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Essay on A Comparison of the Enron Scandal versus the Parmalat Scandal
Introduction
Corporate social responsibility is a concept that was coined in the 20th century to describe corporate responsibility associated with the manner in which companies are operated and managed. It is expected by the public at large that companies will be managed in a responsible manner, taking care of workers, the community and the environment while carrying on with their goals and corporate functions. Profits and business goals are expected to be achieved without hurting the interests of the community at large and trampling on others. A company or a corporation is considered to be a legal person before the law and it is expected to comply with the law and fulfill its legal obligations to others. Although a body corporate is a separate entity from those who own and operate it, it is expected that the corporate managers will protect the interests of the stakeholders in the company, the employees, those who have dealings with the company and members of the community at large to the extent required by law. Businesses today are expected to have a conduct which goes beyond the mere legal requirements to comply with the law and are in fact seen in a better light if they have done some good for the community in which they operate.
Conduct going “beyond law” may include ethical treatment of customers and business relations, philanthropy in which profits made by the company being shared by the community and stewardship or paternalism for the workers and others. Thus corporate management or governance places heavy responsibilities on those who manage business organizations (World Council for Corporate Governance).
Because of the expectations that are associated with regard to the management of business corporations, any corporate wrongdoing especially by those corporations that are considered to be wealthy and successful catches the public......
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