Bp's Corporate Social Responsibility

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BP Case Study Although BP’s extreme profitability has led to their position within the Fortune 500 Index, their Deepwater Horizon oil spill in 2010 and subsequent contamination of the Gulf Coast caused many to question the company’s corporate social responsibility (CSR) methods. Although the company utilized numerous reporting standards to report their performance, adverse effects caused by the oil spill exposed weaknesses in the company’s strategies and continue to inflict social and environmental harm. However, in an effort to minimize the damages to profit levels and their brand image, the company implemented strategies designed to steady the damage by modernizing internal procedures, improving investments, and reestablishing customer faith (BP, 2015d). Therefore, BP’s mistake, as well as their ensuing response, indicates the immense social and environmental impact their business practices produce and the inherit responsibility the company has to safeguard and improve welfare. Consequently, BP’s commitment towards sustainability has been incorporated in the company’s overall business strategy intended to seize opportunities that create long-term shareholder value. For example, the company concentrates on creating value rather than volume by dedicating numerous resources to the improvement of the environment, impact on society, future energy demand, and safety (BP, 2015a). However, external factors such as a decreased global demand of oil and a shift towards sustainable
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