Corporate Governance and Social Responsibility

Question: Discuss about the Corporate Governance and Social Responsibility. Answer: Chapter 1: 7 respondents were interviewed by asking them 23 open ended questions. It was seen that the seven respondents had different views regarding every questions they were asked. The analyses of the interviews are given below: It was seen that the first interview had mentioned that Marketing and Corporate Relations Department is responsible for Corporate Communication in the Organization of the interviewer. The second interview gave the information that a Sovereign Department called Corporate Communications Department is responsible for it while the third interview stated that Public Relations Department is responsible for it. The fourth interview mentioned that the Marketing and Corporate Communications Department is responsible for Corporate Communication in the Organization, the fifth interview mentioned Marketing Communication for it, and the sixth interview mentioned about Branding and communications department whiles the seventh one replied Marketing and Corporate Relations Department (Murphy and Schlegelmilch 2013). From the first interview, it was seen that UBA Foundation was responsible for the Corporate Social Responsibility. The second interview shows that there is a sub unit in the department that is responsible for it while the third interview shows that the office of the chairman and the head of the head of the Public Relations Department is responsible for Corporate Social Responsibility (Herzig and Moon 2013). According to the fourth interview it was seen, the Marketing and Corporate Communications Department is responsible for its customer social relationship while the fifth interview stated that Corporate services is responsible for it. The sixth interview said that they have a specific director who is in charge of the customer social relationship of their organization and the seventh interview revealed that the Marketing and corporate relations department is in charge of customer social relationship. The first interview shows that the company has a divisional Head for Marketing and Corporate Relations who is in charge of the Corporate Communication in the organization while the second interview shows that a unit headed by a particular person is in charge of it (Bravo et al. 2012). According to interview three and four, they do not have any specific director for the charge of Corporate Communication in the organization while according to interview five they have a specific director for it. Interview 6 showed that HR manager is involved in decision-making process of Corporate Communication of the organization while interview seven revealed the Divisional Head is in charge of the Corporate Communications Department (Leipziger 2015). According to the first interview, it was seen that the organization have different level of approving offices to provide decisions regarding Corporate Communication of the organization while the director is not the lone person to make decision for the second organization. The third interview shows that the board of directors took the decisions regarding it while the The Head, Marketing and Corporate Communications Department took the decisions (ArAs 2016). Interview 5 revealed Executive shared services took the decisions; interview six revealed that hr manager took the decisions while Divisional Head took the decisions according to interview seven. It was seen that there were various impacts of customer social relationship Communication. It was seen that there were various positive impacts as well as negative impacts of customer social relationship communication. According to interview one, it was seen that too much money is spent on promotions to reach t the customers. Use of social media is also increased as the company can cover a larger mass of people on social media platforms. The second interview showed that the impact of customer social relationship communication would be severe on choosing wrong target population (Herzig and Moon 2013). This would result to sell of the products to wrong people and advertising to the wrong people about the products. Interview 3 revealed that the impact of customer social relationship Communication would result to disclosure of too much information of the company outside and the competitors could take advantage of this information to succeed in the business (Jonker and Marberg 2015). Inte rview 4 had revealed that they had to frame strategies and set their business such that it creates an impact in the lives of all stakeholders. Interview 5 revealed that they have very good companys Corporate Communication and they help their staffs to keep abreast of the customer social relationship initiatives. Interview 6 revealed that they try to create the impact of customer social relationship by emails and newspaper publications. They have a good image on their customers and stakeholders. Interview 7 also revealed that the organization have a good impact on the customers and stakeholders as they have a good bank of reputation. Importance and effectiveness of corporate communication channels was found from the interviews. It was seen that some of the organizations used the usage of communications like websites and Annual Reports for Corporate Social Responsibility Communication while few of them do not use it. Interview 5, interview 6, interview 7, interview 4 and interview 2 use it to improve their corporate communication. Interview 