Question.2590 - Corporate Responsibility over time For quite sometime it has been expected that corporations will put forth an effort to support the community,society and leave a positive social footprint. let's Look at two of the biggest disasters in history - the Valdez and BP oilspills. Valdez Oil S12ill E3> BP Oil SP-i!L E3> Now, research what each company did immediately AFTER the accidents. What did they do? Why? How has the growth of social responsibility changed how corporations handle these types of situations, Remember accidents happen. neither one was intentional or our of negligence. This is a hot topic so be respectfulof each other's options. Post your original post by Wednesday night at midnight. This rubric will be used to grade each week. discussionboard rubric.docx _:!'., Read all other student's postings as the week progresses and return to the thread to respond to the comments of your classmates. Remember to address other students by name if you are responding to them directly. Please begin your discussions by Wednesday of this week.You must respond to a minimum of 3 peers with va lue added comments by Sunday at midnight CST. ! view the Week 8 Activities Pagel
Answer Below:
Corporate Social Responsibility The Exxon Valdez oil spill occurred on March 24, 1989, releasing approximately 11 million gallons of crude oil into Prince William Sound, Alaska (National Oceanic and Atmospheric Administration, n.d.). Following the accident, Exxon took several steps to address the spill's impact on the environment and society. Some of the actions taken by Exxon included: 1. Mobilizing an emergency response team to clean up the spill and contain the damage. 2. Providing financial compensation to the people affected by the spill, including fishermen, Native American tribes, and local residents. 3. Establishing the Exxon Valdez Oil Spill Trustee Council, this oversaw the long-term restoration of the environment. The Deep-water Horizon oil spill, one of the largest environmental disasters in history, occurred on April 20, 2010, releasing approximately 4.9 million barrels of oil into the Gulf of Mexico (National Oceanic and Atmospheric Administration, n.d.). Following the accident, BP took several steps to address the spill's impact on the environment and society. Some of the actions taken by BP included: 1. Launching a comprehensive cleanup effort to remove oil from the ocean and shoreline. 2. Establishing a $20 billion compensation fund to pay for damages resulting from the spill. 3. Launching a long-term environmental monitoring and research program to study the impact of the spill on the environment and wildlife. The growth of social responsibility has changed how corporations handle these types of situations. In the past, corporations were primarily focused on minimizing their financial liability and limiting negative publicity. However, the rise of social responsibility has 3 encouraged corporations to take a more proactive approach to environmental and social issues (Carroll & Shabana, 2010). Today, corporations are expected to take responsibility for their actions and make a positive contribution to society. As a result, corporations are more likely to take swift and decisive action to address environmental disasters and other social issues. They are also more likely to work collaboratively with local communities and stakeholders to find solutions to these problems. 4 References BP. (n.d.). Deepwater Horizon Response. Retrieved from https://www.bp.com/en_us/bp- us/deepwater-horizon-incident/response.html. Carroll, A. B., & Shabana, K. M. (2010). The business case for corporate social responsibility: A review of concepts, research and practice. International Journal of Management Reviews, 12(1), 85-105. (2019) The 1989 Exxon Valdez oil spill explained - TomoNews. YouTube. Available at: https://www.youtube.com/watch?v=h0KDEenmcu8 (Accessed: February 28, 2023). How the BP Oil Spill Happened 10 years on: The Deepwater Horizon Disaster (2020) YouTube. YouTube. Available at: https://www.youtube.com/watch?v=vyfxInWQU9o (Accessed: February 28, 2023). National Oceanic and Atmospheric Administration. (n.d.). Deepwater Horizon oil spill. Retrieved from https://response.restoration.noaa.gov/deepwater-horizon-oil-spillMore Articles From Marketing
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