All company or business starts with a goal, depending on the type of business they want to build. Agendas that involves making business bigger, making more money or simply just providing service for the society. These businesses have a corporate responsibility to community. Corporate responsibility is also known as Corporate Social Responsibility or CSR, Corporate Citizenship, Responsible Business, Sustainable Responsible Business or SRB or Corporate Social Performance.
Corporate responsibility is a form of business self-regulation incorporated into a business model. This is a company’s mission to monitor and guarantee its obedience to law. Business would hold responsibility for the effect of their activities on the environment, consumers, employees, communities, stakeholders and all other members of the community. Corporate Responsibility is the ethic of the business. Corporations must now be sensitive in dealing with customers and the environment. The public are now more aware especially for large corporations. There are groups who monitor corporations with concern for the world in their minds. They keep their eyes open for public issues such as labor laws and environment issues. Any wrong doings will not go unnoticed. Corporations are not just held accountable by the government but also by the public. Some companies are forced into corporate responsibility, they know that it is not good business with bad reputation in destroying the environment and community, and also there is a huge penalty for those caught breaking environmental laws.
There is no renowned standard for corporate responsibility, although public sector organizations honor the Triple Bottom Line or TBL also known as People, Planet and Profit. It is widely accepted that corporate responsibility submits to similar principles but with no formal act of legislation.