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Multinational Corporations In Political Environments

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Question:

Discuss about the Multinational Corporations in Political Environments.
 
 

Answer:

Introduction:

The company in focus today is an Australian – British multinational by the name Rio Tinto.  It is the second largest metal and mining corporation in Australia after BHP Billiton and among the largest mining corporations in the world. The company was initially founded in 1873 in Spain when a group of investors formed a consortium and purchased a mine complex in Rio Tinto. This was in Huelva area of Spain and was bought from the government. It is a leader in production of minerals like aluminum, copper, uranium, iron ore, diamonds and coal. Through mergers and acquisitions, the company has grown in leaps and bounds since its inception crossing borders into many countries and becoming a multinational. Its primary focus is mineral extraction although it has significant refining operations in Canada and Australia (Dunning, 2013).

Rio Tinto has joint offices that act as its headquarters for operational services. As a British- Australian multinational, it has offices in both London and Melbourne Australia. In Britain it operates as Rio Tinto global plc. While in Australia it operates as Rio Tinto Limited. It is also a duo- listed company and trades in both the London Stock Exchange and the Australian Security exchange. It is also a S&P / ASX 200 component. It owns many subsidiaries which are fully or partly owned.

It has more than 50, 000 employees globally while it has many in Australia and United Kingdom. It is among the largest employers in Australia (Rio Tinto, 2008).

 

The company operates under the duo- listed company structure which operates as the executive committee and the board of directors. The major executives under the company are

  • Jean-Sebastian Jacques- CEO
  • Jan Du Plesis- Chairman

The company’s failure to diversify in its earlier stages of mergers and acquisition led to BHP doing very well in Australian mineral sector.

The purpose of this article is to provide the reader with an overview of the impacts of the mining industry on the environment and give an insight into the relationship between the industry and sustainable development.

The economic development of countries and society is a product of an important contribution of the mining industry, since through it materialize dreams of families, entrepreneurs and society in general. It is, argued that the mining sector has enormous influence on economic activity, employment and growth rates (Adeyeye, 2012).

Characterization of environmental impacts in the abiotic environment
The mining industry associated with the development of countries, the generation, improvement and transformation of structure, undoubtedly seeks to meet the needs that society presents.

On the other hand, its environmental management has as objective to treat the impacts or changes, whether adverse or beneficial, derived from the different practices in the different stages of the development of a mining . In this context the aspects of the human and natural environment and their interactions with mining projects are highlighted.

The industry in question includes several sources of pollution that can be framed in the different aspects and environmental impacts typical of the economic sector and that modify the abiotic component of the ecosystems, that is, the soil, the air and the water, as described then (Mining in Western Australia, n.d.):
 Soil: it is fundamentally altered by solid, liquid and / or hazardous waste generated in industry and associated with dismantling, cleaning, dismantling, excavation, demolition, hydraulic works and road mining, among others .

 


The law states that the discharge of mining debris and debris has many negative effects on the environment, among others: pollution, excessive use of materials with the consequent loss of natural resources, degradation of landscape quality and alteration of Natural drainage. On the other hand, the waste of material, hand of
Work and transport that involve the residues, has also negative consequences, since it raises the final costs of mining.

In the final course of the useful life of the mining, all materials used often become debris, ie large amounts (50%) are presented as waste materials.

Just as waste has important influence on soil, land use, acidification, eutrophication and Eco toxicity also do so, and are fundamentally characterized by the change generated to the ecosystem (Sleeboom-Faulkner, 2010).

The earth movements generate alteration of the geomorphology, the loss of vegetation cover, cause faster erosion processes and sometimes, when using explosives for excavations in the mining industry, it is possible to generate slopes instability which would lead to A risk of landslides and landslides that can generate both infrastructure losses and human losses.

The mining industry has had a strong influence on the development of nations, both in their economic structures and in the well-being of the community. However, inherent to its actions and its economic activity, this industry is continuously in interaction with the environment, having as a priority the respect and conservation of the same.

Environmental management is a necessity and a strategy for the sustainability of a country's economy. The starting point is the identification of environmental aspects and the evaluation of the environmental impact, in order to analyze and evaluate the effects and modifications that can have a system, organization, project or mining site.

 


Considering cities as ecosystems vulnerable to economic, social, cultural and environmental actions, these are seen as sources of pollution of the environment, given the burden they bear in terms of population, resource decline and industry in general. A framework of sustainability, the mining industry has a challenge and responsibility to include environmental management in the value chain of its constructive developments, paying special attention to the excessive consumption of the world resources as one of the main components of the starting point of all development (Rio Tinto Business With Communities Program, 2000).

The objective of this article is to explore the main regulatory challenges for the multilateral trading system arising from new technologies and their implications for Australia and New Zealand.
The second section presents an overview of the impact of some disruptive innovations on world trade, highlighting changes in forms of production and exchange, new types of goods and services, and other trade-related costs. The third section examines the challenges for the multilateral trading system, exploring both horizontal issues and sectors that will require regulatory changes. Finally, the fourth section analyzes the opportunities and the challenges that open up with this scenario for the countries of the region.

Proposals to reform the current global tax system are clearly insufficient and institutions promoting international cooperation in the tax field are not inclusive enough. "

That is the conclusion of the Independent Commission for the Reform of International Corporate Taxation, which today will reveal a document that includes global recommendations on the subject, and in which the.

