Corporate social responsibility Essay
1) Corporate Ethics – The broad area dealing with the way in which a company behaves towards, and conducts business with, its internal and external STAKEHOLDERS, including employees, investors, creditors, customers, and regulators. In certain national systems minimum standards are required or recommended in order to eliminate potential conflicts of interest or client/employee mistreatment. 2) Board of Directors (BOD) – An appointed or elected body or committee that has overall responsibility for the management of a nonprofit or nonstock organization, such as a foundation, university or mutual fund.
3) Executive Officer – is generally a person responsible for running an organization, although the exact nature of the role varies depending on the organization. 4) Corporate Compliance – means having internal policies and procedures designed to prevent and detect violations of applicable law, regulations, rules and ethical standards by employees, agents and others. It involves legal risk management and internal controls. 5) Corporate Governance – refers to the set of systems, principles and processes by which a company is governed.
They provide the guidelines as to how the company can be directed or controlled such that it can fulfil its goals and objectives in a manner that adds to the value of the company and is also beneficial for all stakeholders in the long term. 6) Corporate Responsibility – includes being consistent with ethical principles and conduct such as honesty, integrity and respect for others. By voluntarily accepting responsibility for its actions corporations earn their licence to operate in society. 7) Corporate Social Responsibility – is a form of corporate self-regulation integrated into a business model.
CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. 8) Corporate Sustainability – is a business approach that creates long-term consumer and employee value by not only creating a “green” strategy aimed towards the natural environment, but taking into consideration every dimension of how a business operates in the social, cultural, and economic environment. Also formulating strategies to build a company that fosters longevity through transparency and proper employee development.
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