‘SOCIAL MONITORS’ AS AGENTS/CATALYSTS OF CORPORATE SOCIALLY RESPONSIBLE BEHAVIOURS

Abstract

That big companies are important, if not indispensable, for the growth and stability of any economy can hardly be doubted. They equally contribute, in no small measure, to social security of any nation as they offer employment opportunities to the citizens of the country. As the people are busily engaged, the crime rate is most likely to reduce. Again, they help in improving the social welfare or wellbeing of the populace through payment of corporate taxes and by indulging in other forms of corporate philanthropy, otherwise popularly referred to as corporate social responsibility. Having said all these, there is, however, no gainsaying the fact that some of these companies exhibit a poor or irresponsible behaviour and are concerned principally with making so much wealth to the detriment of the stakeholders. There are various ways through which these kinds of irresponsible or unethical corporations may be forced to behave responsibly. One of such is through legal regulations, especially when such rules or regulations are backed with criminal sanctions. Other ways are through what can be referred as social monitoring which is mainly carried out by concerned non governmental organisations (NGOs) which pressure companies, through monitoring and exposing their improper or irresponsible corporate conducts to the public, to have a rethink and retrace their steps. A similar effect can be had by a well organised consumer boycott of the goods produced and/or services rendered by an irresponsible company. The researcher sets out to see how potent social monitors can be in pressurising companies to be more attentive to the impacts of their corporate activities and decisions on the public. Doctrinal research method was employed in doing this. It is found that, if well harnessed, social monitoring can be a veritable tool used in curbing corporate excesses and irresponsibilities, most especially where there is availability of the needed information to such social monitors. The potency of this tool is, however, not much felt in Nigeria as it is in the advanced nation due to dearth of information disclosure, illiteracy, subjectivity or biasness of the few existing social monitors, amongst other factor.