Corporate social responsibilities of the companies

The concept of corporate social responsibility means that organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law. A traditional view of the corporation suggests that its primary, if not sole, responsibility is to its owners, or stockholders. However, CSR requires organizations to adopt a broader view of its responsibilities that includes not only stockholders, but many other constituencies as well, including employees, suppliers, customers, the local community, local, state, and federal governments, environmental groups, and other special interest groups. Collectively, the various groups affected by the actions of an organization are called "stakeholders.

Corporate social responsibilities of the companies

Corporate social responsibilities of the companies

Corporate Social Responsibility Corporate social responsibility or CSR has been defined by Lord Holme and Richard Watts in the World Business Council for Sustainable Development 's publication "Making Good Business Sense" as "…the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large.

Evidence suggests that CSR taken on voluntarily by companies will be much more effective than CSR mandated by governments. Every company has different CSR objectives though the main motive is the same. All companies have a two-point agenda—to improve qualitatively the management of people and processes and quantitatively the impact on society.

The second is as important as the first and stake holders of every company are increasingly taking an interest in "the outer circle"-the activities of the company and how these are impacting the environment and society.

While many corporations include social responsibility in their operations, it is still important for those procuring the goods and services to ensure the products are socially sustainable.

These resources help corporations and their consumers identify potential risks associated with a product's lifecycle and enable end users to confirm the corporation's practices adhere to social responsibility ideals.

Scientists and engineers[ edit ] One common view is that scientists and engineers are morally responsible for the negative consequences which result from the various applications of their knowledge and inventions.

Committees of scientists and engineers are often involved in the planning of governmental and corporate research programs, including those devoted to the development of military technologies and weaponry. It has been pointed out that the situation is, unfortunately, not that simple and scientists and engineers should not be blamed for all the evils created by new scientific knowledge and technological innovations.

Related Terms

Because of the intellectual and physical division of labor, the resulting fragmentation of knowledge, the high degree of specialization, and the complex and hierarchical decision-making process within corporations and government research laboratories, it is exceedingly difficult for individual scientists and engineers to control the applications of their innovations.

The scientists and engineers cannot predict how their newly generated knowledge and technological innovations may be abused or misused for destructive purposes in the near or distant future.

While the excuse of ignorance is somewhat acceptable for those scientists involved in very basic and fundamental research where potential applications cannot be even envisioned, the excuse of ignorance is much weaker for scientists and engineers involved in applied scientific research and technological innovation since the work objectives are well known.

For example, most corporations conduct research on specific products or services that promise to yield the greatest possible profit for share-holders.

Similarly, most of the research funded by governments is mission-oriented, such as protecting the environment, developing new drugs, or designing more lethal weapons.

In all cases where the application of scientific knowledge and technological innovation is well known a priori, it is impossible for a scientist or engineer to escape responsibility for research and technological innovation that is morally dubious. Furthermore, because taxpayers provide indirectly the funds for government-sponsored research, they and the politicians that represent them, i.By practicing corporate social responsibility, also called corporate citizenship, companies can be conscious of the kind of impact they are having on all aspects of .

Major Duties of Board of Directors

There are a variety of views about the roles and responsibilities of a board of directors and most of these views share common themes. This document attempts to portray those themes by . Mar 25,  · Corporate Social Responsibility (CSR), a term widely use for defining the responsibilities of Corporate world towards the society & environment.

Although the term is not new in this Corporate world but its scope & meaning has undergone major changes from treating it as a mere charity in comparison. Social responsibility is an ethical framework and suggests that an entity, be it an organization or individual, has an obligation to act for the benefit of society at large [citation needed].Social responsibility is a duty every individual has to perform so as to maintain a balance between the economy and the ecosystems.

Overview of Roles and Responsibilities of Corporate Board of Directors

Movement aimed at encouraging companies to be more aware of the impact of their business on the rest of society, including their own stakeholders and the environment. [1] Corporate social responsibility (CSR) is a business approach that contributes to sustainable development by delivering economic.

Jul 25,  · The money pumped into leadership and management training typically doesn’t yield the return on investment in improved organizational effectiveness and performance that companies expect.

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