Quiz sa Wednesday

Question 1

is the responsibility of companies to act and behave
ethically to satisfy their stakeholders needs.
❑ is a mechanism by which companies hold
themselves to a set of legal, ethical, social and
ecological standards

Answer 1

Corporate Social Responsibility

Question 2

The basic idea behind CSR is?

Answer 2

Doing well while doing good

Question 3

When did the foundation for the modern definition of Corporate Social
Responsibility (CSR) begin?

Answer 3

The first half of the 20th century

Question 4

When did interest in Corporate Social Responsibility (CSR) intensify due
to the growing threat of climate change?

Answer 4

1990s

Question 5

What framework emerged as a way to increase corporate accountability
by measuring a company’s social, economic, and environmental impact?

Answer 5

Triple Bottom Line

Question 6

Also during the 90s, Burke and Logsdon (1996) posed five dimensions to
strategic CSR: these are?

Answer 6

centrality, specificity, proactivity, voluntarism, and visibility

Question 7

In 1991, Archie Carroll updated his CSR definition to include four dimensions
that build in significance:

Answer 7

ECONOMIC
LEGAL
ETHICAL
PHILANTHROPIC

Question 8

An expectation of profit is natural when shareholders from corporations,

Answer 8

Economic

Question 9

➢ A corporation is created through law and, as such, must abide by the rules and regulations imposed for fairness and justice

Answer 9

Legal

Question 10

Doing what is right for stakeholders is what companies should aim for

Answer 10

Ethical

Question 11

To fulfill this responsibility, companies need to truly embrace this, meaning, issues that pertain to the improvement
of human lives must be addressed without compromise.

Answer 11

Philanthropic

Question 12

What are the four dimensions/stages of Social Responsibility?

Answer 12

Stage 1: Financial Viability
Stage 2: Compliance with Legal and Regulatory Requirements
Stage 3: Ethics, Principles, and Values
Stage 4: Philanthropic Activities

Question 13

provide a framework that companies must
comply with.

Answer 13

Regulation

Question 14

Benchmarks have been established because of companies best
practices that use CSR as a builder of reputation; how the
market behaves and influences; and how companies engage in
their respective CSR initiatives and have become a source of
competitive advantage.

Answer 14

Market Behavior

Question 15

How stakeholders in society react and voice out their concerns to corporations publicly through various means have impacted
how organizations behave.

Answer 15

Social Activism

Question 16

a mixture of beliefs, norms, symbols, and the heritage that a particular country or geographic area shares and
practices. This serves as a driver of CSR by shaping societal
expectations, influencing stakeholder behavior, guiding
regulatory frameworks, and impacting organizational values
and practices. Companies that understand and align with the
cultural context in which they operate are better positioned to implement meaningful CSR initiatives and build sustainable relationships with stakeholders

Answer 16

Culture

Question 17

Integrating CSR in its planning from the different functional areas of a company fortifies the relationship and becomes a
creator of value that benefits the corporation in the long term

Answer 17

Strategy

Question 18

A company needs to be profitable and take care of its own needs before it has the ability and resources to engage effectively in
social responsibility

Answer 18

Limited Financial Resources

Question 19

A company that single mindedly focuses on operational
efficiency is usually driven by this. According
to Kolstad(2007), most executives support Friedmanian view of
maximizing returns to shareholders despite the growing
literature on CSR’s positive effects on corporate financial
performance, persistence and acceptance of maximizing profits
act as barriers to CSR

Answer 19

Profit Maximization

Question 20

No matter how good the intentions are in promoting CSR in
organizations, it will need efficient mobilization through
employee involvement and engagement in its programs.
Without the support of human resources in its implementation.
CSR activities will be lackluster.

Answer 20

Availability of Human Resources

Question 21

what are the three aspects of triple bottom line?

Answer 21

Economic (Profit)
Social (People)
Environmental
(Planet)

Question 22

is a world authority on corporate
responsibility and sustainable capitalism, a bestselling author
and serial entrepreneur.

Answer 22

John Elkington

Question 23

It has a key role in influencing CSR.
Both CSR, and this are founded on concepts of service,
integrity, and inspiration to others.
A leader must be able to communicate their CSR stories
internally and externally effectively

Answer 23

Leadership

Question 24

a concept that encompasses the effective, ethical, and accountable management of
public resources and affairs. It is essential for fostering sustainable development, ensuring the rule of law,
and promoting the well-being of all citizens.

Answer 24

Good Governance

Question 25

refers specifically to the set of rules, controls, policies, and resolutions put in place to dictate corporate behavior.

Answer 25

Governance

Question 26

refers to the framework of rules, practices, processes, and structures by which an organization is directed, controlled, and managed.

Answer 26

Corporate Governance

Question 27

Good governance aims to create an environment where organizations and societies can thrive by ensuring that decision-making processes are fair, transparent, accountable, and inclusive. This not only builds trust and legitimacy but also enhances the effectiveness and sustainability of policies and practices, ultimately contributing to the overall well-being and development of the community.

