corporate-responsibility

Vocabulary Word

Definition

'Corporate responsibility' is a company's commitment to act in a way that benefits society. This could mean taking care of the environment, treating employees well, or giving money to charities.

Examples in Different Contexts

In ethical business practices, corporate responsibility means conducting business in a manner that is fair, ethical, and respects human rights. An ethics officer might explain, 'Adhering to corporate responsibility principles ensures we operate with integrity and maintain trust with our stakeholders.'

Practice Scenarios

Public-Policy

Scenario:

To maintain our reputation and trust, adhering to the law isn't enough. We need to set and follow our own strict standards.

Response:

That's important. Our corporate responsibility involves not only compliance with the law, but also setting a high ethical benchmark.

Sustainability

Scenario:

While our product is revolutionary, we need to ensure that we aren't harming the environment in the process. Perhaps looking at recyclable materials for our packaging?

Response:

Agreed. Our corporate responsibility extends to how we package our products. Let's explore sustainable options.