"Business is not only about doing things right, it is also about doing the right things."
Discuss the social responsibilities that a business has to its various stakeholders. - Leaving Cert Business - Question B - 2009
Question B
"Business is not only about doing things right, it is also about doing the right things."
Discuss the social responsibilities that a business has to its various st... show full transcript
Worked Solution & Example Answer:"Business is not only about doing things right, it is also about doing the right things."
Discuss the social responsibilities that a business has to its various stakeholders. - Leaving Cert Business - Question B - 2009
Step 1
Social Responsibilities to Shareholders/Investors
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Answer
Businesses must act in accordance with the Memorandum and Articles of Association. They are expected to provide a fair return on investments and avoid excessive payments to senior management in order to present a true and fair view of the financial performance.
Step 2
Social Responsibility to Customers
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Answer
A business must ensure that its products are safe, meeting health and safety regulations. Any suspected safety issues should trigger a recall or investigation, ensuring that customers are informed and protected.
Step 3
Social Responsibility to Employees
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Answer
Organizations should adhere to employment laws, health and safety regulations, and provide a safe working environment. They must also ensure equal opportunities for all employees regarding promotions and pay.
Step 4
Social Responsibility to Government
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Answer
Businesses need to comply with all relevant legislation such as the Equality Act, and ensure timely payment of taxes including VAT and income tax. They should cooperate with government offices, such as the Environmental Protection Agency.
Step 5
Social Responsibility to General Public
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Answer
Businesses have an obligation to be environmentally conscious and work to minimize their environmental impact. They should also strive to eliminate discrimination in all business practices.
Step 6
Social Responsibility to Suppliers
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Answer
It is important for businesses to treat suppliers fairly and maintain open communication. They should pay amounts owed within an agreed timeframe to sustain good relationships.
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