'The continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.' This may be attributed rightly to which one of the following?
corporate social responsibility
Concept: Corporate social responsibility (CSR) is a company's self-imposed obligation to act beyond profit and legal minimums, balancing the interests of workers, communities, the environment and society while pursuing business goals.
The statement quoted is a well-known definition, and identifying it settles the answer. It is the World Business Council for Sustainable Development's definition of corporate social responsibility: the continuing commitment by business to behave ethically, contribute to economic development, and improve the quality of life of the workforce, their families, the local community and society at large.
Example: A tea company that voluntarily runs schools and health clinics for its workers' families and funds local development is practising CSR, not merely obeying a labour statute.
Option check: CSR is broader than the mere ethical responsibility of business (option 1) or a specific commitment to employee welfare (option 3), and it has nothing to do with legal compliance under the Plantation Workers Act (option 4), which is a statutory duty, not a voluntary commitment. Its all-round scope - ethics, economy, workforce and wider society - is exactly what corporate social responsibility means.
Hence it may rightly be attributed to corporate social responsibility.
Similar Questions
Assertion (A) : Bad corporate governance can cast doubt on a company's reliability.
Reasoning (R) : Companies that do not cooperate sufficiently with auditors can publish non-compliant financial results.
Code :
Which among the following are also called Corporate Social Responsibility ?
(a) Corporate Conscience
(b) Corporate Citizenship
(c) Responsible Business
Code :
Which one among the following is not a part of Corporate Social Initiatives ?
Which of the following is/are the component(s) of Ethics by field of interest ?
What is the right sequence of four psychological sub-processes in ethical action given by James Rest ?
CSR is important because :
Assertion (A) : Corporate behaviour towards stakeholders is an important concept in practice and a central part of corporate Governance.
Reason (R) : It has to be ethical, legal and responsible behaviour for organisation, stakeholders and society.
Code :
Which one of the following is not a principle of corporate Governance ?
Match the items given in the List - I and List - II and suggest the correct code :
List - I List - II (a) Ethics (i) Right code of behaviour for a group or profession (b) Morality (ii) Prescribes right conduct for everyone (c) Moral standard (iii) Needs some inclination to follow morality (d) Meta Moral Standard (iv) Practical and pragmatic Code :
Assertion (A) : When a corporation acts ethically and socially responsible in its business decisions and strategic planning, then the corporation will be more sustainable.
Reason (R) : Socially responsible corporate behaviour is increasingly seen as essential to long-term survival of companies.
Important Questions from Corporate governance and business ethics
Corporations are controlled and directed by which one of the following?
Which among the following is not a correct statement with regard to Corporate Governance in India ?
As per the Anglo-Saxon Model of Corporate Governance, the authority lies with the following. Arrange these in decreasing order of authority.
A. Board of Directors
B. Managers
C. Shareholders
D. Employees (Company)
E. Trade unions
Choose the correct sequence from the options given below
Assertion (A) : Corporate governance is an important instrument of investor protection.
Reason (R) : Strong corporate governance is indispensable to resilient and vibrant capital markets.
Which one of the following options is correct?
Which one of the following is not a norm of corporate governance ?
