Step 2. Stakeholders In Business Organisations
B5. Governance and social responsibility in business
a) Explain the agency concept in relation to corporate governance
b) Define corporate governance and social responsibility and explain their importance in contemporary organisations
c) Explain the responsibility of organisations to maintain appropriate standards of corporate governance and corporate social responsibility.
d) Briefly explain the main recommendations of best practice in effective corporate governance:
i) Executive and non-executive directors
ii) Remuneration committees iii) Audit committees
iv) Public oversight
e) Explain how organisations take account of their social responsibility objectives through analysis of the needs of internal, connected and external stakeholders.
f) Identify the social and environmental responsibilities of business organisations to internal, connected and external stakeholders