Business Ethics Chapter 4

Framework for Corporate Citizenship

> Concentrate action programs on limited objectives. > Concentrate action programs related to the firm's products or services. > Begin action programs close to home. > Facilitate employee action.

Corporate Citizenship Involves:

> proactively addressing business and society issues, > building stakeholder partnerships,- (BUY IN) > discovering business opportunities through social strategic goals, and > transforming a concern for financial performance into a vision of corporate financial and social performance.

Social Performance Audit

A systematic evaluation of an organization's social and ethical performance, examining the social and ethical impact of a business against two benchmarks: a company's own mission statement and the behavior of other organizations and social norms.

Principles of Corporate Citizenship

Good corporate citizens strive to conduct all business dealings in an ethical manner, make a concerned effort to balance the needs of all stakeholders, (stockholders, employees, customers etc.) while working to protect the environment.

Transparency

Growing demand by stakeholders for companies to report publicly the results of their financial, social and environmental performance audits

Corporate Citizenship

Refers to businesses acting responsibly toward their stakeholders.

Global Corporate Citizenship

The process of identifying, analyzing, and responding to the company's social, political, and economic responsibilities as defined through law and public policy, stakeholder expectations, and voluntary acts flowing from corporate values (culture) and business strategies.

Triple Bottom Line****

When companies report to stakeholders not just their financial results but also their environmental and social impacts. Financial, social and environmental results, taken together as an integrated whole, constitute a company's triple bottom line.