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essay #5 - Marko Urlic Business Society 09-17-2010 Essay#5...

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Marko Urlic Business & Society 09 -17 -2010 Essay #5 Corporate social responsibility is the duty of a corporation to create wealth in ways that avoid harm to, protect, or enhance societal assets. There is couple of broad principles that are widely accepted by managers and others. Those are: - Corporations are economic institutions run for profit - All firms must follow multiple bodies of law Corporation laws and chartering provision The civil and criminal law Bodies of regulation that protect stakeholders International laws - Managers must act ethically - Corporations have a duty to correct adverse social impacts they cause - Social responsibility varies with company characteristics - Managers should try to meet legitimate needs of multiple stakeholders - Corporate behavior must comply with norms in an underlying
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social contract - Corporations should accept a measure of accountability toward society As the first principle says, corporations are economic institutions run for profit, that is how Jack Welch treated General Electrics. He held
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