ADM 1301 Lecture Notes - Lecture 5: Corporate Social Responsibility, Triple Bottom Line, Reputation Management
2 Oct 2018
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Document Summary
The way a corporation achieves a balance between its economic, social and environmental responsibilities in its operations so as to address shareholder and other stakeholder expectations. Profit driven - cs: focus on the bottom line. Caring - cs: go beyond legal compliance. Is an effort to enhance a corporation"s image. Previous focus on media and public relations as well as crisis management. Today focus on relationships with all stakeholders. Reputations take a long time to be established but can be destroyed quickly. Field of inquiry at the intersection of business needs and wider societal concerns that reflects and respects the complex interdependency between the two. Evaluates a corporation"s performance according to a summary of the economic, social and environmental value the corporation adds or destroys. Triple - e bottom line: economic, ethical, and environmental. Often forms the basis for corporate reporting of economic, ethical, and environmental responsibilities.
