Corporate social responsibility through the example of Wanhua-Borsodchem Zrt.

Abstract

By 2012, BorsodChem, a well-known chemical plant in Northern Hungary was acquired by Wanhua Industrial Group making the largest investment in Europe. Wanhua is listed among the top 500 enterprises in China and by the end of 2019 its net assets reached 42 billion CNY. At the peak of globalization, it is becoming a high priority especially for multinational enterprises to direct from profit driven strategy towards becoming corporate citizens, and handling the responsibilities required, expected, and desired by society. You cannot put the same shoe on every foot, proves to be true to companies with different fields and backgrounds, that is each company needs to clarify their corporate culture, and aims for the sake of sustainability. The strategy and philosophical background behind the corporate social responsibility (CSR) of Chinese-owned enterprises differ from the Western standards and focus to follow the teachings of Confucius, creating a unique CSR with Chinese characteristics. This article aims to show some insight into a part of the CSR strategy of Wanhua.