Stewardship is all about maintaining and adding value that can be delivered, while in an organizational perspective it is a combination of corporate ‘social responsibility’ and ‘governance.’ In a corporate scenario, stewardship is the process through which senior executives and shareholders try to influence organizations in long run through sustainable performance such as contributing to environmental and social wellbeing. On the other hand, corporate social responsibility is defined as ‘outward-looking’ perspective of stewardship. With the global increment in awareness, many organizations believe that they have to adopt changing environment in order to be sustainable in long run. Executives believe it is inevitable to change the way of operation to be more sustainable and effective.
At present, any corporation must play meaningful role in society and country, and their engagement in accessing resources should be the role to become stewards for secured world and enhanced humanity. Hence, organization such as Exxon Mobil, should strive for the shared values rather than simply focusing on shareholders sole interest in order to sustain in the long run. Exxon should not only collaborate various sector to build universal system directed by principle of equity and social justice but also assist in decreasing corporate influence to collect misappropriate wealth. Hence, Exxon should shift its mission from producing more gas and reserves to changing trends that fulfilling legal obligation in not only the present world desires.
There is not much fossil oil left in the earth and hence simply relying on it may not be prudent vision for Exxon. The resolution for the limited fossil fuels and their impact on environment is to have renewable resources play a larger role in supply energy. Converting light energy, heat energy, wind, hydro and nuclear power into energy could pave the way for Exxon in a long run, not only as a leader but also as responsible key player in the energy sector. Exxon should heavily invest in research and development of technologies that can provide more energy more efficiently than fossil fuels. Less fossil fuel means less carbon emission and hence more fulfilment of social responsibility. Renewable resources such as geothermal and nuclear energy are clean and ecofriendly. An effort to move the world in that direction needs a leading role which company such as Exxon can play. Major reason for many countries for not adopting new technology is being its high initial investment and hence intensive research and development may drastically minimize the cost if new methodology can be introduced. Similarly, Exxon can work with the countries with the huge hydropower potential to expand its horizon in the energy sector.
Though it is difficult to turn scientific research into policy because of the higher degree of uncertainty associated, probably it is the right time to bear the risk in order to be market leader and set an example of stewardship and corporate social responsibility, and also prove the shareholders that their investment was never in risk.