Answer 27

Purpose of Good Governance

Question 28

Establish a board with diverse and experienced members who provide strategic direction and oversight

Answer 28

Board of Directors

Question 29

Form essential committees (e.g., audit, risk, remuneration) to focus on specific governance areas.

Answer 29

Committees

Question 30

Create this in outlining the ethical standards and behavior expected from all employees and stakeholders.

Answer 30

Code of Conduct

Question 31

Establish a comprehensive framework detailing roles, responsibilities, and procedures for decision-making and oversight.

Answer 31

Governance Framework

Question 32

Stay informed and comply with all relevant local, national, and international laws and regulations

Answer 32

Legal Compliance

Question 33

Develop internal policies that reflect regulatory requirements and best practices

Answer 33

Internal Policies

Question 34

Set clear performance metrics and conduct regular reviews to ensure accountability.

Answer 34

Performance Management

Question 35

Establish procedures for reporting unethical behavior and protecting whistleblowers.

Answer 35

Whistleblower Policies

Question 36

Regularly publish financial statements, annual reports, and other relevant information to stakeholders.

Answer 36

Reporting

Question 37

Foster open communication within the organization and with external stakeholders.

Answer 37

Open Communication Channels

Question 38

Conduct regular _________ to identify potential threats and opportunities.

Answer 38

Risk Assessment

Question 39

Implement robust internal controls to mitigate risks and ensure accurate financial reporting and operational efficiency.

Answer 39

Internal Controls

Question 40

Regularly review and update governance policies and practices to adapt to changing circumstances and improve effectiveness

Answer 40

Continuous Improvement

Question 41

Conduct internal and external audits to evaluate governance practices and ensure compliance

Answer 41

Audits and Assessments

Question 42

Integrate sustainability into the business strategy, focusing on environmental, social, and economic impacts.

Answer 42

Sustainability Initiatives

Question 43

Develop and implement CSR programs that align with the company’s values and contribute to the community.

Answer 43

CSR programs

Question 44

KEY ELEMENTS OF GOOD GOVERNANCE INCLUDE?

Answer 44

• Accountability ❖ Transparency ❖ Responsiveness ❖ Integrity ❖ Equity and Inclusiveness ❖ Strategic Vision and Clarity of Purpose ❖ Effectiveness and Efficiency ❖ Risk Management and Accountability ❖ Sound Decision-Making ❖ Legal and Ethical Compliance (Rule of Law)

Question 45

Individuals and institutions are responsible for their actions, decisions, and performance. They must be answerable to stakeholders for their conduct and use of resources.

Answer 45

Accountability

Question 46

Individuals and institutions are responsible for their actions, decisions, and performance. They must be answerable to stakeholders for their conduct and use of resources.

Answer 46

Accountability

Question 47

This involves openness, clarity, and accessibility of information related to organizational activities, decisions, and finances. These practices promote trust, accountability, and informed decision-making among stakeholders.

Answer 47

Transparency

Question 48

Organizations should be responsive to the needs, concerns, and interests of stakeholders, including shareholders, customers, employees, communities, and the public. Responsive governance involves engaging with stakeholders, seeking feedback, and addressing their needs and expectations.

Answer 48

Responsiveness

Question 49

It entails honesty, ethical behavior, and adherence to moral principles in all organizational activities and interactions. Upholding this builds trust, credibility, and reputation, both internally and externally

Answer 49

Integrity

Question 50

Good governance promotes fairness, equality, and inclusiveness in decision-making processes and resource allocation. It ensures that diverse perspectives and interests are considered and represented, particularly those of marginalized or disadvantaged groups.

Answer 50

Equity and Inclusiveness

Question 51

Governance frameworks should provide a clear strategic direction and define the organization's mission, vision, values, and goals. A shared understanding of purpose helps align efforts, prioritize activities, and measure performance

Answer 51

Strategic Vision and Clarity of Purpose

Question 52

Effective governance includes robust risk management practices to identify, assess, mitigate, and monitor risks that could affect organizational objectives. Accountability mechanisms ensure that risks are managed responsibly, and individuals are held responsible for their decisions and actions.

Answer 52

Risk Management and Accountability

Question 53

Governance structures and processes should be designed to achieve organizational objectives effectively and efficiently. This involves optimizing resource allocation, minimizing waste, and continuously improving performance and outcomes.

Answer 53

Effectiveness and Efficiency

Question 54

Good governance fosters informed, evidence-based decision-making processes that consider relevant data, analysis, and stakeholder input. Decisions should be made objectively, transparently, and in the best interests of the organization and its stakeholders.

Answer 54

Sound Decision Making

Question 55

Organizations must comply with applicable laws, regulations, and ethical standards governing their operations. Good governance involves establishing mechanisms to ensure legal and ethical compliance, as well as addressing any breaches or violations promptly and effectively.

Answer 55

Legal and Ethical Compliance