Thursday, January 2, 2020

Social Responsibility And Triple Bottom Line - 1674 Words

Introduction The statement, â€Å"It isn’t enough for a multinational corporation to be socially responsible; they must be a triple bottom line company to meet their ethical obligations,† is a brave statement on the surface. Breaking down and explaining the statement, plus providing insight to social responsibility and triple bottom line, will help to understand the impact of the statement. In addition, the narrative will explore the underlying outcome from social responsibility and triple bottom line, known as wealth redistribution. Breaking It Down A multinational corporation is one that does business in two or more nations around the globe. The statement emphasizes that a global business has to go further than just being socially responsible, in an effort to adhere to its ethical duty. When a company is socially responsible it is practicing the corporate value of giving back to communities, through financial, legal, ethical, and philanthropic support. Moreover, the statement proclaims that it is vital for global organizations to adhere to their ethical duty by being a triple bottom line (TBL) company, assuming that the driving factor of a TBL company is the ability to meet a supposed ethical obligation imposed on them by keeping profits, people, and the planet in mind during all business practices and transactions. Breaking down the statement affords the ability to test the veracity of the declaration with greater knowledge of the hypothetical adherence to ethical obligations.Show MoreRelatedSocial Responsibility And Triple Bottom Line1427 Words   |  6 Pagesfor a multinational corporation to be socially responsible; they must be a triple bottom line company to meet their ethical obligations,† is a brave statement on the surface. Breaking down and explaining the statement, plus providing insight to social responsibility and triple bottom line, will help to understand the impact of the statement. In addition, the underlying outcome from social responsibility and triple bottom line, known as wealth redistribution, will be explored. Breaking It Down A multinationalRead MoreThe Triple Bottom Line Is A Global Authority On Corporate Social Responsibility And Sustainability1005 Words   |  5 PagesHowever, the triple bottom line is a typical concept used often when talking about the subject of sustainability within a business. John Elkinston, a global authority on corporate social responsibility and sustainability coined the phrase for the first time in his book ‘Cannibals with Forks: The Triple Bottom Line of 21st Century Business’, in 1997. 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However, triple bottom line similarly measures social, ethical as well as environment performance of the company. Triple bottom line typically is an incessant process that shall assist the company in concentrating into the performance of a moreRead MoreThe Triple Bottom Line Model1745 Words   |  7 PagesThe Triple Bottom Line Introduction A triple bottom line model never merely quantifies an accomplishment or rather the wellbeing of a company through its conventional monetary bottom line. However, triple bottom line similarly measures social, ethical as well as environment performance of the company. 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