Social responsibility for a business aligns into four key areas. First, economic - meaning maximizing stakeholder value; second - legal, abiding by all the laws and regulations; third - ethical, following standards of acceptable behavior; and fourth - philanthropic, giving back to society.
For the discussion board this week what part do you think corporate governance, that is top management and the board of directors, should play in building and maintaining these four areas of social responsibility, and how should they go about it?
Secondly, which of the four should be the top priority when it seems like a business cannot accomplish all of these objectives? Why do you take the position that you are taking?