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Corporate Social Responsibility and Accountability

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With the growing rate of awareness among stakeholders and a general increase in the strength of consumer movements, corporations now have started to realize the importance of integrity, transparency, and communications in terms of its working scenarios. Nowadays investors not only want to invest in companies that are well managed but also have proper corporate governance (Giri, 2007). When it comes to governance, although at first, it may appear that it is only concerned with the adherence of the codes and principles of practice, it in fact also encompasses human behavior and the role of the business in the overall society in general as well.

The two terms of ethics and accountability are also inculcated under its umbrella. Ethical conduct by financial markets is not just restricted to not being crooked but it is about deciding what is right and what is good (Solomon, 2007). Similarly, corporate governance is not just about compliance but it is also about the way in which the businesses are run and how they relate to their stakeholders. It is about developing and maintaining trust in society through dialogue and engagement.

Its main purpose is meaningful and quality reporting or in other words transparency in terms of accountability (Solomon, 2007). Corporate governance is regarded by many as a control mechanism for the optimum use of mechanical and well as financial resources of the organizations. Hence the companies now have started to integrate ethics in their corporate cultures and have started assigning proper corporate governance mechanisms in place (Giri, 2007). Although there has been significant progress in the field of corporate governance, it still has a long way to go. We do see that the institutional investment community is active, but the resources being channeled for the purpose are still insufficient.

Corporate governance though can be seen to have shifted to a more reflexive and self-evaluative corporate community.

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