Social Responsibility And Triple Bottom Line - 1427 Words

Introduction The statement, â€Å"It isn’t enough for a multinational corporation to be socially responsible; they must be a triple bottom line company to meet their ethical obligations,† is a brave statement on the surface. Breaking down and explaining the statement, plus providing insight to social responsibility and triple bottom line, will help to understand the impact of the statement. In addition, the underlying outcome from social responsibility and triple bottom line, known as wealth redistribution, will be explored. Breaking It Down A multinational corporation is one that does business in two or more nations around the globe. The statement emphasizes that, in an effort to adhere to the ethical duty that is bestowed upon it, a global†¦show more content†¦Social Responsibility The duty of social responsibility is fulfilled when the company provides selfless support to a community. The four elements of social responsibility are financial, legal, ethical, and philanthropic, in this order of priority. Economic responsibility is shown by being a profitable company that contributes to the wealth, jobs, and products or services of a community. A company that is not financially viable does not add leadership or prosperity to a community. They are a drag on society and do not follow the expectation of being a prosperous and responsible business. Legal responsibility is shown by being a law-abiding, upstanding, and moral business. The expectation is that a company operates well within the boundaries of legal issues, not walking the fence of breaking the law. An unlawful company is one that does not deserve to be in business. Ethical responsibility is shown when the company encounters issues that are not guided by law, but need an appropriate and good-hearted reaction. Whether the issue is related to the environment, people, or financial, taking the proper action gives the company the right to fully embrace the persona of being a moral member of the community. Philanthropic responsibility is shown through helping the community through giving. The act of giving can be in the form of providing funding for a health cause or providing people to volunteer their time for