Business Schools Focus on Perfomance Essay Example | Topics and Well Written Essays - 2250 words

Business Schools Focus on Perfomance - Essay Example The above scenario was a major cause for the collapse of major companies in the world, especially financial institution, which had risked so much while practicing securitization. Other major institutions had to sellout cheaply, losing real value of what they were worth (estimated to be about $14.5 trillion in the U.S). Governments of some of the most powerful nations, also had to come to the rescue of some of the major business institutions by dishing out rescue packages that included huge sums of money to bail out the sinking giants (Bartlett and Ghoshal 1998). Business schools are the major institutions in the world that produce some of the financial gurus this world has to offer, and had to offer back then even before the global financial crisis. The blame can thus be entirely attributed to them for not imparting enough knowledge or rather, teaching irrelevant and impractical lessons to students who hold the future of the economy of the world upon them. Criticism should thus be ap preciated by these business schools and an objective to improve should be the target. Sumantra Ghoshal, a great business academician, since passed on, was one critique of the business schools and optimistically believed that the situation could be reverted or changed to offer improved and practical knowledge that would assist financial professionals be able to solve practical problems. In order to build a foundation that could avoid future financial crisis business schools globally have the responsibility to improve their curriculum to focus on more practical financial scenarios in the world rather than focus on performance. Role of Business Schools Any critique that could follow without the declaration of the real roles of business schools towards the modern day commercial discourse could be absolutely null and void. Below are some of the roles that Sumatra Ghoshal defined that Business schools have towards the contribution to a better business world. Business schools have the obli gation of instilling ethics to its students. Business ethics define the behavior that business parties should exhibit when dealing with matters that concern business. Ethics are responsible in inhibiting vices such as corruption, theft and general inappropriate characters in many business organizations. The other key role that business schools face is the responsibility to bring out a complete economic with the ability to deal with current business matters. Knowledge would be absolutely useless without the practical knowhow. Management research issues and internships fall in this category as they form the main parts in business schools responsible for practical knowledge. Business schools have the responsibility to impart to their students the mental capacity to apply knowledge imparted. Education is mostly done in a theoretical method, but such knowledge imparted should be focused on dealing with the real world situations in the contemporary world. Lack of the ability to apply know ledge would prove the hopelessness in business schools, a fact that Ghoshal, a great critique, wouldn’t want to believe was he still alive. Business Schools’ Target on Performance Content rather than Educational Content According to Sumantra Ghoshal,

To what extent does the bhpbilliton's sustainability report comply Essay

To what extent does the bhpbilliton's sustainability report comply with the GRI's Sustainability Reporting Guidelines G3. Sust - Essay Example Discussion would also be done regarding the decision to provide assurance to the sustainability reports or not and if yes, then to which level. However, it is not viable to consider every industry and their companies, so in this report, BHP Billiton would be considered for the analysis (Adams, 2006; Hooghiemstra, 2000). Sustainability Reporting Sustainability reporting involves not only generating report, but also includes the method through which commitment of the organisation towards sustainability development is presented for both internal and external stakeholders. Organisation should ensure a robust system in order to manage the organisation sustainably, including traceability, transparency and compliance (Gray, Owen and Maunders, 1987; Hopwood, Unerman and Fries, 2012). Corporate sustainability reporting is the term being used since long in the business environment. It was first initiated with respect to environmental concerns, which later also integrated financial and non-fina ncial reporting, corporate governance and ethics in business. The Global Reporting Initiative (GRI) is the key guidelines that are followed by organisations around the world to design and develop their sustainability reports (Heller and Darling, 2012). ... ng Sustainability accounting is also called social accounting because it aims at reporting the economic, social and environmental performance of organisations. The Sustainability Accounting Standard Board (SASB) is the non-profit making body, which designs and puts forward the standards for sustainable reporting in accounting. However, the SASB functions under the guidelines of Securities and Exchange Commission (SEC) (Ghillyer, 2011; Gossy, 2008). The standards design by SASB benefits more than 13000 corporations, which represent more than $16 trillion funds and all these standards are based on three pillars; social, environmental and governance (Gallagher and Andrew, 2007; Garriga and Mele, 2004). The elements, considered under the segment of environment, in sustainable accounting are recycling, emission, greenhouse gas and water, packaging. On the economic front, they are stakeholders’ value, financial performance, transparency, accountability and corporate governance. Soci al aspects such as, public policy, safety, human rights, fair trade, community investment and anticorruption, are also considered while developing sustainable accounting reports (Aras and David, 2010). Sustainability Reporting Guidelines G3 by GRI According to the GRI guidelines, the objective of sustainable development is to congregate requirements of the present without negotiating the capability of future generations to convene their own wants. The purpose of sustainability reporting is to measure and disclose the competent practices of the company to their internal and external stakeholders. The GRI framework was developed to assist organisations around the world in preparing their sustainability reports (Galea, 2004; Kolk, 2004; Dwyer and Owen, 2005). The sustainability guidelines include