Business Submission
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Genres: Business, Finance

When proposing a set of recommendations, make sure to look at the supply chain of the business to understand how your two principles may relate to the operations of your business. It is then your task to develop a persuasive report recommending strategies for ALL of the Local Network companies to adopt.

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Business Submission

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Introduction

Sinopec Ltd is one of the major Chinese oil and gas companies. The company is dedicated to implement the global standards with respect to social performance. In this report, Sinopec Ltd is proposing recommendations with respect to business practices and approaches that will ensure compliance to the following two principles of United Nation’s Global Compact initiative (United Nations Global Compact 2014):

? Principle-1: Businesses should support and respect the protection of internationally proclaimed human rights

? Principle-7: Businesses should support a precautionary approach to environmental challenges

Review

The Sinopec and other companies in the market place are following various approaches and business practices to achieve compliance to the Ten Principles of Social Performance of Global Compact. Here are some of the business practices that are used to achieve compliance to Principle-1 and Principle-7 (Scherer and Palazzo 2011, 909):

? Principle-1:

o Providing healthy and safe conditions at the work places.

o Providing freedom to from unions to represent the issues of the employees.

o Providing an atmosphere where the religious and other beliefs of the employees are respected.

o Ensuring that the financial benefits provided to employees are sufficient to meet their basic necessities.

o Creating a culture where any kind of discrimination is not allowed.

o Not allowing any kind of labour malpractices.

 

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