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Related Definitions
Discretionary responsibilities Discretionary responsibilities are those that are voluntarily assumed by a business organization. They include public relations activities, good citizenship, and full corporate social responsibility
Ethical responsibilities Another social commitment for strategic managers is Ethical responsibilities .
Ethical responsibilities reflect the company’s notion of right and proper business behavior. Ethical responsibilities are obligations that transcend legal requirements. Firm are expected, but not required, to behave ethically.
Legal Responsibilities Legal responsibilities is another one social commitment for strategic managers.
Economic responsibilities Economic responsibilities are the most basic social responsibilities of business. As we have noted, some economists see these as the only legitimate social responsibility of business. Living up to their economic responsibilities requires managers to maximize profits whenever possible
Responsibilities of Board of directors The board of directors operates as the representatives of the firm’s stockholders. Elected by the stockholders, the board has these major responsibilities