What do you mean by corporate accountability?

Corporate accountability refers to a publicly traded company’s performance in non-financial areas such as social responsibility and sustainability. Corporate accountability holds that, beyond making a profit for its shareholders, a company must also be accountable to its employees and community members.

Why is corporate accountability important?

Accountability is among the fundamental challenges of contemporary organizations in society. A rational firm must align the demands, interests, expectations and values of multitude stakeholders with its core economic activities.

What does accountability mean in corporate governance?

In general terms, Board accountability is about taking responsibility for all of a company’s activities and presenting a fair, balanced and understandable assessment of an organisation’s position and prospects to stakeholders. …

What is meant by corporate responsibility?

What is corporate responsibility? Corporate social responsibility, also known as CSR, is the concept that a business has a responsibility to do good. CSR means that a company should self-regulate its actions and be socially accountable to its customers, stakeholders, and the world at large.

What is an example of accountability?

An example of accountability is when an employee admits an error she made on a project. When an employee is given the task of making sure a project goes right and knows she will be blamed if it doesn’t, she can also be said to have accountability for the project.

What are the 4 corporate social responsibilities?

Corporate social responsibility is traditionally broken into four categories: environmental, philanthropic, ethical, and economic responsibility.

How do you explain accountability in the workplace?

Accountability at work refers to the idea that every employee should take ownership of the work they have given. This means you should to setup and do what’s best for the business. An employee who is accountable will always take responsibility for his or her actions and their outcomes.

What is corporate accountability and why is it important?

Corporate accountability refers to the act of holding companies responsible for the non-financial areas of their impact on people and the planet. This examines the quality of corporate citizenship by companies regarding its internal practices and communities it affects through its work.

What is the meaning of accountability in government?

ACCOUNTABILITY IN CORPORATE GOVERNANCE To account is to give a description or depiction of something that happens or happened. Accountability would therefore be taken to literally mean the process of giving an account of an event.

What is the corporate accountability ‘movement’?

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.

What is accountaccountability and why is it important?

Accountability is also a key to performance measurement. The more accountable corporate governors are, the more likely it is that results of performance measurement processes are going to be a true and fair representative of the performance being measured. Accountability is a very important pillar of corporate governance.