I say that being socially responsible is becoming an imperative for corporations to continue to function. Corporations should be held accountable for any of its actions that affect people, their communities, and their environment. It requires companies to forego some of their profits if its social impacts are seriously harmful to some of its corporate stakeholders, or if its funds can be used to promote a positive social good. Being socially responsible does not mean that the company must abandon its primary economic mission. Socially responsible corporations must balance between economic objectives and the cost of social objectives.
Many people are concerned about the power and influence that corporations wield.
Corporations exercise great political and governmental influence, as well as economic influence in our society, and others around the world. The focused power found in modern business corporation, means that every action it takes can affect the quality of human life, for individuals, for communities, and for the entire globe. The iron law of responsibility says that in the long run, those who do not use power in the ways that society considers responsible will tend to lose it. Because of the vast reach and power of corporations, the entire planet has become a stakeholder in all corporations. As a result, social responsibility has become a worldwide expectation.