Corporate Social Responsibility by Mineral Foundation of Goa - a Study

Abstract

Corporate Social Responsibility has long been a hot topic globally. Some corporations have won acclaim and awards for CSR. Two of them were BP, the oil giant, and Goldman Sachs, the big investment bank. CSR award-winners have typically engaged in green activism and philanthropy. British Petroleum changed its name to plain BP, and launched a highly successful image-building campaign, labeling itself "Beyond Petroleum". This showed BP as a green activist, with a new logo of a green and yellow sun. The company boasted that it was among the biggest producers of solar panels and wind power, but these accounted for barely 3% of its total business. "Beyond Petroleum" won two "Campaign of the Year" awards from PR Week, and a gold "Effie" award from the American Marketing Association. BP funded green causes and won green plaudits, brushing aside accusation of "Green Washing" by green peace. Goldman Sachs was the superstar of Wall Street. Its top executives rose to powerful political positions. Examples include Robert Rubin, Bill Clinton's treasury secretary; Hank Paulson, Bush's treasury secretary; Neel Kashkari, Paulson's bailout chief; Reuben Jeffrey, interim treasury investment officer; Stephen Friedman, Head of the New York fed; and Jon Corzine, former governor of New Jersey. Thomson Reuter's columnist, Chrystia Freeland has called CSR, "A fetish encouraged by the philanthropies that feed off it, and funded by the corporate executives who find that it serves their bottom line.". Consumers have been willing to pay more and buy more from companies with a CSR halo.