Sustainability in Global Companies (second copy)

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Sustainability in Global Companies 1 Sustainability in Global Companies Student Name Student ID Professor Name Course Name January 09, 2022

Sustainability in Global Companies 2 Introduction A sustainability study compiles information on the effects of an organization's everyday activities on the local and global economies, ecosystems, and communities. The sustainability report often outlines the company's organisational structure and guiding principles. It also provides evidence of various links between itself and a worldwide economic strategy with a longer time horizon. Sustainable reporting has the potential to improve how businesses assess and share their impacts on the environment, society, and regulation, as well as set and achieve goals for adapting to change. There are crucial positive and negative consequences for sustainability that appear to have made this medium of communication the most essential. Kronos Worldwide and Baker Hughes both produced sustainable reports that may be used as a basis for comparison in this analysis. In contrast to Kronos Worldwide, which is headquartered in the United States, Baker Hughes is established in the United States. Both businesses rely heavily on their shared bases of customers and communities. This analysis is thus a thorough assessment of the environmental protection and/or incorporated reports submitted by the two businesses (Bianchi et al., 2019). Sustainability Report of Baker Hughes Baker Hughes places a premium on social responsibility because we believe it is integral to our core values. They act professionally and ethically in their employment, maintain a lawful and moral work culture, and verify a safe workplace and environmental shield. Similarly, the company actively promotes various communications in the areas in which they operate, enhancing self-sustaining products and maintaining a fruitful CSR website to ensure future Integrity (Kikbayev et al., 2010).

Sustainability in Global Companies 3 A strong ethical culture is also essential for the company to succeed in the long run in the financial industry, which is something the company is well aware of. From this, a world-class acceptance programme was created, which is supported by the actions of tens of thousands of Baker Hughes employees everywhere. They are pleased with what they have accomplished as a model for other businesses facing similar challenges with international regulations (Kuykendall & Sun, 2020). In addition, Baker Hughes has institutionalised a compliance culture centred on the detection and elimination of wrongdoing. Therefore, despite widespread misunderstanding inside the executive suite and the panel of directors, the company's top executives have created a constructive tone and delegated programme monitoring and control towards the chief legal department and the vice president executive. They follow universal norms for methodology, policy, and ethics. Every employee and supervisor in the chain of command is now responsible for following the rules. Their workers must complete a variety of training programmes, some of which are mandatory (Radu et al., 2020). As a world leader in oilfield amenity technology, its mission is to help their clients properly exploit energy sources. They have developed a broad range of services and products based on tried-and-true technological methods, which might improve petroleum industry efficiency and boost reservoir production (Thorlakson et al., 2018). Baker Hughes has made important strides toward the well-being of the country as a whole by creating several programmes that aid the communities in which it operates. Employee benefit schemes strive to compensate workers for bringing their unique experiences, skills, and views to bear on the achievement of organisational goals, and so promote workplace diversity.

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Sustainability in Global Companies 4 They make preparations for everyone in the area to be able to function in a variety of positions inside the company. They help people advance in their careers with cutting-edge learning and growth tools. Non-governmental and government organisations (NGOs), employees, consumers, and academic institutions all collaborate to address the requirements of the global community and its numerous stakeholders (academic institutions). They wanted to be a good neighbour and a good investor in any city where they had a presence. If they wish to succeed in their long-term plans for the business, they will have to make this investment (Landrum & Ohsowski, 2017). Baker Hughes is committed to providing all benefits to its employees in an effort to advance the Universal Declaration of Human Rights as announced by the United Nations. Corporations have a responsibility to defend the rights of their worldwide employees, business partners, and the communities in which they conduct commercial activities, just as the government has a responsibility to protect human rights. They are both committed to upholding these values and to respecting the rights of all people. Members participate in membership, cultural, professional, and commercial forums to advance human rights (Kitsiou et al., 2018). Sustainability Report of Kronos Worldwide Kronos Worldwide is essentially a mining corporation, therefore it explores for, extracts, and processes valuable materials including metals, jewels, plutonium, mineral ores, and other major metals. With a global workforce of 66,000 across 40 countries, Kronos Worldwide puts a premium on its workers' health and safety (Fraser et al., 2013). The metals and mining industries include Kronos Worldwide and its subsidiaries among the world's most renowned companies. It's possible that these elements are plentiful in their soil.

Sustainability in Global Companies 5 Since its founding in 1916, the company has raised capital from a diverse group of investors and expanded into mining operations across the world. Since then, we've attracted a large number of international investors and business partners. Many of their products have several uses in modern life, and they rely heavily on the aluminium and ore purification industries (Bager & Lambin, 2020). Similarly, given the pervasive nature of Kronos Worldwide's wares, it's crucial that the company generate stable, long-term earnings that encourage people from varied backgrounds to work together toward a shared goal of ensuring the company's long-term success. Their work often has a beneficial effect on the economy and the society at large. The new year will see a renewed commitment to civil rights and cultural diversity via a set of objectives focused on water and climate change. They have taken a leap of faith in putting into action their complete sustainability strategy by reviewing the Sustainability Objectives of the UN Charter and deciding to implement 2091 (Fraser et al., 2013). Kronos Worldwide removes hazards, stops catastrophes from happening, and reduces the number of accidents and diseases that workers suffer on the job. The end consequence is a more engaged, knowledgeable, and diverse workforce. Likewise, they are concerned about their employees' mental health on the job. The company also uses a community and social performance plan to continue its long-term relationships with the neighbourhoods it serves. The responsible use of natural resources is essential to ensuring their continued availability and a bright future for the surrounding community. They're putting forth the effort to build lasting partnerships that will benefit both parties (Radu et al., 2020).

