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April 03, 2006
What are business executives thinking in regards to Corporate Responsibility?
Max Oliva, Associate Director of IE's Social Impact Management
The McKinsey Quarterly conducted a survey in December 2005 which had the participation of more than 4,200 executives in 116 countries. “Unquestionably, the global business community has embraced the idea that it plays a wider role in society. More than four out of five respondents agree that generating high returns for investors should be accompanied by broader contributions to the public good.” This in contrast with only one out of six who agrees with Friedman’s thesis that the "social responsibility of business" is to "increase its profits".
Executives stress the risks to the reputation of companies when they are expected to address social and political concerns; yet only 3% report that their companies are doing a good job in the matter. Perhaps it is based on the notion that companies are taking the wrong approach? View the full report here.
Posted on 3 April 2006 in Corporate Responsibility
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