3.6 CSR in British Petroleum
Academics, government officials and business leaders focus prominent attention on the concept of CSR, specifically in the special province of environmental protection. British Petroleum (BP) has won acclaims and awards for CSR. But Swaminathan S Anklesaria Aiyar (Times of India, Bangalore edition 2010) argued in his article that BP has created the greatest environmental disaster in history which includes its out-of-control Macondo deep-sea well. Gulf of Mexico oil leak is another big historical issue. BP has created a huge image building campaign of ‘beyond petroleum’ critics say that BP has now spindling with ‘beyond problems’ (NJ Watson, Petroleum Economist, 2009). BP states that it recognizes the significant environmental and social challenges faced by the world in the 21st century. It believes strongly it can achieve in the manner of sustainable development. BP’s policy statement commits the company to the safety and development of their people and the communities and societies in which they operate. Its sustainable review says BP is responsible for their operations and is accountable for setting high standards within them. It also elaborates BP support relevant external standards. Particularly BP supports the UN Global Compact, which sets out series of principles for corporate responsibility (BP-Sustainability Review, 2009). The UN Global Compact is an initiative of UN Secretary-General, Kofi Annan to give a human face to globalization (Annan 1999 cited in Leipziger 2003). In 2005, Christina L. Anderson & Rebecca L. Bieniaszewska examines the role of CSR in BP’s business strategy and its expansion in different territories. They found that the relationship between socially responsible investments and its reliability and publicly recognized name bonded to their longing influence on their societies in which BP operate. This article found that when BP maintain BP as a strategy and perform, may result in higher financial...
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