What Is Lfg Corporate Social Responsibility

Great Essays
Corporate Social Responsibility (CSR) and Business Code of Ethics are a vital piece to operating a business. The code of ethics involves guidelines that aid employees when conducting business transaction with honor and integrity. Corporate social responsibility involves a company including concepts that concern cultural, social and environmental issues in their business transactions, operations and how they interact with stakeholders. If one were looking to review both concepts, one would simply read a company’s corporate mission and value statement. Lincoln Financial Group (LFG) is a company that proudly boasts their core values for review by shareholders and stakeholders alike. This paper will provide an in-depth review of both concepts …show more content…
With all of the agencies that LFG is required to report to, would it not be best to have stringent ethical and CSR guidelines for all to adhere to. Also, a company with such a magnitude of responsibility bear a responsibility to their employees and stakeholders alike. A company that has a public image must show concern for cultural, social and environmental issues surrounding their businesses.
Another important and vital piece for LFG is to illustrate how important and dedicated the company is to managing sustainability for the future. LFG governance council consistently evaluates environmental, social and cultural factors that may at one point impact their operations. Therefore, they took steps to create a Sustainability Management System (SMS) to assess and manage any impacts the company may have and steps are taken if any critical areas are identified (LFG,
…show more content…
There is almost always employees that break the law, bend the rules or do not comply with company and industry guidelines. Therefore, LFG attempts to mitigate their risk by ensuring that all are educated in regard to the code of conduct and conflict of interest policies. LFG beliefs is that these policies are the core of establishing a sound ethical culture. Employees are required to review the policies on an annual basis by completing intranet courses and attending live seminars. Also, there is the requirement that all Registered Representatives must complete retraining, retesting and relicensing every 2 years with Regulatory Agencies. Lastly, LFG has support systems in place for employees to “do the right thing” (LFG, 2015), which simply means if an employee bears witness to any wrongdoing, there is a chain of protocol if an employee is not comfortable revealing what was witnessed to their direct supervisor or others in their chain of

Related Documents

  • Improved Essays

    In Con Edison we take ethics and compliance very seriously. Con Ed’s ethics and compliance department offer various tools to employees with the goal of raising awareness about our company values, policies, and commitment to integrity. There are ways the message is being communicated e.g. elevator screens designed to look like tweets, or the table tents with humorous pictures in common areas like dining tables and conference rooms. All employees need to undergo mandatory electronic training every quarter which incorporates relatable hypothetical situations to help employees analyze situations and recognize potential integrity-related issues in the work they do every day. Still the biggest challenges are getting everyone committed to action when…

    • 784 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    1. How do the potential consequences differ in civil v. criminal cases? Civil cases are disputes between two businesses or two individuals regarding the legal duties and responsibilities they owe one another and the accountability for the damage he or her causes to the other. Civil cases generally only result in monetary damages for the person or business caused the problem. Criminal cases on the other hand, are a situation where a person or a business, commit an act that is against the law.…

    • 1012 Words
    • 5 Pages
    Improved Essays
  • Great Essays

    Carlson Company Case Study

    • 1054 Words
    • 5 Pages

    CSR is defined that “a corporation should act in a way that enhances society and its inhabitants and be held accountable for any of its actions that affect, their environment (Lawrence and Weber, 2008, 48).” The company can follow two different theories. The Ownership Theory is defined as “the firm is the property of the owners; the purpose is to maximize market value in the long term and make money for owners” (Lawrence and Weber, 2008, 6). The Stakeholder Theory is defined as “corporation serves a higher purpose- to provide value to society”…

    • 1054 Words
    • 5 Pages
    Great Essays
  • Improved Essays

    A code of ethics, which is also called a code of conduct or ethical code, tells the company’s values, ethics, objective and responsibilities. Magloff discusses that every code of ethics is different and should reflect the company’s values (Magloff, 2016). These ethics are written to give guidance to employees on what the company expects of them. According to our lesson those that are in charge of our corporate governance should be very mindful of things that go on in the business.…

    • 207 Words
    • 1 Pages
    Improved Essays
  • Improved Essays

    In this paper, I will be pretending to be the CEO of Chipotle and I will be discussing what ethics and social responsibility in business really are as it relates to the company I have chosen. Ethics and social responsibility are almost identical and share a close proximity. Ethics refers to a series of beliefs about what is suitable and unsuitable as far as the company’s standards are concerned. Comparably, Social responsibly is the commitment of a business to influence the public.…

    • 828 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Finally, this paper will explain potential problems might arise with their social responsibility model from an international perspective. Ben and Jerry’s are very socially responsible and ethical proved by their corporate social responsibilities also referred to their “CSR”. According to their website; “CSR entails companies…

    • 782 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    Apples’ Corporate Responsibility and Marketing Strategies Mouad Nouidei Strayer University Corporate Responsibility Some of the main levels in business for consumers are corporate social responsibilities and business ethics. A lot of businesses now a days come across different questions from patrons and stockholders regarding the company’s ethical and social responsibility (Munson, 2014). Business ethics can include anything from the way the company hires or how a company can make their claims in advertising (Munson, 2014). Businesses depend on their employees who represent the business in public and on their customers, to represent a trustworthy image that is joined together with the goals and objectives in the company (Munson, 2014).…

