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The chapter provides an overview of corporate responsibility towards its stakeholder's i.e. internal and external stakeholders. Internal stakeholders are shareholders, employees and management. External stakeholders include consumers, suppliers, creditors competitors and community. Shareholders are important to the business, because they have a primary stake in the business. Organization's responsibilities towards the stakeholders are:
Therefore the responsibility of management involves maintaining healthy relationships among the stakeholders. The organizations responsibilities towards consumers include offering quality goods, providing prompt services, treating customers fairly etc. Good relations with suppliers will determine the profitability of the company.
The company must treat its suppliers with respect. Suppliers / Creditors must be paid promptly. Companies must also follow ethical competitive practices. Finally, the responsibilities of the organization are, respecting human rights, improving workplace safety and economic well being etc.