Oceanic Pharmachem Private Limited (OPPL) believes that superficial attempts to practice CSR give an instance of how aims and goals are subverted for safeguarding profits.
Green Washing refers to the practice of the corporate spin employed by a company in declaring itself to promoting environmentally friendly policies whereas in reality, the company does not live up to the rhetoric. Many companies do not usually “walk the talk” with intermittent instances of them indulging in practices that they otherwise repudiate in public.
Green Washing or Corporate Spin, is a practice that should be avoided by companies at all costs. Each company’s corporate governance council, responsible for overseeing the activities of its CSR and ethical standard compliance, has to be the nodal committee for ensuring that there is no “spin” on the business practices.
The opponents of CSR argue about the current recessionary times and the difficulty in practicing CSR when the focus is on cutting costs and improving the bottom line. A corporate philosophy that strives for good beyond mere profits and which believes that goodness can be good for the bottom line, is necessary to inculcate. At a time of financial crisis, climate change, vast economic disparities, and pandemics, the existence of such philosophies trying to right wrongs and fix things, is certainly welcoming and desirable.
The notion that a firm exists solely for making profits belongs to the old paradigm. A firm does indeed exist for things other than profit and hence, the practice of CSR has to be enforced rather than merely suggested. The current times point to the dangers inherent in the old paradigm and to the central challenge of ensuring transition to a new paradigm. Hence, the need of the hour is for businesses and regulators alike to embrace CSR.
In conclusion, companies and businesses must work together with the governmental agencies to promote sustainable practices and alleviate the severe environmental and social problems and in this respect, firms should look beyond their bottom line and have a social component in their accounting statements as a means of measuring the overall impact of their businesses. Corporations have a duty to make the world a habitable place for future generations and focus on sustainability instead of destruction.