Answer to Question #215061 in Economics for Doris

Question

1.List the activities of the GOIL Foundation.

2. Identify the stakeholders affected by the Corporate Social Responsibility of GOIL.

3. How have these stakeholders been affected?

Answer 1

1) Over the last decade, GOIL has consistently embarked on Corporate Social responsibility (CSR) programmes that impact positively on the social and economic well-being of the people in communities the company operates in. In consonance with the company’s Community External Policy, GOIL has committed to managing its operations in a manner that positively impact on the quality of lives of the people and communities GOIL interacts with.

 In line with this objective, GOIL’s Corporate Social Responsibility strategy has been anchored on three Sustainable Development Goals (SDG). They are GOAL 3, which puts emphasis on the Improvement of Health and Well-Being of people; GOAL 4, which emphasizes on the Delivery of Inclusive and Equitable Quality Education and GOAL 6 which deals with the Provision of Clean Water and Sanitation.

2) The main stakeholders of the GOIL CSR policy are local communities, GOIL workers, GOIL suppliers and customers.

3) Local communities are being affected through the environmental disturbances;

GOIL workers are being affected through working conditions and salary; GOIL suppliers and customers are being affected through the corporate standards and image.