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Chapter 15 - Corporate Social Responsibility New...

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Corporate Social Responsibility New Expectations in the Governance of Organizations - Three significant changes have taken place: o CG compliance has increasingly become mandatory Compliance now tend to be about the cost of compliance and not about the need for corporate governance codes o Risk analysis and risk mgmt have become an integral part of the CG process o CSR and sustainability have been added to the CG portfolio - Laws to control monopolies and markets, employee relations, customer protection, health and safety, environmental protection and much more are now used to regulate and restrain corporate activities - Debate continues about companies responsibilities Friedman Counterparts - Company has one objective: Make long-term sustainable profits - If society wishes to limit this objective pass appropriate laws - Company should be accountable, responsible to societal interest over and above those of the owners and beyond the specific limits of the law - Carrol, corporate responsibility had four levels: o Economic responsibility – profit oriented and market drive o Legal responsibility – adhere to society’s laws and regulations o Ethical responsibility – honour society’s wider social norms and expectations o Discretionary or philanthropic responsibilities – undertake voluntary activities and expenditures which exceed society’s minimum expectations - CSR: o
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