1 and interview 3 said that they do not use the communications like websites and Annual Reports for Corporate Social Responsibility Communication. These are important modes of communication as they help to reach out to maximum number of people (Manning 2013). Social media is also another important corporate communication channels. People are more into social media and it is easy to reach out to the people via social media. The interview also revealed that communication strategy of both medium and social media are important for the effectiveness of corporate communication. On asking whether the standards of communication is necessary to be according to industry standards, all the seven interview conducted gave a positive response to this question. This is because the industry standard is set to connect to a larger mass of people (Murphy and Schlegelmilch 2013). Having the standard of corporate communication according to industry standard would help the companies to communicate with the clients and stakeholders. Question was asked to grade the degree of effectiveness of the Communication Strategy Adopted by the organization. Interview 6 and interview 7 revealed that their Communication strategy was quite effective and they rated it around 90%. According to interview 5, the rating of the degree of effectiveness of was 8 while interview 4 revealed that their strategy was very effective (Murphy and Schlegelmilch 2013). Interview 3 revealed that the strategy of communication they had adopted was effect largely. However, they had rooms for improvement of their strategy. According to interview 2, the rating of their communication strategy is between 8 and 9 and the company had began to adopt new modes of communication. Interview 1 revealed that the degree of effectiveness of their communication is high. Chapter 2 Conclusion It was seen that different organizations had different methods of decision processes. They had various persons to take their decisions. While one interview revealed that, their director took the decisions regarding the processing financial institution while another interview revealed that the divisional Head for Marketing and Corporate Relations. Another interview revealed that the director might not be the sole decision maker of the various processes of decision-making. It was also seen that there were various advantages and disadvantages regarding the impacts of Customer Social Relationship Communications. In some cases, it was seen that the expenditure by the organization was high, as they have to reach out to as many customers as they can. Some of them had a bank of good images and they use specific mediums for specific audiences. It was seen that most of the institutions had said that they have bank of good reputations for their organization. This might be due to their good cust omer relationship strategies and good corporate strategies. Social media was seen as an important medium of communication by the organizations with their clients and customers. It was also seen that most of the interviews revealed that the organizations prefer to use other channels of communication like Websites and Annual Reports for Corporate Social Responsibility communication. Some of them use Annual Reports while some of them use various websites. However, social media was seen as the pioneer method of communication with the clients and stakeholders. The interviews revealed that the strategy of communication that is adopted by organizations is quite effective. This variable got the high degree in terms of effectiveness of the strategy of communication that is adopted by the organizations. Thus, it was seen that every interview revealed there was effectiveness and importance of the channels of corporate communication they use for their organization. The channels of communication that are used by the organizations for corporate communication of corporate social responsibility activities are effective enough for the business and development of the organizations. Use of additional channels by the organizations are also seen this research. It was also seen that there are various people involved in the process of decision-making. The strong impact of the corporate communication of corporate social responsibility activities had been revealed in the interviews where the organization is happy and highly satisfied with their degree of effectiveness of the communication strategy they had adopted. References ArAs, G., 2016.A handbook of corporate governance and social responsibility. CRC Press. Bravo, R., Matute, J. and Pina, J.M., 2012. Corporate social responsibility as a vehicle to reveal the corporate identity: A study focused on the websites of Spanish financial entities.Journal of Business Ethics,107(2), pp.129-146. Herzig, C. and Moon, J., 2013. Discourses on corporate social ir/responsibility in the financial sector.Journal of Business Research,66(10), pp.1870-1880. Jonker, J. and Marberg, A., 2015. Corporate Social Responsibility Quo Vadis?.Business, Capitalism and Corporate Citizenship: A Collection of Seminal Essays, p.85. Leipziger, D., 2015.The corporate responsibility code book. Greenleaf Publishing. Manning, L., 2013. Corporate and consumer social responsibility in the food supply chain.British Food Journal,115(1), pp.9-29. Murphy, P.E. and Schlegelmilch, B.B., 2013. Corporate social responsibility and corporate social irresponsibility: Introduction to a special topic section.Journal of Business Research,66(10), pp.1807-1813.