Define corporate social responsibility and corporate citizenship.
Corporate social responsibility is the ethical responsibility of an organization to give back to a society in the form of social work.
Corporate citizenship is how a company defines its limits in meeting legal and ethical standards when acting on its corporate social responsibility. This is in the form of self-regulation.
List and briefly describe two levels of social responsibility.
A: Economic Responsibility: This refers to the company’s responsibility to address the requirements and need of the customers at a fair price. This could be in the form of products or some services.
B: Legal Responsibility: This responsibility calls for an obligation to the rules and regulations of a country that apply to a business.
Corporate government is important because:
Corporate governance is important because this calls for a systematic approach towards applying rules and devising policies that help an organization run smoothly. Corporate governance guides an organization to stay away of financial, ethical and legal misconducts. An organization can self-regulate itself with a clear corporate governance policy.