1. 2. ECONOMIC RESPONSIBILITY
1.1. * Businesses should look at long term broader view rather than short-term profit for their organisation
2. * It goes beyond statutory obligation to comply with legislation * It is the Organisation that voluntarily improve the quality of life for employees, their families as well as community & Society at large.
3. 3. LEGAL RESPONSIBILITY
3.1. ii) 3 REASONS why Government cannot enforce law successfully
3.1.1. 1, Law is subjected to interpretations (Grey areas" therefore subjected to aurgument
3.1.2. ii) The law cannot covers all areas of business operations.
3.1.3. iii) HIgh cost of regulation to enforce laws
4. ii) Good Co image differentiate them from their Competitors
5. Defination
5.1. Written & Unwritten codes & Principles & values that govern decisions & actions within the Co.
5.1.1. Organisation Culture sets the Standards for determining the difference btw good & bad decision making & Behaviour.
5.1.2. Knowing btw Right & Wrong and Choose to do what is Right
5.1.3. It describe the actions of individual within the organisation as well as the Organisation as a Whole.
6. CSR
6.1. Other TERMS
6.2. * Corporate Responsibility *Corporate Citizenship *Responsibility Business *Corporate Social Opportunity
6.2.1. Its is Concept where Organisation CONSIDER THE INTEREST OF SOCIETY by taking responsibility for the IMPACT of their activities on their stakeholders ( Customer, Supplier, employees, Shareholders, Communities) as well as ENVIRONEMENT.
6.3. DEFINATION
6.3.1. Easier to secure Loans if Co practice CSR
6.4. ADVANTAGES/BENEFITS
6.4.1. 1. BRANDING
6.4.2. 2. CAPITAL
6.4.2.1. I) Consumers are more selective and want to deal with CO with good image
6.4.3. 3. S/H VALUE
6.4.3.1. Investors more likely to invest in Co that has social responsibility & good governance.
6.4.3.1.1. GOOD WORK CONDITON & RELATIONSHIP enables:
6.4.4. 4. HUMAN CAPITAL
6.4.4.1. Involvement in CSR
6.4.4.1.1. Helps to develop New Skills - Sharing - Teamwork
6.4.5. 5. OPERATION EFFICIENCY
6.4.5.1. Organisation becomes more efficient as it practices 3Rs- Reduce, Reuse, Recycle
6.4.5.2. Environment Conservation & Recyling initiatives
7. CSR include these RESPONSIBILITY
7.1. I) Corproration must comply with law and good practices or else suffers penalties for breaking them.
7.2. 1. SOCIAL RESPONSIBILITY
7.2.1. I) Investor will exert pressure on Co to behave responsibly
7.2.2. ii) Non-Government Organisation will use media to put a check on organisations
7.2.3. iii) Through education, community will hold corporation responsible for their actions eg in environmental management & Contamination Control.