Business Notes: The ethical environment and corporate social responsibility

Definition: Morally correct behaviour towards all stakeholder groups

Below are examples of stakeholders and the businesses social responsibility towards them:

Shareholder:

  • Provide with upto date trading information
  • Tell them if the business isn’t doing well
  • Pay fair appropriate dividend
  • Be able to express views/ opinions/ concerns about how the business is run

Employees:

  • Fair wages
  • Safe working conditions
  • Fair breaks
  • Fair and transparent promotion

Government:

  • Publish full accounts (fair and open publication)
  • Avoid practices that will allow tax evasion

Consumers:

  • Fair pricing (transparent and open) – not misleading
  • Value for money
  • Safe

Suppliers:

  • Keep trade credit as short, appropriate as possible
  • Pay within the appropriate trade credit period

Esjae x

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