Could Stakeholder Dialogue Influence the New Governance ofUnsustainable Business? Embedded on Corporate Governance and CorporateSocial Responsibility: The Case Study of BP.

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Being ethical and sustainable is a fate in doing business, since unsustainable business practicedamages the environment, and causes lack of resources currently and in the future whichdiscontinue economic development. The purpose of this study is to understand and analyzethe influence of stakeholder dialogue in the new governance integrated in CG & CSR forunsustainable business such as oil and gas industry particularly in BP Company, as well ashow and why the notion “new governance” including self and meta-regulation affects on BPCompany to perform ethical business. This study based on the case study methodologywhereby the theoretical framework of secondary data of CG, CSR and the new governancefound in journal articles, relevant textbooks, NGO reports and the information found on BP’swebsite were employed. Furthermore, the main findings of this study is that there is asignificant variation in BP’s CSR adoption regarding the TBL of CSR in which socialresponsibility performance found the worst performance among the TPL of CSR since thecompany selects where to demonstrate great interest on social responsibility and where toignore. Consequently, BP’s self-regulation is ineffective which signifies lack of transparencyand accountability. More importantly, meta-regulation is very effective in keeping BP ontrack in the face of wrong doing. The study conclude that BP’s non-financial reporting needto move beyond the traditional reporting on company’s policies, philanthropic actions, andCSR successes and give priority to risks and incidents considering the seriousness andimpacts. More importantly, BP needs new standards of transparency and effectivemanagement system to ensure good CSR performance. The study assures that for as long asBP’s operations touch the daily life of people and other organisms in our planet it mustprioritize the interest of its stakeholders via continual dialogue since it is one of thefundamental principles of corporate citizenship.

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