Likewise, the statement points out that abusive tax practices constitute a form of corruption. "This is true even when corporate practices adhere to legality and when they use their political influence to bring about tax laws that give them room to commit such abuses."

They also ask that multinationals tax as a single entity doing business on an international scale. "This is the key to any reform in this field, because multinationals usually structure transfer pricing and other financial arrangements to transfer the benefits they generate to screen companies based in jurisdictions with low taxation (Squire, 2013).

Likewise, they refer to the tax havens, which they accuse of facilitating abusive tax maneuvers that generate enormous damages for the world community.

In the declaration of principles, the group of experts calls for greater transparency and access to the information of global companies, while recommending to broaden the debate on the tax avoidance of multinationals and make it more accessible to the public.

 


In addition to single taxation and transparency, the Independent Commission for International Corporate Tax Reform recommends curbing tax competition, ensuring compliance with regulations, reform tax treaties and developing a more inclusive system of international tax cooperation.
Instead of allowing income derived from the control or ownership of intellectual property rights to a low taxing jurisdiction, such income should be attributed to the jurisdictions where the intellectual property was developed or, if sold, Allocate according to objective economic factors such as sales and employment.

The Commission argues that States should examine the side effects of the tax advantages they grant to multinationals and eliminate those that would lead to tax evasion in another country. All countries should make public the incentives, tax advantages and income exclusions they offer to global companies.
The report says it is necessary to take further legal action before the Australian Commission to clarify the factors that qualify certain tax benefits granted to companies as illegal state aid and curb the use of tax advantages.

The Commission recommends imposing criminal sanctions on abusive practices and developing a tax withholding model, which requires the withholding of taxes on payments of interest, dividends, royalties and other payments between subsidiaries of global companies, before That such payments cross borders.

What are the treaties, conventions or agreements that have impacted on the products or services that multinational company provides in Australia?

In the final statement, experts say that not only "there are abusive tactics in the tax field by multinationals, but this increases the tax pressure on other taxpayers, violates corporate civic obligations, robs countries developed and developing critical resources to fight poverty and to finance public services, exacerbate income inequality and increase dependence on developing countries for official assistance.
Technological changes are profoundly transforming international trade, modifying the mineral and products that are exchanged, as well as the ways in which they are produced, stored, distributed, transported and traded. This new scenario opens up a variety of trade policy questions

The reality of the country's mining infrastructure is that it has had more stumbling blocks than the President of the Republic, ,estimated at the beginning of his term, when he assured that the mining-energy locomotive would remain 'at full steam' , A situation that has not been fully addressed for different reasons, such as illegal mining, infrastructure attacks and the lack of more roadways, more modern ports and an expansion of the pipeline network.

The expert says that infrastructure in the regions is key, but much more important is to forge a transfer of knowledge with communities and employees of companies to generate a more comprehensive development (Sleeboom-Faulkner, 2010).

The Australian Petroleum Association, one of the challenges for Australia is to play 'from you to you' with its trading partners and in turn 'conquer the Asian markets together'.

And in this struggle to achieve international standards in the field of crude oil, the country is achieving some of the goals it had set itself, such as the sustained production of more than 1 million barrels a day of oil, thanks to foreign investment.

The outlook for Australia is encouraging in terms of clean and sustainable energy and an example of this is that most of the electricity

The potential impact of these technologies on labor markets and income distribution could be very significant. On the one hand, many jobs, especially those with lower qualifications and lower wages, would disappear as they were automated. On the other hand, new occupations related to these technologies will emerge, while the human attributes more difficult to substitute like creativity, emotional aspects and interpersonal relationships will gain relevance. Tasks where there will be greater opportunities will likely correspond to higher levels of education and better.

With regard to the single tax return, the Commission asks States to "reject the artifice that the subsidiaries and branches of multinationals are independent entities entitled to separate tax treatment. Likewise, they propose to establish models of agreements that facilitate the participation of different jurisdictions in the distribution of income and costs attributable to a multinational that operates in these jurisdictions.

Air: its alterations are associated with dust, noise, CO2 emissions as a result of, among other activities, the use of fossil fuels, use of minerals, excavation, cutting of slopes and operation of machines and tools. For the specific case of sulfur dioxide, Medineckien, et. Al.

 

References

Adeyeye, A. (2012). Corporate Social Responsibility of Multinational Corporations in Developing Countries. 1st ed. Cambridge: Cambridge University Press.

Dunning, J. (2013). Multinationals. 1st ed. Routledge.

Kind, H., Midelfart-Knarvik, K. and Schjelderup, G. (2004). Trade and multinationals. 1st ed. London: Centre for Economic Policy Research.

Mining in Western Australia. (n.d.). 1st ed. Perth, W.A.: Chamber of Mines of Western Australia.

Multinational Corporations in Political Environments. (2010). 1st ed. World Scientific Pub Co Inc.

Overview of best practice environmental management in mining. (2002). 1st ed. [Canberra, A.C.T.]: Environment Australia.

Rio Tinto Business With Communities Program. (2000). 1st ed. [Melbourne]: [Rio Tinto].

Rio Tinto. (2008). 1st ed. Melbourne: Rio Tinto.

Sleeboom-Faulkner, M. (2010). Frameworks of Choice. 1st ed. Amsterdam: Amsterdam University Press.

Squire, A. (2013). Minerals. 1st ed. Danbury, Conn.: Children's Press.

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