Which of the following statements about corporate social responsibility is true

2

State whether the following statements are true or false. Correct the incorrect statements.

Corporate social responsibility is compulsory for every industrialist.

True

Yes, the corporate social responsibility is essential for the industrial unit. The law ensures 2% of the profit of the industrial unit must be contributed to society as a social responsibility. The industrial unit must ensure social responsibility in the society for the peaceful development of industries.

The correct option is Option A. As part of corporate social responsibility, companies should disclose less information about product-related risks

Explanation

Information on a company's policies, aspirations, and actions toward the community, customers, environment, and employees is known as CSR disclosure. So, CSR provides for the disclosure of product-related risk information.

Wrong Option

B.A firm must first be accountable to itself and its shareholders before it can be socially responsible. According to the CSR principle, a company has obligations to both internal and external stakeholders as well as shareholders, owners, and other societal groups. Therefore, it must consider the needs of all stakeholders when making decisions

C.The Corporate Social Responsibility (CSR) actions of a company demonstrate its dedication to acting ethically and involve commitments that may go above and beyond any legal requirements.

D.Businesses engage in CSR willingly because it enhances how customers see your brand and help you recruit and keep talent. Consequently, it encompasses voluntary activity as well as legal action.

Rationale: Statement (i) is incorrect, because there is no such 'guarantee'; statement (ii) because it is not necessarily so, and statement (iv) because other organisations (eg charities, government bodies) are often more concerned with social

responsibility than businesses.Ways in: It is always worth checking to see if logic helps. Words like 'guarantee' often signal

an untrue statement, becausethey make such extreme claims. And if statement (i) is therefore incorrect, you've halved your

options. It should then be obvious that (iv) is incorrect (if you think about a hospital, say).

19. Which of the following statements is true about corporate social responsibility? A. Businesses should monitor and prevent social problems in advance of their becoming

major issues.B. A company should seek maximum profits from its operations in order to provide the best for society.C. Corporations should be accountable for any actions that affect people, their communities, and the environment.D. Both A and C, but not B.

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