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Essay Available:
Pages:
9 pages/≈2475 words
Sources:
30 Sources
Style:
APA
Subject:
Business & Marketing
Type:
Essay
Language:
English (U.S.)
Document:
MS Word
Date:
Total cost:
$ 38.88
Topic:

Responsible and Ethical Business Practice: An Analysis of BP PLC

Essay Instructions:

As you are now writing your Assessment fir REBP, here are some guidelines to assist you.
Critically consider the position of your organisation/Industry in relation to sustainable and responsible business practice, in order to do this you will need to (1) critically evaluate and justify the need for responsible business; (2) explain the logic and underpinning theory associated with ethical decision making (normative, behavioural and management ethics), including the organisations approach to ethics and sustainability; and (3) explain how the various stakeholders are engaged with and impacted by this position. You should use real-world examples of current practice (including scandals or examples of innovative practice) to illustrate the position of your organisation. You may find it useful to compare and contrast the position of your organisation to others who operate in a similar field. Your task is to illustrate your understanding and appreciation of the ethical theory and how this is applied in practice to further the agenda of responsible and sustainable business behaviour and to consider recommendations to develop good practice within your selected organisation. Your recommendations should be in some depth rather than surface level solutions such as increased recycling or donating more money to charity etc.
Example Structure and Word Count
Context and Scenario (Guidance: 700 words)
Provide an overview of your chosen organisation and their approach to responsible business. Critically reflect responsible and ethical business approaches in line with relevant theory.
Ethical Underpinning (Guidance 700 words)
Critically evaluate the ethical, social, and environmental impacts of your organisation and consider how the organisation might become more ethical and sustainable. How might the organisation decide what kind of role it should take in contributing to the wider / macro environment? This should be underpinned with ethical theory and reasoning.
The Role of Stakeholders and Proposed Solution(s) (Guidance: 700 words)
Identify and evaluate the role of stakeholders in your strategy. What does the organisation expect from its stakeholders in its new responsible and ethical approach? To what extent is the organisation innovative relative to sustainability within its organisational context? You might include examples of past attempts by other organisations to become more ethical and sustainable . What steps might your organisation take in relation to various stakeholders to become a more sustainable and responsible business.
The Resolution (Guidance: 400 words)
Describe the issues linked to the situation you have identified. Reflect on this outcome and consider how your organisation might respond to these challenges in the future.

Essay Sample Content Preview:

Responsible and Ethical Business Practice: An Analysis of BP PLC
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Responsible and Ethical Business Practice: An Analysis of BP PLC
Context
Man has wrestled with questions of right and wrong for millennia to discover the best ways to deal with moral dilemmas. Despite this, humanity have only recently started applying ethics in business. Businesses primarily cared about profit making at the expense of ethical, environmental, and social considerations. However, things have changed over time consequently changing the expectations of businesses, with society demanding ethical and sustainable practices (Carroll et al., 2022). As Brinkmann (2021) underscores, the industrial revolution transformed business, ushering in an era of mass production and consumption. It also brought various ethical challenges, like exploitation of workers, environmental degradation, and unfair business practices. Hence, the need for ethical principles in business became increasingly apparent. Today, businesses are expected to operate in a socially responsible and ethical manner, taking into account their impact on employees, customers, communities, and the environment. De Bakker et al. (2019) highlight that this includes adhering to ethical standards, like honesty, integrity, and transparency, and implementing sustainable practices that minimize harm to people and the planet (p. 350). This case study draws upon various ethical elements to analyze the British oil and gas company, BP PLC, to explore its ethical application in its operations.
BP is a British multinational oil and gas company (and one of the largest companies in this sector worldwide) headquartered in London, UK. The company operates in all oil and gas industry aspects, including exploration, production, refining, and distribution. The company operates in over 70 countries worldwide, focusing on upstream and downstream activities (Elsayed & Ammar, 2020). Its products are used in many applications, including transportation, heating, electricity generation, and other industrial applications. BP also invests in renewable energy sources, such as wind and solar power, as part of its commitment to sustainability.
As Elsayed and Ammar (2020), the company is committed to sustainability and responsibility. Its strategy for conducting responsible business is underpinned by values that encourage ethical conduct, social responsibility, and environmental stewardship. The company values commitment to safety, transparency, accountability, and respect for human rights (Agudelo et al., 2020; Ruka & Rashidirad, 2019). It appreciates how crucial it is to include stakeholders and work together to overcome the issues facing the energy sector.
As such, BP has implemented various initiatives and programs to operationalize its principles. The company has invested heavily in renewable energy and is working to reduce its carbon footprint through low-carbon technologies and increased efficiency. Ansari et al. (2022) highlighted that BP recognized the role of oil and gas in carbon emissions and the role of low-carbon innovations in combating anthropogenic climate change trends. BP has also set ambitious targets to reduce green...
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