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COMMERCE 7016OL Corporate Social Responsibility

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Question:

With the start of the Hayne Royal Commission into banks and financial services throwing up horror stories of banks behaving badly, Australia's former prime minister Tony Abbot has had a lot to say:
Tony Abbott says the big banks should have focused on treating their customers ethically rather than spending time “virtue signalling” on “politically correct subjects”.
The former prime minister attacked the financial services industry for the revelations unearthed in the Hayne royal commission, declaring the boards and executives should have kept the focus on their core businesses rather than making political statements.
The big four banks publicly supported same-sex marriage in last year’s plebiscite and have all ruled out providing funding for the Adani coal mine.
“I’m very disappointed in the banks and you wonder how much better the banks would have been if they had been focused on doing their core business honestly and ethically rather than running around the place virtue signalling on any number of politically correct subjects,” Mr Abbott told 2GB radio (Brown, 2018).
Mr Abbott clearly is not a believer in corporate social responsibility (CSR), instead dismissing it as "virtue signalling". Whether he is right or not, the benefits of CSR remain in dispute. Advocates of a narrow view of CSR are not against social responsibility, they just believe that by being good, profitable businesses (without ripping off customers and other stakeholders), companies are being socially responsible by sharing capital across the economy. In contrast, advocates of the broad view of CSR are not against profit, they just believe that there is more to business than "the bottom line". Having said that, there may be times when, for either side of the argument, focus is lost and terrible, unethical things are done. Perhaps Mr Abbott is right?
The purpose of this assignment is not to decide who is right and who is wrong in this argument. Instead you will take steps towards being an ethical decision-maker by being informed of the key aspects of each side of the CSR debate.
To complete this assignment, you are to research the academic literature on both the narrow and broad views of CSR and write a report that:
1.Reviews the literature on these views, and
2.Provides a comprehensive answer to Mr Abbott's position that 'the banks would have been if they had been focused on doing their core business honestly and ethically rather than running around the place virtue signalling on any number of politically correct subjects'. You must answer this statement by either supporting it (and explaining why) or rejecting it (and explaining why).
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