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Socially Responsible Corporations

Essay by review  •  November 13, 2010  •  Essay  •  579 Words (3 Pages)  •  908 Views

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Socially Responsible Corporations

Socially Responsible Companies are those that put the public interest as a priority in everything they do. These companies range anywhere from the food industry (Ben and Jerry's) to communications (Motorola). These companies are noted as philanthropists, and are the leading companies in their markets. They also, most of the time, have very loyal employees who love working at their companies.

The leader in socially responsible companies is the Fannie Mae Foundation. This company strives to help minorities in purchasing their first home. The Fannie Mae Foundation purchases mortgages from lenders and then repackages them for sale as securities. This has enabled them to keep mortgage rates low, and help the normally overlooked homebuyers, become homebuyers. Also, most uniquely, they help those of the Muslim faith, who follow the Islamic law which bans paying or collecting interest on debt. By setting up monthly payment plans based on property price, the Muslims are enabled to become homeowners and still keep law.

The second company listed as a major contributor as a socially responsible corporation is Procter and Gamble. Procter and Gamble has excelled in helping minorities and women, as well as aiding the needy in foreign countries. For example, P&G donates to the underprivileged youth in Vietnam, as well as providing for the fight against childhood malnutrition in India. Their efforts in helping minorities all over the world has helped them to become one of the largest companies in the world.

One of the socially responsible corporations I for one find most interesting is Ben & Jerry's ice cream company. The company's mission statement advertises its dedication to the "new corporate concept of linked prosperity" and declares a "deep respect for individuals inside and outside the company and for the communities of which they are a part." Through the Ben & Jerry's Foundation, the company redirects 7.5 percent of all pretax profits to nonprofit organizations. The company's best-known campaign has been "1 Percent For Peace," a project to give 1 percent of the U.S. defense budget to "peace-promoting projects." They even came out with a new product, the Peace Pop, which explained the cause on the wrapper. This product was discontinued however due to many questions such as "why"

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