Applicable principles of corporate governance
The
term corporate social responsivity (CSR) can be defined as a management concept
that companies use for integral environmental and social concerns in the
business operations as well as for the interactions with the stakeholders. It
is a standard business practice and the aim is to achieve positive impact on
the society by maximizing the creation of shared values for the stakeholders,
shareholder, business owners, and employees.
The corporate
governance codes are the rules to make clear the dos and don'ts in the business
world. An ethical issue in the business world is the lack of responsible
behaviour that the business community expects from the corporate governance
code. No doubt that they are well defined and enforced but not effective enough
to create responsible behaviour, so it is clear that the solution lies under
another paradigm. The main reason behind the issue is the lack of understanding
and the connection with the community and
its environment. The solution is to illuminate the governance code under the
light of deontological philosophy. Here we need to take inspiration from
Kantian imperative. It states that PDO and people should respect the autonomy and dignity of human beings (Corpgov.law.harvard.edu, 2016).
PDO organization
has recently signed an MOU with the Raoul Restucci Director of OCCGS and also
with Sayyid Hamid Bin Sultan Al Busaidi Executive director at OCCGS on the
issue or theme of sustainability for having corporate governance in Oman
Center. Several things are going to get signed in this agreement that makes the
sustainability improved and better as this is the main thing which all the PDO
must follow and this needs to get implemented for sure in the country.
As
a result, the PDO will treat humanity with shareholders and stakeholders just not for the sake of means but
as an end. So, the right attitude and action will become a matter of choice by
duty, an obligation. Here is an example to better understand this approach. A
manager makes a contract with a
stakeholder and the term of the contract is that the manager will maximize the
profit for the stakeholder. The contract
is like a promise. According to Kantian theory, keeping a promise is a duty.
So, the manager will make it sure to seek
profit to fulfil his obligation. This
approach will emphasize the moral duty and rights of all the entities affected
due to the actions took place in the
business. This theory has a key notion of respect for all the stakeholders as a
proper right. This perspective has some
shortcomings and it will be problematic in daily practice. For example, in
business world contracts are negotiated various time, so it is a challenge to
understand that which is the real promise (Pdo.co.om, 2020). There are mainly four aspects of
social responsibility that include economic, ethical, legal and philanthropic.
The business CSR practices ensure that all the process is accountable for the
employees and shareholders. Social aspects of CSR are in different ways and the
sustainability is considered for the economic, social and environmental
protection. CSR incorporates the principles of integration of sustainability
and addresses the environmental aspects of the CSR.
Good practices in corporate governance and its five broad categories
By using different
methods. To improve the green supply performance, the JIT, set up reduction,
waste elimination and cellular manufacturing take major contribute. GSC
performance affects positively and significantly by waste management, reverses
logistics, green manufacturing, eco-design and life cycle assessment. Process
innovation help to explore new results ineffective way and it provides high pay
off rate in term of GSC performance
The role of customer relational
governance in the environmental and economic performance on the green supply
chain management. overview of green supply chain management: operation and
environmental impact at different stages of the supply chain (Courses.lumenlearning.com, 2020).
They explain that
the supply chain is the old and simple method of converting the raw material
into the final product and then deliver to end customer. These processes
include different resources and processes that show all the elements involve in
the production area. However, after the green supply chain innovation, all the
factors converted into environmentally friendly particles and they give more
attention to the eco-friendly elements in daily usage in the organizations. Green supply chain research:
past, present and future. They explain that green supply is going to increase
among different companies as a practice to improve environmental performance.
To introduce the green supply chain management, the motivation must be ethical
and commercial. It also considers as most advance practice and strongly
complementary to improve the performance of environmental.
They
explain that many basic ethical and environmental responsibilities also explain
in the business world and its basic culture. With the increasing
responsibilities, many organizations also follow the greening as a competitive
strategic advantage, enhance their performance, and determine the evolution of
green supply in a different era. The green
supply chain initiatives among certified PDO in Malaysia and environmental
sustainability: investigating the outcomes. They explain that many studies
conducted for the performance outcome and the green supply chain initiatives.
After adopting the green supply chain initiatives, the study also tries to get
the actual environmental, economic and intangible outcomes for the different
organizations. Different scenarios and different situations also analyse
according to green supply chain effect on the organizations (Mcinnescooper.com, 2014). Some of the most
common examples of CSR include participating in fairtrade, charitable giving,
reducing carbon footprints, improving the labor prices, corporate policies that
takes company one step ahead towards the benefits of the environment,
environmental and social conscious investments.
Role of leadership in promoting sustainability
Sustainability is
that kind of implementation in an organization that will make the working of
the organization harder as this is the PDO leaders responsibility to follow all
the things that will get them towards the sustainability effects for sure. The
main thing is that sustainability is not something a project or a task to
accomplish. It is a way of keeping the atmosphere human friendly and this makes
them comfortable to work in the organization. Several things are considered carefully
and efficiently while making sustainability effective and successful in
organizations. PDO is working very smartly on the sustainability aspect as they
are going to use that kind of resources or you can say strategies that will
surely make the atmosphere sustainable and allow the things to go on smoother
and advance as well. A lot of things are there that will make the atmosphere
sustainable by their will and this highlights the true efforts of the leaders
of PDO. The leaders in PDO are responsible for keeping the sustainability at a
higher level and it makes the things innovative and predictive allowing the
things to be very much smarter and clear in terms of keeping the atmosphere
sustainable (PDO.MO.CO, 2016).
