Social Responsibility

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Social Responsibility of Business

Introduction

Social responsibility basically serves as an ethical ideology according to which every entity is responsible to act in a manner that is for the long term benefit of the society. The concept of entity includes both individuals and organizations. Social responsibility for organization serves as a framework that enables them to ensure a balance between the economy and ecosystem. In addition to it, the social responsibility concept helps in sustaining the balance between the economic development and societal welfare. In the context of social responsibility of organizations, the concept requires that the charge and accountability of the community welfare pertains to every employee whose actions can have any impact on the environment.

Introduction to Company

For the purpose of this paper, we have chosen MillenniumMart in order to analyze corporate governance and ethical leadership and practices prevalent in the company. It initiated operations in 1919. MillenniumMart operates as a vendor and merchandizer of grocery and general items in Britain. It operates globally and its headquarter is located in UK. It is ranked as third biggest seller or retailer worldwide in terms of revenues. Its chain of stores is spread in almost fourteen countries including Asia, North America, Malaysia, Thailand, Europe and UK.

Corporate Governance and Ethical code of conducts at MillenniumMart

MillenniumMart is a well know and a reputable company for its high quality services and products. The company believes in delivering optimum outcome, higher value to the investors, useful services to consumers and better works settings to employees that ultimately lead to higher performance, efficiency, gravity and self-worth.

Ethical code of conduct deals with all practices with respect to fairness, morality and uprightness. MillenniumMart is well aware of the importance of ethical responsibility and concerns therefore, one of its main goal is to follow ethical code of conducts in every transaction in order to sustain a renowned, reputable, and successful position that comply with legal and ethical requirements addressed by UK law.

MillenniumMart strongly follows the UK Corporate Governance code and financial service authority requirements. As per Provision B.1.2 of code that requires the board to be comprised of non executive directors up to the half of the total board members, which are selected by the board. MillenniumMart has very efficiently complied with this requirement except in first four days of fiscal year in which non executive members were less than executive members by one member. As per Provision B.6.3 that states that a senior director would lead the non executive directors in order to assess the performance of the chairperson by gathering information and view points from none executive directors.

MillenniumMart has fairly evaluated the financial performance of the company and submitted the report to financial reporting council during 2009. The practical and serious response of MillenniumMart to corporate governance is evident in form its registration as a public limited company in UK Stock market. It has resulted into increased security and confidence of investors in the company while investing. It has successfully increased ...