BUS102 Management and Corporate Social Responsibility

Fortescue Metals Group is an iron ore industry, which is leading globally and is recognized mainly for its innovation, culture, and development of world class infrastructure that is leading industry and the assets of mining in Western Australia and Pilbara. It was founded in the year 2003 a major iron ore deposits are discovered and developed by Fortescue and has constructed few of the most important mines in the world (Mission & Vision, 2017).

It is now producing around 165 to 170 million tons of iron ore every year, so the company now grown into the stage of one of the largest producers of iron ore globally and is mainly focused on the company’s vision of being lower in cost, safe, and the most profitable producer of iron ore. The operations of the company in the Pilbara will go on in four mine sites (Hill, Jones & Schilling, 2014).

The key vision or the mission statement of the Fortescue Company is to be the safest, most profitable, and the lowest cost producer of iron ore. In order to achieve this vision, the company focuses on getting the best out of all people by making sure that the exceptional culture and environment is maintained with their vision and values.

The company works like a family where its culture will be guiding the actions and helps them to succeed. They have a commitment to a single team and they think of the entire business in everything that is done by them.

From all their statements, both the companies appear to meet the smart test.

Values of the organization

The Aristocrat is a company with ideas at its heart, which implies that there is an innovation that is embedded into each and every feature of their business.  Irrespective of what they design such as sleek new cabinets, finest quality game content or award winning systems they will be applying new thinking and creativity in delivering the gaming experience that is world’s greatest every day (Kinicki et al., 2014).

The following are the values which are followed by the company for benefitting the clients and to constantly focus on their mission and vision statements for having long term in the future on the various aspects which include:

Happiness of customer: to deliver the positive attitude so that it would shape their future brighter ahead

Fairness: It would be as wide ranging as their brand

Consistency in the quality: whatever they do innovatively, it is taken care that it is done in a better way

Maintaining transparency: All rules are clearly followed where they take the complete responsibility

Making continuous improvement: They have a commitment as a team and is coordinated with word, heart, and mind

Innovation: The Company gathers all the information from the intellects and connects them together for the best innovative outcome of the idea

Reliability: They would be realistic

Commitment: They always do the best

The philosophy of Fortescue is simple. From all the assets of the company, one of the important things that are valued most and is taken as the most powerful aspect are their people, which means employees and staff and their culture in the office environment. If you become a part of the Fortescue family, then you will be in a position to access the wide range of benefits which are values given to the employees.

Embracing the innovation is the main value which is engrained deeply in the Fortescue Company and is the key approach to their business since it is the first company in the entire Western Australia that is involved in controlling the railway from external regions of operation and is the first company all over the world to use the technology of autonomous haulage on a commercial scale.

As a proud company in Western Australia, the company Fortescue gives value to its relationship with the main stakeholders by employing together by managing positively and by creating opportunities for the native people, they would build up communities for them, one of their values is to protect the environment, and to strengthen the economy of Australia in a broad way.

The values of the companies are specific, measurable, achievable, realistic, and are delivered on timely manner.

Corporate social responsibility or Sustainability

At Aristocrat as a part of corporate social responsibility they believe in giving back something good to their communities at which they live and work by providing their support to the charities which will be reflecting the values of Aristocrat and their 3000 employees all over the world. Each and every employee is given encouragement in participating in the activities of fundraising for their local region where they are given one day paid leave and is made available every year so that they can volunteer and provide their support to the charity of their own choice (Muller, 2014).

Giving back will not help them in building better communities, but also sparks their passion and the purpose in their employees. It can be noticed every time they feed homeless people, work in the animal shelter or provide volunteer services to the charity (McKenna, 2017).

The commitment of Aristocrat is to be socially responsible and to reflect the ethical, sustainable business in the environmental initiatives. In this production of energy and programs of recycling, proactive strategies for saving water and energy, following strict environmental controls while manufacturing and maintaining the fuel efficiency in their vehicles.

The commitment of Fortescue is to deliver the social change in a positive way by contributing to final shortcoming among the native people in the Pilbara, in the workplace by promoting diversity and by addressing the challenges thrown by the environment such as changes in climate is considered to be the important elements in the corporate social responsibility strategy of the company (Suliman, Al-Khatib & Thomas, 2016).

The values of Fortescue sit at the top of the approach of the company to CSR. The values of Fortescue will set the ethical and moral compass through which the company will be undertaking its business. The essential standards are established by the code of conduct in personal and corporate conduct and behavior which is expected from all the employees of Fortescue. Fortescue approves or it has joined many voluntary initiatives formally in promoting the highest level of standards with respect to CSR in which engagement with the United Nations Global Compact is also included (Salib et al., 2015).

From the report, it has been analyzed that the CSR initiatives of Aristocrat and Fortescue is realistic and timely apt and meets the smart test.

Stakeholders mentioned in their corporate statements

In this section, the stakeholders of Fortescue company are mentioned which are in line with the statutory and regulatory obligations of the company. It has been predicted by the market that the market share would be pursued by the multinationals ahead with respect to the total returns for the shareholders and the public stakeholders.

For the long term success of Fortescue corporate governance that is effective is found to be the critical element which is contributing to that. The internal and external stakeholders such as board members and all levels of management along with public stakeholders they are committed fully to maintaining and enhancing the corporate governance so that it can contribute to the vision continuously as the safe, low cost, and most profitable producer of iron ore (Tai & Chuang, 2014). The Fortescue Company has the commitment to meeting the needs of the ASX Corporate Governance Council Principles and Recommendations.

The Aristocrat Company has the commitment to working in partnership with governments, regulators, and industries and the integrity with core values and respect for the people along with the communities within which the company will be operating by underpinning the relationships with all the stakeholders.

The offices of Aristocrat are located at various places such as Australia, Japan, South Africa, USA, New Zealand, etc. Every individual will be focusing on fulfilling the requirements of customers at various levels while the structure of global management will be driving the innovation in business areas. Aristocrat working with stakeholders is known to enjoy outstanding performance and well-earned reputation and has built the brand equity strongly all over the world.

References

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Aristocrat | Gaming Technology | Poker Machines. 2017. Aristocrat | Gaming Technology | Poker Machines. Retrieved 9 August 2017, from https://aristocrat.com/

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Hill, C.W., Jones, G.R. and Schilling, M.A., 2014. Strategic management: theory: an integrated approach. Cengage Learning.

Kinicki, A., Williams, B.K., Scott-Ladd, B. and Perry, M., 2014. Management: A practical introduction. McGraw-Hill Education Australia.

Mission & Vision. (2017). Thearistocratgroup.com. Retrieved 9 August 2017, from https://thearistocratgroup.com/mission-goal/

Muller, A., 2014. Corporate social responsibility. Wiley Encyclopedia of Management.

McKenna, C., 2017. Introduction from management consultant to psychological counsel.

Suliman, A.M., Al-Khatib, H.T. and Thomas, S.E., 2016. Corporate Social Responsibility. Corporate Social Performance: Reflecting on the Past and Investing in the Future, p.15.

Salib, J., Sun, D., Wu, J., Wen, X. and Huang, C.C., 2015. Corporate Social Responsibilit

Tai, F.M. and Chuang, S.H., 2014. Corporate social responsibility. Ibusiness, 6(03), p.117.