Corporate responsibility is a term which has come to characterize a family of professional disciplines intended to help a corporation stay competitive by maintaining accountability to its four main stakeholder groups: customers, employees, shareholders, and communities.
Business Ethics Magazine (acquired in August, 2006 by The CRO, or Corporate Responsibility Officer) has helped to define the field with its 100 Best Corporate Citizens list, published since 1998. The Corporate Responsibility industry, which includes all professional services purchased by for-profit and not-for-profit companies to maintain their levels of corporate responsibility, was valued by the CRO Magazine at $20 billion in 2005.
In the USA, the failings of corporate responsibility have been closely associated with the corporate scandals (Enron, Tyco, Citigroup) of the 2000-2004 period and the Sarbanes–Oxley Act of 2002 which was passed in response to these accounting scandals.[1] Section 302 of the Sarbanes–Oxley Act specifically refers to the corporate responsibilities of the "signing officers" responsible for signing-off financial reports and accounts.[2][3]
In the UK and Europe, the term is more generally associated with the local and Europe-wide regulations holding companies accountable to their stakeholders.
^Priori, Sarbanes–Oxley Act, accessed 2 October 2020
^Public Law 107–204: An Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws, and for other purposes
^Sarbanes–Oxley 101, SOX Section 302: Corporate Responsibility for Financial Reports, accessed 2 October 2020
March 09, 2023
corporate, responsibility, this, article, needs, additional, citations, verification, please, help, improve, this, article, adding, citations, reliable, sources, unsourced, material, challenged, removed, find, sources, news, newspapers, books, scholar, jstor, . This article needs additional citations for verification Please help improve this article by adding citations to reliable sources Unsourced material may be challenged and removed Find sources Corporate responsibility news newspapers books scholar JSTOR October 2020 Learn how and when to remove this template message Corporate responsibility is a term which has come to characterize a family of professional disciplines intended to help a corporation stay competitive by maintaining accountability to its four main stakeholder groups customers employees shareholders and communities Contents 1 Concept 2 Prevalence 3 Media coverage 4 See also 5 ReferencesConcept EditThe professional disciplines included in the corporate responsibility field include legal and financial compliance business ethics corporate social responsibility public and community affairs investor relations stakeholder communications brand management environmental affairs sustainability socially responsible investment and corporate philanthropy Prevalence EditMajor membership organizations and media in the Corporate Responsibility industry include Business in the Community bitc org uk WBCSD org CERES National Investor Relations Institute and Compliance Week Media coverage EditBusiness Ethics Magazine acquired in August 2006 by The CRO or Corporate Responsibility Officer has helped to define the field with its 100 Best Corporate Citizens list published since 1998 The Corporate Responsibility industry which includes all professional services purchased by for profit and not for profit companies to maintain their levels of corporate responsibility was valued by the CRO Magazine at 20 billion in 2005 In the USA the failings of corporate responsibility have been closely associated with the corporate scandals Enron Tyco Citigroup of the 2000 2004 period and the Sarbanes Oxley Act of 2002 which was passed in response to these accounting scandals 1 Section 302 of the Sarbanes Oxley Act specifically refers to the corporate responsibilities of the signing officers responsible for signing off financial reports and accounts 2 3 In the UK and Europe the term is more generally associated with the local and Europe wide regulations holding companies accountable to their stakeholders See also EditCorporate social responsibilityReferences Edit Priori Sarbanes Oxley Act accessed 2 October 2020 Public Law 107 204 An Act to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws and for other purposes Sarbanes Oxley 101 SOX Section 302 Corporate Responsibility for Financial Reports accessed 2 October 2020 Retrieved from https en wikipedia org w index php title Corporate responsibility amp oldid 1130866550, wikipedia, wiki, book, books, library,
