Analysing The Corporate Social Responsibility Strategies By Extractive Multinational Corporations In Cameroon

Abstract

Extractive industries are by their nature capital intensive, requiring both human and technical competence. This has necessitated the domination of the industry by Multinational Corporations from developed countries who have access to the required financial, technical and human capital, despite the fact that the bulk of these resources are located in the developing countries where issues of corporate social responsibility are taken for granted by a good number of corporations operating in the extractive sector. Against this backdrop, profit maximization has been carried on at the expense of sustainable development in extractive operations. The hazardous nature of extractive industries’ operations has necessitated increased awareness in the need to reconcile economic benefits with social and environmental challenges of the industry. Due to criticisms from stakeholders, corporations in the extractive sector have opted for voluntary corporate social responsibility initiatives that this paper intends to examine. Using ALUCAM and CIMENCAM as case studies, the paper draws on academic literature, newspaper articles, journals and oral interviews to complement the various actions of multinational corporations in the extractive sector. The paper concludes that despite the diversity of defining and conceptualising CSR, there is a commonality that cuts across board as companies make an effort to make sure the communities in which they operate benefit from their activities, and a disparity that exists between policies, strategies and actions that companies display in interests of their short-term economic gains, while jeopardizing interests of both internal and external stakeholders as well as the environment in Cameroon