Bp And Corporate Social Responsibility - 1584 Words

Warren Buffet once said â€Å"it takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.† BP could have used Buffet’s quote as a recipe for success. British Petroleum best known as BP, a leading billion-dollar oil corporation is just one of the organizations who participates in corporate social responsibility (CSR). According to their code of conduct â€Å"we are committed to avoiding damage to the environment and related impacts on communities.† BP has put themselves on the line when the oil spill of 2010 occurred in the Gulf of Mexico, with consumers questioning their true meaning and intentions of corporate social responsibility and to what extend they participate in it. BP used†¦show more content†¦Another unfortunate incident happened in 2006 when BP ignored safety warnings that resulted in 267,000 gallons of crude oil accumulating in Alaska’s Bay. This was simply a forec ast of what was to come in the future. When the corporation leased the Deepwater Horizon for half-a-million-dollars a day they were forced to speed up operations in order to avoid loosing money and to continue collecting profit. The carelessness in the use of the technology and concentrating strictly on profit instead of responsibly caring for the environment or society caused the oil spill. After suffering backlash from their spill, consumers and market analysis were skeptical of their intensions and corporate social responsibility. Unfortunately, even after the event of 2010 BP was more concerned with how to retain their investors instead of rebuilding their image to keep their customers returning. In reference to a Forbes article stating â€Å"Yet virtually every BP press release or CEO commentary about reputation links rebuilding trust to rebuilding shareholder value.† One might pose that the corporation should be rebuilding their image by being more involved in the envir onment and helping to rebuild the effects of the disastrous event. They should at least be responsible for holding their end of the promise as far as being careful not to cause harm to the environment or society. To no surprise, BP has spent a