BUS558 Corporate Governance and Corporate Social Responsibility

Corporate governance should be followed by every corporate to enhance their strengths over compliance and ethics.

Strengths of BP on ethical or corporate governance

One of the most important and positive sides of BP is the strong customer relationships as the BP organization before serving to their customer understands the specific requirement of any customer and then goes for serving to them (Bae, et al., 2018). They ensue full satisfaction from the customer perspective. Secondly, the company also has established its governance structure in a diversified role. BP is not a single brand. It has many subsidiaries which operates in different segments such as aviation fuel, energy, lubrication and technological products. It shows the company governs itself with a diversified approach to business and proves as a strength to the company which helps the company in future growth prospects.

Weakness of BP on ethical or corporate governance

BP company has gone into many of the scandals which took their image and sustainable rating down and affected its good reputation in the world. This happens due to oil spills in various regions of the world and caused casualties in various regions due to which the company has gone into huge exploitation. Secondly, the major reason which come under company weakness is the non-following of ethics by the lower level employees of the company (Tuan, 2012). Due to the happening of illegitimate transactions by the employees, a good image of the company got converted into a company which do not care about the environment and societal needs.

References

Bae, S.M., Masud, M., Kaium, A. and Kim, J.D., 2018. A cross-country investigation of corporate governance and corporate sustainability disclosure: A signaling theory perspective. Sustainability, 10(8), p.2611.

Tuan, L.T., 2012. Corporate social responsibility, ethics, and corporate governance. Social Responsibility Journal.

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