economic and cultural background that is present in developing countries provides a context for CSR that is different in many ways from the developed countries.