Business Ethics & Corporate Governance


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Pages : 304; Paperback;
210 X 275 mm approx.
Suggested Case Studies

Pages : 136; Paperback;
210 X 275 mm approx,  Sample Applied Theory Questions
Sample Multiple Choice Questions (Online Quiz)


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Workbook Price: Rs. 700;
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Business Ethics & Corporate Governance Textbook | Workbook

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<< Chapter 15

Corporate Responsibility - Stakeholders : Chapter 16

SUMMARY: 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:

To provide professional management, fair returns on their investment, disclose relevant information, protect shareholders assets etc. The organizations responsibility towards employees are improving working conditions, maintaining open and honest communications, welcoming suggestions/complaints, providing equal opportunity etc. Management plays a key role in balancing the multiple claims of stakeholders.

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.

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