Corporate responsibility

Corporations have a responsibility to those groups and individuals that they can affect, i.e., its stakeholders, and to society at large. Stakeholders are usually defined as customers, suppliers, employees, communities and shareholders or other financiers.
Corporate responsibility includes: 1. Commitment towards minimizing any negative impacts on the environment and wider community
2.Adopting ethical and transparent business practices with respect for employees, the environment and wider community
3. Designing to deliver sustainable value for stakeholders and communities
4. Fully integrates sustainability and responsibility into day-to-day business practice
Example: Companies earn a license to operate by creating products and services that their customers value, by creating jobs for employees whom they treat fairly and in accordance with the law, and by complying with other applicable laws.
In a case where a company’s products are discovered to be harmful to customers, or where their products or operations are deemed harmful to the general public, a company’s license to operate can become imperilled. This may result in penalties that enforce existing laws and regulations, or new laws and regulations that in extreme cases put a company out of business

1. Corporate responsibility By: Rashmi Kumari AGBS, P atna

2. Corporate responsibility Corporations  have a responsibility  to those groups and individuals that they can affect, i.e., its stakeholders, and to society at large. Stakeholders are usually defined  as customers, suppliers, employees, communities and shareholders or other financiers.

3. Corporate responsibility includes: Commitment towards minimizing any negative impacts on the environment and wider community Adopting ethical and transparent business practices with respect for employees, the environment and wider community Designing to deliver sustainable value for stakeholders and communities Fully integrates sustainability and responsibility into day-to-day business practice

4. Example: Companies earn a license to operate by creating products and services that their customers value, by creating jobs for employees whom they treat fairly and in accordance with the law, and by complying with other applicable laws. In a case where a company’s products are discovered to be harmful to customers, or where their products or operations are deemed harmful to the general public, a company’s license to operate can become imperiled. This may result in penalties that enforce existing laws and regulations, or new laws and regulations that in extreme cases put a company out of business

5. Types of CR Environment : One primary focus of corporate social responsibility is the environment. Businesses, both large and small, have a large carbon footprint. Any steps they can take to reduce those footprints are considered both good for the company and society as a whole. Philanthropy:  Businesses also practice social responsibility by donating to national and local charities. Whether it involves giving money or time, businesses have a lot of resources that can benefit charities and local community programs .

6. Types of CR (cont.) Ethical labor practices : By treating employees fairly and ethically, companies can also demonstrate their corporate social responsibility. This is especially true of businesses that operate in international locations with labor laws that differ from those in the United States.

7. As an employer, a company has following CR: Treat all colleagues with the dignity and respect they are entitled to. Promote equality of opportunity for all, irrespective of age, disability, ethnicity, gender, gender reassignment, marital / civil partnership status, pregnancy and maternity, religion / belief, or sexual orientation. Consider economic, social and environmental impacts, and encourage colleagues to adopt responsible behavior. Inspire and develop their colleagues and ensure that they are rooted within one local community .

8. As a public body , a company has following CR: Commit to eliminating unlawful discrimination. Adopt socially and environmentally responsible behavior. Lead by example in promoting equality, diversity and human rights. Reduce our carbon footprint and ensure we are environmentally sustainable in our practices. Demonstrate our commitment to being a good corporate citizen .

9. As a regulator , a company has following CR: Fulfil our statutory objectives in an effective manner. Promote diversity so we can best reflect the diversity of the community we serve. Act in a balanced and measured way. Have due regard for equality and human rights in carrying out our statutory functions. Have due regard for the equality and human rights impact when taking strategic decisions about how to exercise our functions

10. As a contracting authority, a company expect their suppliers of products and services : Share our approach to corporate responsibility and commitment to equality and diversity through their policies, principles and actions. Understand and comply (or have plans for compliance) with all legislation relevant to their business (and their interactions with our organization) covering such matters as environmental protection, discrimination, employment, minimum wage, health and safety, equality of treatment for all the diversity strands including making reasonable adjustments for disabled workers and to have policies, where appropriate, and to actively monitor performance against such policies. Communicate openly and honestly with us so we can support and develop our mutual commitment to corporate responsibility. Manage their suppliers of products and services responsibly .

11. Thank you