This week we read of the role of the Board of Directors in large, publicly trade

Question

This week we read of the role of the Board of Directors in large, publicly traded corporations to ensure that the Sarbanes-Oxley Act of 2002 is implemented in a way that mitigates unethical or illegal behavior. Select ONE of the following industries listed below and identify positive and negative examples of corporate social behavior – explain how that behavior affected (positively or negatively) that industry and what can/should be done to mitigate that behavior. As always, please support and justify your answer using APA formatted references. Respond to at least two of your classmates’ posts.

Airline

Banking

Healthcare

Retail

Fast Food

Explanation / Answer

Impact of corporate social behaviour in healthcare

1. Corporate social behaviour has played a significant role by showing the functioning of the hospitals in a transparent and honest way. This has resulted in a better judgment of the society about the challenges that this sector faces.

2. This can help the healthcare sector to showcase social issues that may serve in improving representation and improve the stakeholder commitment by presenting their performance indicators available to the people.

3. Getting the licenses for operating from all the key stakeholders, and not just shareholders.

4. Reputational risk includes risks related to loss of patients, hospital management, and can even hit the whole industry. The consequences could be immense like lost trust, and legal costs. Hospitals having sound corporate social behaviour mechanism does not hurt much in the occurrence of a reputation crisis.

But what is noteworthy is that of the Fortune top 1000 companies, among the 14 listed in the healthcare, not a single one has published any non-financial reports. A GRI list shows that of the 1000 plus businesses announcing in 2008, mere 8 from the healthcare reported sustainability performance.

The healthcare sector requires abandoning the obsolescent suspicion that what can be good for patients and society may not be good for business.Doing the reasonable thing for patients and community is preparing the right
thing for the sector's long-term vitality. Also, innovation and different ways of reasoning, patients can be put –not quarterly reports–leading.

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.