Several things are going to be implemented
there which not only making the sustainability improved and in higher ratio
results are getting out in a quite positive way. The sustainable environment is
good to have in the organizations as this will not only make the things working
inflow but it will also allow the things to be more improved and more enhanced
that not only keeps the working in a manageable form but also in making the
things improved you have to work on the aspects that will assure the sustainability
implemented well in your organization. OPD leaders are experts in their
workings and they are going in the right way to choose the right aspects of
having a sustainable atmosphere in their organization. This is the main thing
that is making them renowned in other working organizations. A lot of things
are going to be discussed by the main concerned management and leaders in the
organization as in they are going to get higher spaces allowing the aspects to
be more innovative and appropriate for sustainability. The more your
organization will be sustainable the better they will be able to give the
working efficiency improved and efficient. (PDO.CO.MO, 2016)
Internal and external factors determining the sustainability
Internal and
external factors have tremendous effects on the sustainability factors of the
organization. PDO has a very systematic way of working and it is allowing the
things for the betterment and efficiency of the organization and its
sustainable environment for sure. The sustainability is not a thing that you
can keep at someplace it's the strategies and it is the efforts that have to be
done by all the people in an organization. PDO has a very innovative and authentic
form of sustainability implementation that allows them to have the best
practice of sustainability in the organization. There are many of the things that
make things sustainable as they are making the atmosphere clean and hygienic by
keeping complete cleanliness in the organization. PDO has implemented many of
the expert’s leaders that are working efficiently and effectively in this way
as they are going to have the best practice which is signed at MOU in Oman. (Twproject.com, 2018).
This is the thing
that is making the workings very much advance and highly satisfied as well. As
we know that green, supply is the most common factor used in different
organization by replacing the old supply chain management. Green supply means
that no involvement of harmful material and factors utilize during the
productivity of the products in the organizations. Green supply also provides
environmental sustainability and help to implement the green system at all
level of the organization. Green supply also works with eco-friendly methods
that enhance the performance of the organization according to environmental
sustainability and maximum utilization of green elements in the management and
production of the product without harming the environment.
Green supply is
also cost-benefit for the organization because it prefers to cost-saving and
minimizes the waste material by using effective ways of production and help to
enhance the level of production with safety features. The public image also
became more strong by using the green supply as they consider that organization
depend on organic products and also minimize the utilization of harmful factors
because they implement the safety environmental features within the
organization and also enhance the level of product according to safe and
healthy factors that develop a strong relationship with its all customers and
the employment of corporate environment practice like green innovation and
green supply chain management forcefully implemented in the organizations with
the government regulations according to the emerging environmental awareness of
the public (Patrick Gleeson, 2019).
Leadership and Vision Including Improved Overall Performance and Internal
and External Reporting
They explain that PDO
needs to implement the practice of green supply chain management for formal
control from the customer through contract and monitoring. Customer trust and
cooperation also play an important role in this regard. Four different
hypotheses for mediation and moderation effect also determine for the practice
of green supply chain and develop economic and environmental performance. PDO
need for the cooperation and reciprocity with customers to obtain performance
and economic condition through green innovation and provide a better
relationship of the customer with the PDO. The effects of green supply chain
management on the supplier's performance through social capital accumulation.
The author explains that through structural and relational social capital, the
effect of investigation on GSCM can be seen on operational performance and
supplier environment (Davoren, 2011).
By using the
analysis of exploratory factors, it also identifies the relational and
structural dimensions of environmental, operational and social capital of
supplier performance dimensions as green supply chain practice, environmental
management maturity and green performance with direct and indirect effects.
They explain that the conceptual model depends on the green performance, green
purchasing and collaboration with customers, adoption of the external practice
of green supply chain management, environmental management maturity and quality
management relationship. Different research hypotheses also explain in this
term and help to explain a better relationship with each other. They explain
that reactive and proactive practice of deployment of the green supply chain
management and analyses their impact on the business tragedy, environment and
economic factors.
Also, give more
focus on the organizational objectives to meet the targets of the organization
and maintain its performance by using new and innovative techniques of green
supply chain management among the organization. The sustainability performance
factors and different dimensions of green supply chain management have a strong
relationship with each other and these will affect the social. Economic and
environmental performance by examine the different directions of green supply
and determine their effects on the sustainability performance of the
organization (Donnelly, 2019).
The green supply
helps to maintain a long relationship with the performance because it explores
new and innovative methods to improve the level of performance. Green innovation and green supply chain
management improve the performance of the environment to encourage them
according to new rules and regulations with green
practice and process innovation. They explain that in this study focus give on
the process of innovation, green and lean practice that enhances the
performance of a green supply chain.
Conclusion Corporate Governance
and Leadership concerning Sustainability
The corporate
social responsibilities can be further subdivided into four categories
including Corporate Environmental Responsibility, Corporate Economic
Responsibility, Corporate Human Rights Responsibility, and Corporate
Philanthropic Responsibility. Our aim here was to evaluate the impact of
leadership and corporate governance for the development of relations towards
the sustainability. The development contributes the fulfillment of the
communities and depends on the appropriate usage of CSR in the society of Oman.
Bank Muscat introduced a committee that work for the development of
sustainability for the recent and future projects.
References Corporate Governance
and Leadership concerning Sustainability
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