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Explain why corporate governance support for CSR is critical for a Canadian SME? Provide an example from a Canadian company to illustrate your argument where a senior leadership role was changed and how that affected one or more aspects of a company's CSR.

Answer 1

Answer :

Corporate governance ( CG) and Corporate Social Responsibility ( CSR) have been big research concerns in Canada for decades. The relationship between CG and CSR has been studied in financial literacy in conjunction with the relationship between CSR, risk and corporate financial performance.A Strategy for progressing CSR in the Extractive Sector Abroad of Canada describes CSR as the volunteer activities a organization undertakes to work in an environment.Given the troubling rise in the incidence and extent of corporate fraud cases, CSR and governance concerns are especially important. Corporate governance aims to ensure that the business is run in the best interests of shareholders and other stakeholders. CG promotes openness and accountability, which are essential virtues for investors to manage the enterprise properly. The aim of developing and enhancing corporate governance in companies is to establish best practices based on the principles in well translated into a wide range of policies and the Government of Canada can ensure its safety. Corporate governance ( CG), in particular concerning shareholders and workers, also plays an important role in the economic field of the CSR.CSR governance can be pretty difficult, as CSR success is often recorded across various business units, making it extremely difficult for boards to get an overall appearance of CSR activies. Developing an effective framework for CSR governance can help boards ensure that CSR issues and opportunities are well managed and maximised. Corporate governance has become an important element in managing companies in the current global and dynamic climate. Better relationships with all the stakeholders of the business and the government will usually reduce the occurrence of financial problems that involve economic and social costs.

Corporate social responsibility helps create trust, raise awareness and promote social change. While there are tens of thousands of firms doing their part, the efforts of large global corporations have far-reaching results that can impact major global issues from hunger and health to global warming. Canadian firms like Talisman Energy show leadership in corporate social responsibility on the global stage. In a globalized world, companies operating in other countries or those seeking to set up foreign subsidiaries must behave responsibly and provide reports to demonstrate credibility. Since the management transition, the newly named CEO announced an agreement to sell the interest in GNPOC, claiming that 'Shareholders were tired of constantly tracking and evaluating Sudan-related events as the key reason. Management also used the selling of the assets to create Talisman's dedication to CSR.it was able to close a range of successful mergers and acquisitions to win. Some of the deals have been helped by a strong CSR record for the company. Through examples such as Talisman, it is clear that CSR should be pushed to the top of the boardroom agenda because it contributes to successful employee engagement and an ethical corporate culture comes with that. 'Talisman shows us that effective management of CSR can be achieved, even under very difficult circumstances, and can profitably facilitate international business objectives.