What is corporate accountability? Do you think corporate social responsibility can help
in image building of a business organization? Explain
Corporate accountability can be defined as the ability of those affected by a corporation to hold corporations to account for their operations. This concept demands fundamental changes to the legal framework in which companies operate. These include placing environmental and social duties on directors to complement existing duties on financial matters, and legal rights for local communities to seek compensation when they have suffered as a result of directors failing to uphold those duties (Friends of the Earth, 2005).
Instead of urging companies to voluntarily give an account of their activities and impacts to improve their social and environmental performance, the corporate accountability ‘movement’ believes corporations must be ‘held to account’ – implying enforceability. This is a more radical position than that of CSR (corporate social responsibility) advocates. Over the years, NGOs and local stakeholders around the world have fought countless campaigns against companies over specific issues. Sometimes, firms have been brought to court. Well-known cases have arisen under the US ATCA (Alien Tort Claims Act) statute demanding compensation for the environmental liabilities (or ecological debts)
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