Identification of Philantropic Companies and the Effect Philanthropic Acts Haveon the Companies in Ghana

Topics: Corporate social responsibility, Hurricane Katrina, Social responsibility Pages: 7 (2646 words) Published: June 18, 2013
COURSE: BUSINESS ETHICS AND CORPORATE SOCIAL RESPONSIBILITY DESCRIPTION CODE: MAS 262
PROJECT: IDENTIFICATION OF PHILANTHROPIC COMPANIES AND THE EFFECT PHILANTHROPIC ACTS HAVE ON THE COMPANIES

Corporate social responsibility (CSR) is a process with the aim to embrace responsibility for the company's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere who may also be considered as stakeholders. Corporate philanthropy is the act of corporations donating a portion of their profits or resources to various non-profit organizations. They are voluntary corporate activities taken upon by Organizations to address social issues and the investing of company resources and expertise to help resolve these issues without seeking direct remuneration in return. Executives are repeatedly informed that by demonstrating concern for the environment, human rights, the community development and the welfare of their various stakeholders (employees, customers, supplier’s shareholders and the society at large) will enable loyalty, goodwill, trust, corporate growth and success amongst other benefits. Their firms will gain competitive advantage by appealing to the growing members of socially and environmentally oriented stakeholders. The lack of this knowledge could be very catastrophic to the organization. One can certainly find examples of firms with superior CSR performance that have done well, as those with less than admired CSR reputations that have done poorly. However, our case study involves those organizations with corporate philanthropy at their heart and the impact of their philanthropic activities on their reputation, performance and profitability in general. It is worth stating that corporate philanthropy is but a fragment of CSR and the most often observed and praised. We have reviewed some of the various philanthropic acts shown by the following organizations some societies:

1. NEWMONT GHANA GOLD LIMITED
Newmont Ghana Gold Limited is not yet the largest gold producer in the country, but with regards to CSR, it is one of the most committed corporations in the country and not just within the mining industry, but among all of corporate Ghana. Its outstanding attitude to CSR takes form in arguably the most innovative and effective structures that ensure huge, impactful interventions on its host communities (ASAFO: Kenyasi #1, Kenyasi #2, Ntotroso, Gyedu & Womahinso; Asutifi District, Yamfo, Susuanso, Afrisipakrom, Terchire & Adrobaa; North District) that would continue long after actual mining operations cease in these communities. The organization developed programmes like; Newmont's Ahafo Development Foundation (NADef), Newmont’s Ahafo Linkages Programme (ALP), Skills Development and Income Improvement Programme, Newmont's Ahafo Agribusiness Growth Initiative amongst many others through which they carry on diverse projects that has brought about a drastic improvement in the host communities. Projects like construction of classrooms, community school libraries, chief’s palaces. Scholarships costing over GHc2.74 million are being enjoyed by 3,091 students, at the secondary and tertiary levels of education in schools across the country. A US$500,000 donation was made to assist the University of Mines and Technology in acquiring infrastructure. Also, 426 community members have received some GH¢120,000 through a micro-credits scheme with payments per beneficiary ranging from GH¢100-GH¢500. It has also made contributions to health care. The company has: supported the renovation of the Kenyasi Health Centre and construction of nurses' quarters, provided 60 local health "volunteer" and supplied bicycles and medical equipment to enable them deliver better services newly Hwidem Hospital. It supported the management of HIV/AIDS and malaria through education and the distribution & retreatment of...
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