Aplied Concept Paper
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Executive Summary
I focused my report on Corporate Governance and Social Responsibility and Ethics. I tend to write this paper in the sense to explain how the majority of the big firms run, on top of that how they choose their Board of Directors, what they are socially responsible for and how ethics plays a big role in decision making. Some of the concepts that I have chosen have come from chapter 7 and 8 of the Strategic Management and Business Policy textbook written by Thomas L. Wheelen and J. David Hunger. I will be using some of the concepts found in these chapters. For example, the board of directors responsibility, top management responsibility, social responsibility, ethics, code of ethics and whistle-blowers.
This assignment will focus both on chapter 7 and 8 of our textbook. Chapter 7 talks about Corporate Governance and chapter 8 on the Social Responsibility and Ethics in Strategic Management. It is important to know some of the key points stated in both of these chapters such as:
The role of the board of directors and their responsibilities
The role of the top management and their responsibilities
The social responsibility of a business
How Ethics plays a bid role in decision making
If a business wants to be successful in needs to have a strong foundation. That foundation needed to come from a strong board of directors. Lets take a look at Apple, over the years they have been very successful due to the fact that they have a strong foundation, they want to deliver the best product and service to its customers.
Abstract
The Roles & Responsibilities of the Board of Directors for a Nonprofit (2012)
Nonprofit organizations serve their community in more than one way. The board of directors serves a critical role in the success of a nonprofit organization. This article explains some of the different responsibilities that the boards of directors have to face in order to run the nonprofit business carryout their stated mission.
McDonalds Corporate Governance Structure (2012)
This article explains McDonalds corporate structure. It states whos in charge of what, how the top management is chosen and the roles that each one in top management plays and how top management is critical to running a business.
Corporate Social Responsibility at Starbucks (2012)
Starbucks has been successful over the years. The products that they use are unique. They based their product on fair product price, meaning that they pay good price for quality product. Also in their social responsibility includes engaging with their community and also donating money to their philanthropy.
Embattled Tanning Industry Takes Its Cues from Big Tabaco, 23 August (2012)
This article talks about the harm of getting tanned, yet is a million dollar business. The article states that there are more tanning salons than McDonalds. The sunlight can cause cancer, yet some of these business owners say that it has vitamin D and that it is good for you and the business owners are just trying to promote only the good things about getting tanned, but not the bad news that over a period of time, if you tan yourself on these beds, youre exposing your skin to cancer.
Code of Ethics for Mechanics (2012)
This article explains the code of ethics a mechanic should follow. It talks about his knowledge, loyalty, honesty, safety and the standards that he should go by. It promotes good workmanship and responsibility.
Whistle-Blowing Nurse Is Acquitted in Texas (2012)
After a short trial, a nurse was acquitted from all charges in Texas. The jury did not find her guilty of “misuse of official information.” If she was to be found guilty, she could have been fines 10000 dollars and also be put in jail. She told authorities of the mal practices that a doctor was doing at the hospital where she worked as a nurse. The trial is being taken to another court and this event is still under investigation.
Concepts
Board of Directors Responsibilities- The responsibilities of the board of directors vary from country to country. Some of the responsibilities are to set the corporate strategies, mission or vision. Hiring the CEO and top management. Controlling, monitoring and supervising the top management. The most important one is to carry the interest of the shareholders.
Top Management Responsibilities- the CEO has the responsibility of carrying out and meet the corporate objectives. Top management job is multidimensional but its oriented to the welfare of the organization. The tasks in this management vary from firm to firm. Top management teams up with a diversity of functional backgrounds to make one good team in order to run the business.
Social Responsibility- a private corporation has responsibilities to society other than making a profit. A decision affects more than just the corporation.
Ethics- are the accepted standards of behavior for an occupation, a trade or a profession. More defined as the precepts of personal behavior based or religion or philosophical grounds. What you think is right from wrong doing within your business.
Code of Ethics- How the company expects its employees to behave while they are on the job. It can clarify companies