For a corporation to act socially responsible it must hold itself socially accountable to itself and all its stakeholders. In order to accomplish this, the organization's focus must not merely be on the service or good it produces, but on how its presence and operations in the community effect it. For example, is the production process operating in an environmentally safe way that reduces both hazardous and solid waste? Another key action to watch for is, if there is an adverse response to the way the organization is operating within a community, does it take responsibility, address and solve the issue immediately? An organization that has an established corporate social responsibility plan will take the concerns of the stakeholders seriously. Socially responsible corporations generally are involved in the community and participate in charitable events and programs. Overall, corporate social responsibility includes a broad range of ideas and issues.
One organization that believe is acting socially responsible is Goodyear. Goodyear is a tire and rubber manufacturing company that was founded in Akron, Ohio in 1898. In order to stay competitive, over the past century Goodyear consistently evolved and adapted to the standards expected by the Government, society at large, and the rest of its stakeholders. Goodyear focuses on its four key pillars to stay mindful of its responsibility efforts. Those four pillars are:
· Sustainable Sourcing
· Responsible Operations
· Advanced Mobility
· Inspiring Culture (Goodyear, 2020)
When a problem arises, Goodyear has stepped up and taken responsibility for its actions as well. In 2015, Goodyear reached a settlement with the U.S. Securities Exchange Commission (SEC) for violating the U.S. Foreign Corrupt Practices Act (FCPA) and was ordered to pay a $16 million dollar fine. (The National Law Review, 2015) Since it admitted its actions and took responsibility Goodyear was still able to maintain a good reputation and didn’t lose the trust of the majority of its stakeholders. The dedication that Goodyear has to becoming known as a socially responsible corporation, both nationally and internationally, has begun to pay off and for the past decade its repeatedly made the Forbes list of the Most Reputable Companies For Corporate Responsibility. (Valet, 2018)
References
Goodyear. (2020). Corporate Responsibility. Retrieved February 13, 2020, from Corporate.Goodyear.com: https://corporate.goodyear.com/en-US/responsibility.html
The National Law Review. (2015, February 15). Goodyear’s Settlement with the SEC Emphasizes the Importance of FCPA Due Diligence in M&A Transactions and of Having a Robust Anti-Corruption Policy. Retrieved February 13, 2020, from natlawreview.com: https://www.natlawreview.com/article/goodyear-s-settlement-sec-emphasizes-importance-fcpa-due-diligence-ma-transactions-a
Valet, V. (2018, October 11). The World's Most Reputable Companies For Corporate Responsibility 2018. Retrieved February 13, 2020, from Forbes.com: https://www.forbes.com/sites/vickyvalet/2018/10/11/the-worlds-most-reputable-companies-for-corporate-responsibility-2018/#221bb3133371
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