Reference no: EM133803953

Assignment: Ethical Scandals

The essay brief reads: "using the concepts and ideas from weeks 1 to 6". You should NOT use ALL of the concepts and ideas from lectures 1-6. What we look for is that you choose the main concepts from each lecture (2-5 concepts per lecture) and then describe how they relate or not to the chosen scandal. You need to apply your judgement on which are the main concepts of each lecture.

If you go to Canvas, Modules, "Essay assignment: Brief and ethical scandals", "2000 words essay brief", you will find that it says: "Concepts include: neoliberalism or neoliberal globalisation, financialisation, shareholder value, responsible management". This list is meant to exemplify main concepts and ideas that you will find in lectures 1-6. It doesn't mean that these are the only concepts to use or that you are mandated to using those. Again, there is an element of judgement and you need to make a decision on which are the main concepts for each lecture.

You need to always define the (main) concepts you use, though briefly (the most important part is your analysis and explanation)

Essay question

"Fundamentally, we have a hard-wired cultural problem in business, finance and markets. Whereas CEOs, CFOs, and other corporate leaders move heaven and earth to ensure that they hit their profit targets, the same is very rarely true of their people and planet targets. Clearly, the Triple Bottom Line has failed to bury the single bottom line paradigm" - Elkington, 2018.

To what extent can and should businesses prioritise sustainability?

A. Introduction

I. Background: The evolution towards sustainable business practices reflects a shift from a singular focus on profit to a broader consideration of social and environmental impacts, as championed by Elkington's Triple Bottom Line.

II. Thesis Statement: The Triple Bottom Line concept, while influential, has not fully transformed corporate priorities due to entrenched profit-centric cultures and structures, necessitating a reimagined approach to integrate sustainability authentically into business models.

B. Main Body

I. Challenges to the Triple Bottom Line

1. Topic Sentence: Despite its theoretical appeal, the Triple Bottom Line faces practical challenges in implementation, stemming from traditional corporate cultures and market expectations focused primarily on financial performance.

2. Evidence: Elkington (2018) highlights the struggle in shifting corporate focus; Crane et al. (2019, Chapter 1) discuss the ethical imperative for sustainability that often clashes with prevailing business norms.

II. Evolving Perspectives on Sustainability

1. Topic Sentence: New frameworks and strategies are emerging that seek to more deeply embed sustainability into the corporate ethos, addressing the limitations of the Triple Bottom Line by fostering a more holistic integration of business ethics and sustainable practices.

2. Evidence: Gomis et al. (2014) propose a rethinking of sustainability concepts; McLoughlin and Meehan (2021) illustrate how institutional logics can support sustainable practices within business models.

III. Stakeholder Influence and Corporate Strategy

1. Topic Sentence: Stakeholder expectations around sustainability are increasingly influencing corporate strategies, pushing businesses to balance economic objectives with social and environmental responsibilities in a more meaningful way.

2. Evidence: Weiss (2014, Chapter 5) emphasises the role of stakeholders in advocating for ethical business practices; Crane et al. (2019, Chapter 1) discuss the strategic importance of aligning business operations with broader sustainability goals.

C. Conclusion

1. Summary: The gap between the aspirational Triple Bottom Line and its practical application underscores the need for a revised approach to business sustainability, one that genuinely integrates social and environmental considerations into the core of corporate strategy.

2. Statement: For sustainability to move beyond a theoretical ideal to a core business practice, it requires not only a shift in corporate culture but also the adoption of frameworks that facilitate a genuine balance between profit, people, and the planet.