CORPORATE ACCOUNTABILITY

Corporate Accountability and Responsibility



Corporate Accountability and Responsibility

Introduction

There are many definitions that describe the Strategy related to corporate accountability as a model through which the businesses could integrate a positive move towards the concerns of its stakeholders on the voluntarily basis, implementing it in the behavior of their business. Legal ethics (moral duties of counsel), considered the main moral obligation of the lawyer, in all the aspects, have the knowledge and ability to exercise. It is indispensable to have a good knowledge of the law, of jurisprudence and practice of courts constantly updated on the doctrinal matters. The duties of attorney vary depending on the activity performed.

However, in order to be socially responsible refers to be going beyond profitability maximization or the legal compliances. These could make the improvement in business's socially responsible reputation and increase the competitiveness by investing a large proportion in the environmental and social area, affecting the positive economic results from the increasing customer attention and the increasing market opportunities (Bakan, 2004, pp.65).

Discussion

The strategies are general programs of action to carry commitments of emphasis and resources to implement a core mission. There are patterns of goals, which have been conceived and initiated in a way, in order to give the organization a direction unified. Establishing a dynamic system in advance which groups the issues highlighted, differentiating business strategy in the context of an open environment, and fostering a corporate culture that supports the competitive advantage the company follows are the primary objectives. Competitive strategy is to develop a broad formula for how the company will compete, what its goals should be and what policies it should adopt to achieve those objectives (O'Sullivan, 2000, Pp. 393).

Dimensions of Corporate Accountability

Corporate accountability has two different dimensions: one is internal dimension and another is the external dimension.

Internal dimension

Management of Human resources (empowering of employees, long-life learning, better shift from school to work, quality in work, accountable recruitment practice)

Providing Safety and Health at work

Managing of environmental natural resources and impacts (eco-efficiency)

Adaptation to alter (responsible reformation)

External dimension

Local communities (the physical environment and local labor interaction, participation in community happenings)

Business partners, Suppliers, and consumers (lasting fair relationships, design for everyone)

Human Rights (covering of working conditions through codes of conduct, environmental and human rights aspects mainly those of their suppliers and subcontractors; fighting to end corruption, etc)

Environmental concerns globally (Agarwal & Chadha, 2005, pp. 371).

Corporate responsibility and accountability is relatively a new regulation, and businesses are getting inclined to connect into giving out a statement mentioning their finest practices in a range of activities differentiating from management operations to human resources. Corporate accountability evaluation is a tool for businesses in the world where the stakeholders are demanding and expecting more and more from the businesses (Becht, 2002, pp.76).

Corporate Accountability and Stakeholders

In modern business organizations, the major stakeholders of the business are trade creditors, suppliers, shareholders, debt holders, and customers and communities that the operations and activities of the company affect.

While, some of the internal stakeholders include executives, board of directors, and other ...