Essay on Corporate Social Responsibility And Sustainability

1127 Words Feb 29th, 2016 null Page
Chisholm (1995: 411) argues that “fuller disclosure of information to the public” is the most effective avenue for improving accountability. For this reason, some authors (Edward and Hulme, 1996) viewed accountability as the avenue through which organizations and individuals report to a legitimate authority and are held accountable for their actions. Most research on corporate social responsibility and sustainability accounting use disclosure and reporting to represent whether or not organizations are accountable. Reporting can be financial and/or performance. In this regard, this study developed two statements to assess the NCDMB’s disclosure and reporting practices to the stakeholders.
10.5.8.1 Perceptions of whether the NCDMB reports its financial performance to all the key stakeholders of the oil and gas industry

Although the sustainability accounting practices focus more on the disclosure of non-financial performance, yet financial matters have a great deal of relevance to the management and execution of local content sustainability initiatives because of the huge amount of funds invested (World Bank, 2012). For example, it was reported that in 2014 alone Chevron Plc had spent $3.9 billion on Nigerian content (Chevron, 2009). In order to demonstrate full accountability, the NCDMB has to report all financial in- and outflows to the stakeholders and the higher authorities as required by the law. Despite this, the majority of stakeholders maintained a neutral position on…

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