Table of Contents
2.0 Company background.
3.0 Define Corporate Social Responsibility (CSR)
4.0 CSR Elements.
5.0 Reasons for the inclusion of the elements.
6.0 An opinion on CSR.
7.0 Strength and Weakness of Chariot Company.
8.0 CSR and drives competitive advantages and Return of Investment (ROI)
Chariot is concerned is with the development of a strategic portfolio in the underexplored deep-water areas especially in Morocco, Brazil and Namibia (Chariot Oil and Gas, 2019). In the process; Chariot has implemented various modern technologies and drill-ready technologies to discover hydrocarbons materials. The prime aim is to increase the value of the stakeholders through implementing various modern technologies and inventing hydrocarbons materials. At present; Chariot is set up a plan for increasing the area of business in Togo. It is a matter of sorrow that Togo is full of bribery & corruption problems. For this reason; Chariot has taken a plan to maintain ethical conduct of business as CSR functions for eliminating the bribery as well as corruption problems.
2.0 Company background
Chariot is an oil and gas production company and takes a plan to expand its business in Togo. Chariot has implemented various modern technologies and drill-ready technologies to discover hydrocarbons materials. By setting effective portfolio management; Chariot has committed to acquiring and processing the 2D and 3D seismic systems (CHARIOT Oil and Gas, 2019). This firm produces the giant potential, drill-ready exploration and appraisal inventory. At present; this company wants and search partners for increasing the drilling functions and diversifying the risk level along with high profitability level.
3.0 Define Corporate Social Responsibility (CSR)
According to Bronn and Vrioni (2014), CSR stands for corporate social responsibility. Maklan (2015) stated that it is the voluntary task of the business firm on the business stakeholders for ensuring the fair return and social welfare of the stakeholders. In this present business arena; CSR has a great impact on the success of the organization. For this reason; the expenses for CSR are regarded as the investment by the business firm because society and organization are interrelated sectors. The strategies and activities of the business should be able to meet the demand of all stakeholders. The following chart represents the CSR activities of a business firm:
The above chart; found that CSR has four responsibilities towards the stakeholders. The first one is economic responsibility. It indicates that the business organizations should invest in the profitable projects of the funds of the shareholders and ensure the fair return of the investors (Bronn and Vrioni, 2014). The second one is a legal responsibility that indicates business firms should comply with the laws and regulations of the country. Thirdly; ethical responsibility includes doing fair activities and rejecting unfair activities within and outside the business (Mohamed Kirat, 2015). Finally; philanthropic responsibility includes the maintenance of good culture and relationships among the various stakeholders (Mullins, 2014).
4.0 CSR Elements
Code of Conduct: Shaw (2014) stated that the code of conduct sets the ethical behavior of the stakeholders. Chariot sets the code of conduct for increasing hospitality but decreasing corruption as well as fraud. In the case of Chariot, the zero-tolerance theory is applied to cancel out the bribery. Therefore; it is the challenge of Chariot to set a code of conduct for reducing corruption, bribery as well as fraud. Chariot has identified the potential sources of these harmful activities and maintained the conduct rules for eliminating the harmful activities.
Equal Opportunity and Diversity: Mullins (2014) stated that every stakeholder of a business firm needs to be treated equally in the case of the CSR element. Chariot has also created an equal opportunity for all stakeholders (CHARIOT Oil and Gas, 2019). All types of diversity and discrimination have been rejected in the Chariot. Chariot has also created any discrimination due to disability, nationality, sex, and religious belief. Chariot considers the following factors for ensuring equal opportunity for the stakeholders.
Figure: Three aspects of Individual development Source: Mullins (2014)
Firstly; Chariot has analyzed that the quality of the individual to achieve the task. If the individual is not able to achieve the task, the chariot will arrange knowledge management training for developing the individual knowledge (Mohamed Kirat, 2015). After that; Chariot has built a team and maintains the team as team cohesion effectively. Chariot has used these team members in the Togo market for gaining success.
Employee Welfare: The establishment of employee welfare is another important element of CSR. The employees are the key success factors of Chariot. The performance of the company depends on the performance of the employees. For this reason; Chariot has taken various decisions that increase the economic welfare of the employees (Chariot Oil and Gas, 2019). The chariot has provided fair remuneration, bonuses, promotion and training facility to the employees for their well beings.
Bribery prevention and anti-corruption: An important CSR function is the prevention of bribery and corruption. Chariot has set the code of conduct for the ethical behavior of the stakeholders. Chariot sets the code of conduct for decreasing corruption as well as fraud. In the case of Chariot, the zero-tolerance theory is applied to cancel out the bribery (Mohamed Kirat, 2015). Therefore; it is the challenge of Chariot for reducing corruption, bribery as well as fraud (Chariot Oil and Gas, 2019)…………………..