Corporate governance and the effects of its policies on Sanofi in Beirut Lebanon
I would first like to express my gratitude for my research supervisor, colleagues, peers and family whose immense and constant support has been a source of continuous guidance and inspiration.
I [type your full first names & surname here], declare that the following dissertation/thesis and its entire content has been an individual, unaided effort and has not been submitted or published before. Furthermore, it reflects my opinion and take on the topic and is does not represent the opinion of the University.
TABLE OF CONTENTS
CHAPTER # 1: INTRODUCTION6
Background of the Study6
Aims and Objective of the Study7
CHAPTER # 2: LITERATURE REVIEW9
History of Corporate Governance9
Why do companies adopt CSR practices?10
Compliance with regulations or guidelines10
Corporate Governance in Middle East region11
How do companies approach Corporate Social Responsibility?13
Corporate governance affect Sanofi Lebanon13
Theories and models15
Corporate philanthropy, risk management and competitive advantage15
Shareholder, stakeholder and societal approaches17
Implicit vs. Explicit CSR18
Inward vs. Outward CSR18
Global vs. Local CSR19
CSR activities vary according the different industries20
Different countries or cultures view CSR in different ways22
Why and how do companies communicate their CSR activities?24
Need/or R&D and innovation26
Systems Thinking Applications28
CHAPTER # 1: INTRODUCTION
Background of the Study
The pharmaceutical industry is among the most scrutinize industries. From the patient's reliance on the industry for cures, to society's demand for improving access to medicines in developed and developing countries, to pharmaceutical companies adopting "green" environmental policies for cost reduction purposes, and the condemnation of allegedly unethical clinical trials in developing countries, much is happening under the rather young topic of corporate governance activities within the pharmaceutical sector.
The literature is rather abundant in terms of ethics and the pharmaceutical industry (especially in terms of clinical trials, drug development, marketing and pricing etc.), and very rich in terms of Corporate Governance across a wide range of industries. Yet very little is provided on the specific topic of Corporate Governance and the pharmaceutical industry. The aim of this thesis is therefore to specifically address and characterize Corporate Governance in the Sanofi Lebanon, identify its purpose, its commonalities and its differences both within the sector and when comparing with other industries.
The pharmaceutical industry is, by nature, a sector where the ideas of corporate involvement, responsibility towards patients, ethical behaviour and an overall duty towards society are omnipresent. As David R Brennan, CEO of Astra Zeneca expresses, responsibility is "embedded" in the business and strategy of pharmaceutical companies "because it (is considered) critical to continued success". The pharmaceutical industry has for decades been developing, and continues to bring, cures to diseases and affections worldwide.
The objective is really to understand if the Sanofi Lebanon is embracing corporate governance as a business trend, like many other industries, and/or because it is driven by the sheer nature of the environment that the industry and the companies evolve in. This thesis will assess if practice joins theory in the pharmaceutical industry, i.e. if the corporate governance practices of the sector match the literature models and findings that have been developed ...