Sense Making and sustainability in Petroleum industry - Dissertation Example

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Sense Making and sustainability in Petroleum industry

The emergence of globalization along with a fast information exchange and cross cultural amalgamation has led business dynamics to incorporate several new aspects within it (Weiss et al, 2008, p.377). No doubt, the companies are making new ventures in foreign territories for optimizing their profit port folios, but the social and environmental aspects of international productions form a crucial part which forms the main trajectory of several new aspects as stated above. Relying only on maximizing profits and generating mammoth revenues will fetch only short run gains with dynamic decline. In order to become a dominant player in this globalised market with a goodwill establishment, the companies have to first of all become good corporate citizens. They have to incorporate the notion of Corporate Social Responsibility (CSR) with various codes of conduct which will ensure socially responsible business practices within the business and its overseas as well as domestic operations. But applying the attributes of CSR is not at all an easy task. Several challenges are faced by the management of companies in its proper implementation and maintaining the proper code of conduct. Geographical, economical, legal, cultural and political barriers act as hindrances in the proper implementation of CSR policies. Adverse conditions like agency problems, moral hazard, corruption and malpractices creep into the system which results in non compliance of the rules and regulation implementation and leads to sub optimal results. ...Show more

Summary

The Oil industry especially has been seen as an arena where the violation of CSR policies is rampant. The company chosen in this paper is British Petroleum and we will analyze its CSR policies from sense making dimension and evaluate the same…
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