    • 1616 Words
    • 7 Pages
    Great Essays
  • Brilliant Essays

    Organization should be planned in a way to react to its external environment in appropriate way. Herzberg’s two factor theory (1959) states for an organization hygiene factor and motivation are important for an employees working condition inside an organization. Socially responsible image is not just used to polish the image of an organization it is also a way of motivation factor; there are possibilities that employees find satisfaction in their work under such circumstances (Ruschak,…

    • 2882 Words
    • 12 Pages
    Brilliant Essays
  • Superior Essays

    Recently, scholars and managers have devoted great attention to corporate social responsibility(CSR). Consistent with McWilliams and Siegel(2001), we define CSR as situations where the firm goes beyond compliance and engages in ‘actions that appear to further some social good, beyond the interests of the firm and that which is required by law’. On Wikipedia, corporate social responsibility(CSR) is defined as a form of corporate self-regulation integrated into a business model. Corporate social responsibility(CSR) policy functions as a self-regulatory mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards and national or international norms. Corporates intend to build up reputations…

    • 991 Words
    • 4 Pages
    Superior Essays
  • Great Essays

    Despite the growing literature, CSR’s complex nature has resulted in a lack of a single definition; however, “at the core of CSR is the idea that it reflects the social imperatives and the social consequences of business success” (Matten p.405). Carroll states that CSR firms should, “strive to make a profit, obey the law, be ethical, and be a good corporate citizen” (Carroll 1991, p.43). For firms to be able to address and support societal needs they must have the monetary resources to put forth action plans; in another view, a profitable business aids society by contributing to the economy. Firms obeying the law ensures that they are abiding by the laws established to help protect the greater good, therefore, helping to keep societal order. On the other hand, an ethical corporation, abides by moral/ethical laws which makes certain that all business decisions are consistent with societal norms and are not likely to harm the community at large.…

    • 1417 Words
    • 6 Pages
    Great Essays
  • Improved Essays

    CSR-Sony -Tanima FY-A Corporate Social Responsibility (CSR), also known as corporate conscience is a concept related to the activities that are performed by a company to integrate social and environmental responsibility into their operations. It is a business model where companies attempt to work in a sustainable manner in compliance with international laws and ethics. Many companies have a CSR Policy, which defines areas of concern and initiatives to improve relations with the people and environments affected by business operations. “Our strategic philanthropy and corporate social responsibility (CSR) efforts are aligned to our key businesses and focus on three distinct areas: arts and culture, technology and the environment, with a particular…

    • 1128 Words
    • 5 Pages
    Improved Essays
  • Improved Essays

    Therefore, even though HSBC actually provides convenience for the society, still less people will trust the bank and have their property looked after there. Being corporate socially responsible can only bring benefits for the company and this development do not require risks at all unlike the other ones such as market, product development. Market development is expanding new market segments in existing market; product development means selling new products in original market. These two are categorized into Ansoff strategy that is used to help businesses plan and set objectives, however they’re both risky growth strategies that can sometimes make it difficult to become successful if not demonstrated correctly. When considering the actions to have a good CSR, ethical objectives can be implemented first; they are specific goals and are closely related to CSR.…

    • 860 Words
    • 4 Pages
    Improved Essays
  • Great Essays

    INTRODUCTION Corporate Social Responsibility is a hard-edged business decision. Not because it is a nice thing to do or because people are forcing us to do it because it is good for our business – Niall Fitzerald, Former CEO, Unilever. The current century is impacted by unpredictable challenges and opportunities, arising due to globalization. So it is recognized the world over business integrating their social, environmental and ethical responsibilities into the governance by the way of strategically formulating the CSR activities for ensuring their long term success, competitiveness and sustainability.…

    • 1756 Words
    • 8 Pages
    Great Essays
  • Improved Essays

    [5] Such tactics can also be classified as strategic corporate giving as it collaborates with the bright youths and thus attracting potential talent to the firm in the future. CDL is actually a great example of a local firm with an impressive CSR track record. In fact, they are already levelled with Shergold’s proposal that companies should incorporate their CSR goals into strategic planning of the business. The CSR framework of CDL is such that the CSR departments oversee each department of business and reports directly to the deputy chairman, thus having great influence on the board of directors. [6] Hence, it is clear that most large firms in Singapore adhere to the iron law of responsibility and understand the importance of ensuring their actions are for the betterment of…

    • 957 Words
    • 4 Pages
    Improved Essays
  • Improved Essays

    Firstly, business ethical is essential for a company, no matter the company works for no-profit that create social value or it works for profit that creates economic value. In the short term view company social responsibility might bring the negative effect on shareholders’ value. But in the long term view it will make more profit to all the stakeholders. And the relationship between social value and economic value should be balance even supplement each other. Secondly, a company must be Social responsible or Corporate Social responsible, not just stops at the level of about legal issues.…

    • 1369 Words
    • 6 Pages
    Improved Essays