Global regulations and globalization

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INTRODUCTION
This report evaluates two different global regulations, namely: Corporate social responsibility and Climate change and also compares the origin of the two regulations. Further the report explains how the corporate social responsibility applies to a multinational organization. It analyses the impact of the CSR on organization’s public relations and also that of the global media.

CORPORATE SOCIAL RESPONSIBILITY:
Corporate social responsibility (CSR) is the opinion that public has made about the social and environmental influences of an organization’s business operations and its voluntary contribution towards the welfare of its local and global communities (Gordon, 2011). It is noticeable that CSR is something which is different from good business practices, rather it makes an institute or organization to think out of the box and creatively about the favourable circumstances and risks it sees (Economist (2008a). An organization with strong values but bad management will not do well in terms of profit. And similarly an organization with strong commercial competence but with no CSR may do well but that is in a defenceless condition. Thus, it is necessary for any organization to have a strong commitment towards both the CR and strong commercial competence (Gordon, 2011).

United Nations Global Compact
United Nations Global compact (UNGC) is the largest corporate responsibility initiative that was voluntarily established in 1999 (United Nations Global Compact [UNGC][n.d.]). It was formed as a result of rise in activism against globalisation in the 1990s. The aim behind the formation of such initiative was to maintain the vision of inclusive and sustainable global economy which results in lasting benefits to the markets, people and communities. UNGC is a strategic program that encourages big businesses to consider environmental and social impacts on the society and economies (UNGC [n.d.])

The Compact has designed ten universally accepted principles that wrap up the areas of human rights, labour, environment and anti-corruption. By coordinating their strategies and operations with these principles, businesses can help in the upgrading the technology, markets, finance and commerce which are beneficial for all economies and societies (UNGC [n.d.]). The ten principles of the UN global compact, which they expect to be followed by the entitled companies, are as follows:

Human Rights
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and Principle 2: make sure that they are not complicit in human rights abuses. Labour

Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining; Principle 4: the elimination of all forms of forced and compulsory labour; Principle 5: the effective abolition of child labour; and

Principle 6: the elimination of discrimination in respect of employment and occupation.
Environment
Principle 7: Businesses should support a precautionary approach to environmental challenges; Principle 8: undertake initiatives to promote greater environmental responsibility; and Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Anti-Corruption
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery (UNGC [n.d.]). These principles are evolved from the different UN policies which are: -The universal declaration of human rights

-The Rio declaration on environment and development
-The international labour organization’s declaration on fundamental principles and rights at work -The United Nations convention against corruption.
Source: http://www.unglobalcompact.org/aboutTheGC/TheTenPrinciples/Index.html). UNGC (n.d.) believes that by engaging with these policies, companies adopt a globally authorized and recognized policy structure for the progress and application...
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