In the past, the common perception of a business responsibility was to maximize their firm’s profit. This is because businesses were perceived to always put the shareholder interests first. However, businesses are moving towards impacting the socials and environments. Several studies have found that businesses now have direct responsibilities to various other stakeholders which include preventing the harm of human rights and ensuring that there are solutions available if abuses occur.
The modern view of business responsibility demands companies to help in problems relating to public welfare. As firms have no utmost responsibility for these unpleasant situations, philanthropic responsibilities are still not mandatory.… Read the rest