Problem: MOD Structure and CSR
Title: Value creation→ Discussion of benefits/costs brought about by governance and CSR
Goal: Discuss and justify whether the business governance structure and CSR strategy has added value to the corporation. The conclusion needs to be supported by evidence; the group is encouraged to refer to the class materials to develop the argument leading to the main claims/conclusions.
Main points:
1) Make a conclusion about the BOD structure and the benefits of the structure. What is the value create by the structure. Like if the directors are widely enough and each one has his own professional backgrounds, then the board of directors have boarder range of skills to help company to face different situation. Like if the chairman and the CEO is not one person, then the board of directors is more independent. Supervise the CEO to do everything is for company's profit.
2) Make a conclusion about the company's CSR and the benefits and the value brought by the CSR. Like the CSR is improving the company's overall image and the stakeholders like share holders, govermance, staff , suppliers, clients will trust the company and have better relationship with company.
BOD structure of worley limited:
Worley is an Australian knowledge-based listing services company. They provide project design and consulting services to other energy, chemical, and resource companies. Its primary profit means are mining engineering, project management, and consultancy services to the mining, metals, chemicals, and infrastructure industries. Headquartered in North Sydney, New South Wales, the company employs approximately 47,700 people. Worley also has an independent board of directors with ultimate authority and oversight over group decisions. Worley's Board is made up of 12 directors, 11 of whom are non-executive directors, and the remaining executive director is the CEO. Neither the chairman nor the deputy chairman is connected to the company's management. Non-executive directors also come from different backgrounds. They come from different countries and graduate in different fields. Some graduated in economics, some in chemical engineering, and some in neurology. Although most board members are independent outsiders with no direct connection to the company, they do not lack extensive management experience. For example, the deputy chairman, Andrew, is the former Chairman and Chief Executive Officer of the Dow Chemical Company. To provide complete oversight of management and maximize stakeholders' interests, the Board also established four committees: the Audit and Risk Committee, the Health, Safety, and Sustainability Committee, the Nominations Committee, and the People and Remuneration Committee. So it is believed that the Worley's board structure is excellent and independent.
CSR of Worley:
Social responsibility:
• Caring for employee mental health:
Develop a people network groups to bring employees with shared characteristics (eg. Gender, race, disability) help gathering people.
E.g. a represent is Kuumba (our people network group for Black employees) and Women of Worley network.
• people & caring for their sustainable development
• Provide many social and development opportunities, volunteering and other practices which they can gain skills other from their daily jobs & daily operation.
• After experiencing the devastating impact of covid-19, Worley provide a Employee Assistance Program (EAP) and provide support to those employees got seriously impacted.
• Social partnerships: joined Workplace Pride, Catalyst and Supply Nation,to provide an inclusive and more diverse workplace to our employee,
E.g. Workplace Pride Declaration of Amsterdam.
Environmental responsibility:
• In previous years, Worley continued provide more sustainable plans to their customers, they develop carbon-negative technologies (such as direct air capture and bioenergy with carbon capture and storage)
• They build partnerships and coalitions with related companies and Commissions for for joint solving the sustainability problem.
Industry partnership: worked with Princeton's Andlinger Center for Energy and the Environment, to build low-carbon infrastructure.
Climate coalitions: joined the Climate Leaders Coalition, the Climate Group and other Commissions to speed up the process of net zero and act sustainably.
• Also Worley had tried hold their first event of "Sustainability month" internally with 15,000 participants.
The response should include a reference list. One-inch margins, Using Times New Roman 12 pnt font, double-space and APA style of writing and citations.