Sustainability in Global Companies 6 The company has a duty to the environment to prepare for a low-carbon future that will protect environmental capital including rivers, reservoirs, and forests. Because of their exemplary management, Kronos Worldwide is able to conduct its business in an entirely trustworthy manner. A sustainable supply chain and ecologically responsible mining activities are priorities (Kitsiou et al., 2018). Comparison of the Sustainability Report Baker Hughes promotes itself as the biggest retail company in the area and aids individuals and groups in achieving more substantial, long-term sustainable growth. Though the company's backers and stockholders claim to be profiting, customers and supporters see them just as a financial lifeline. Baker Hughes boasts the "healthiest product in the country," despite the fact that the company's main focus is on making bad items. Information suggests that compared to Kronos Worldwide, this collection of companies has more ambitious sustainable development goals and a greater sense of responsibility toward its stakeholders. They put in refrigerators all around the nation and decided that the food in them was healthier for consumers (Fraser et al., 2013). Despite Kronos Worldwide's claims of zero harm in the workplace, much more people lose their lives in the mining business. Kronos Worldwide claims to be developing ground- breaking climate change materials as part of a collaborative effort involving several organisations. The environment and the many concerned parties mean that this might be a reasonable option for the greater good of society. It's disastrous for the local ecosystem and the inhabitants' health. Furthermore, it will have far-reaching effects on the local community and lead to social unrest for those who reside close to the mining site. Claims by a mining company

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Sustainability in Global Companies 7 that they run a safe, ecologically friendly business that also benefits the community and society at large look very unlikely. While they may have made some measures to reduce their impact on the world around them, their long-term goals for sustainable development still fall short of Baker Hughes' (Bager & Lambin, 2020). Conclusion To sum up, this article has presented a comprehensive analysis of both sustainability reports. Despite their size, multinational corporations such as Baker Hughes and Kronos Worldwide in the United States are increasing their efforts to operate their operations in a way that is as sustainable, environmentally friendly, and responsible to the people they serve as feasible. That means Kronos Worldwide has a chance to outperform Baker Hughes across the world. As a result, Kronos Worldwide, a mining company, is falling behind in terms of both human resources and key stakeholder engagement in terms of successful sustainable development. Companies like Baker Hughes, who are committed to long-term sustainable growth, must act in accordance with the law and ethical principles if they want to keep their stakeholders informed about their plans. Movies should improve their non-financial disclosures by being honest and open with investors and authorities. Successful businesses today must take regulatory and financial standards management and corporate responsibility seriously. There is room for improvement in how we publish our financial and non-financial data to regulators and shareholders.

Sustainability in Global Companies 8 Reference Bager, S.L. and Lambin, E.F. (2020). Sustainability strategies by companies in the global coffee sector. Business Strategy and the Environment , [online] 29(8). Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.2596 [Accessed 9 Jan. 2023]. Bianchi, C.L., Cerrato, G., Pirola, C., Galli, F. and Capucci, V. (2019). Photocatalytic porcelain grés large slabs digitally coated with AgNPs-TiO2. Environmental Science and Pollution Research , [online] 26(36), pp.36117–36123. Available at: https://link.springer.com/article/10.1007/s11356-019-05218-7 [Accessed 9 Jan. 2023]. Fraser, J.K.G., Dagestad, J.O. and Jones, B.L. (2013). Baker Hughes IO and BEACON with a Focus on Downsizing Personnel Requirements at Rig-Site . [online] Integrated Operations in the Oil and Gas Industry: Sustainability and Capability Development. Available at: https://www.igi- global.com/chapter/content/68718 [Accessed 9 Jan. 2023]. Kikbayev, M.T., Hinton, J.J. and Brooke-Lander, M.C. (2010). Health Safety & Environment - Obligation, Responsibility and Care . [online] onepetro.org. doi:10.2118/136018-MS. Kitsiou, V., Zachariadis, G.A., Lambropoulou, D.A., Tsiplakides, D. and Poulios, I. (2018). Mineralization of the antineoplastic drug carboplatin by heterogeneous photocatalysis with simultaneous synthesis of platinum-modified TiO2 catalysts. Journal of Environmental Chemical Engineering , [online] 6(2), pp.2409–2416. Available at: https://www.sciencedirect.com/science/article/pii/S221334371830157X [Accessed 9 Jan. 2023]. Kuykendall, D. and Sun, J.-M. (2020). Lessons Learned From 10 Years of CO2 Reduction Efforts and Reporting . [online] onepetro.org. doi:10.2118/199488-MS. Landrum, N.E. and Ohsowski, B. (2017). Identifying Worldviews on Corporate Sustainability: A Content Analysis of Corporate Sustainability Reports. Business Strategy and the Environment , [online] 27(1), pp.128–151. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/bse.1989 [Accessed 9 Jan. 2023].

Sustainability in Global Companies 9 Radu, C., Caron, M.-A. and Arroyo, P. (2020). Integration of carbon and environmental strategies within corporate disclosures. Journal of Cleaner Production , [online] 244, p.118681. Available at: https://www.sciencedirect.com/science/article/pii/S0959652619335516 [Accessed 9 Jan. 2023]. Thorlakson, T., de Zegher, J.F. and Lambin, E.F. (2018). Companies’ contribution to sustainability through global supply chains. Proceedings of the National Academy of Sciences , [online] 115(9), pp.2072–2077. Available at: https://www.pnas.org/doi/abs/10.1073/pnas.1716695115 [Accessed 9 Jan. 2023].

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