The valdez principles: Implications for corporate social responsibility

✍ Scribed by Rajib N. Sanyal; Joao S. Neves

• Publisher: Springer
• Year: 1991
• Tongue: English
• Weight: 701 KB
• Volume: 10
• Category: Article
• ISSN: 0167-4544
• DOI: 10.1007/bf00383794

✦ Synopsis

The Valdez Principles have been formulated to guide and evaluate corporate conduct towards the environment. While at first glance the code appears to impose enormous new responsibilities on firms, a closer analysis indicates that existing regulations and business practices already require businesses to meet many of the environmental goals sought by its proponents. Likely corporate response to the code is examined against this background and with reference to the experience with other voluntary codes of conduct. It would appear that compliance with the code will yield minimal benefits and non-compliance will impose minimum costs for the environmentally-responsible firm.

Societal concern over the environment is at an alltime high and will likely remain soJ The massive Valdez oil spill in Alaska in 1989 led a coalition of environmentalists and socially minded groups, including stewards of major investments and pension funds, to formulate what is referred to as the Valdez Principles (Dahlin, 1989). This is a voluntary code of conduct which provides a comprehensive framework for guiding and evaluating companies with regard to their environmental responsibilities. This paper examines the implications of the new code on Joao s. Neves is Associate Professor of Management at Trenton State College where he teaches various courses in Management. A graduate from the University ofPennsylvania, Dr. Neves has numerous publications in academic and trade journals. His interests include corporate social responsibility and he has contributed to many conferences. Rajib N.