Corporate responsibility

Short description: Business concept

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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 References

## Concept

The 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

Major 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

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.

## See also

* Corporate social responsibility
* Corporate digital responsibility

## References

1. ↑ Priori, Sarbanes–Oxley Act, accessed 2 October 2020
2. ↑ 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
3. ↑ Sarbanes–Oxley 101, SOX Section 302: Corporate Responsibility for Financial Reports, accessed 2 October 2020

* v
* t
* e

Social and environmental accountability

Ethics and
principles|

* Aarhus Convention
* Corporate accountability / behaviour / social responsibility
* Ethical banking
* Ethical code
* Extended producer responsibility
* Organizational ethics
* Organizational justice
* Principles for Responsible Investment
* Social responsibility
* Stakeholder theory
* Sullivan principles
* Transparency (behavioral
* social)
* UN Global Compact

Social
accounting|

* Double bottom line
* Ethical positioning index
* Higg Index
* Impact assessment (environmental
* equality
* social)
* ISO 26000
* ISO 45001
* Genuine progress indicator
* Performance indicator
* SA8000
* Social return on investment
* Whole-life cost

Environmental
accounting|

* Carbon accounting
* Eco-Management and Audit Scheme
* Emission inventory
* Environmental full-cost accounting / impact assessment / management system / profit-and-loss account
* ISO 14000
* ISO 14031
* Life-cycle assessment
* Pollutant release and transfer register
* Sustainability accounting / measurement / metrics and indices / standards and certification / supply chain
* Toxics Release Inventory
* Triple bottom line

Reporting|

* Global Reporting Initiative
* GxP guidelines
* Sustainability reporting

Auditing|

* Community-based monitoring
* Environmental (certification)
* Fair trade (certification)
* ISO 19011

Related|

* Bangladesh Accord
* Benefit corporation
* Child labour
* Community interest company
* Conflict of interest
* Disasters
* Disinvestment
* Eco-labeling
* Environmental pricing reform
* Environmental, social and corporate governance
* Ethical consumerism
* Euthenics
* Health impact assessment
* Market governance mechanism
* Product certification
* Public participation
* Social enterprise
* Socially responsible investing
* Stakeholder (engagement)
* Supply chain management

* Environment portal
* Category
* Commons
* Organizations

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