Social responsibility encompasses everything from charity to volunteering to creating an ethical culture. In particular, most corporations have benefactors who receive funds and attention from the company. For example, Proctor & Gamble has contributed to Cincinnati Children's Hospital. Many corporations also organize charity races or fundraising drives for company-supported nonprofits. These efforts tie into a desire to give back.
Accounting statements are an important component of managerial ethics because they require that the company truthfully portray its financial health. Shareholders, employees and partners rely on this information to gauge the overall state of the company. Managers that lie or create fraudulent statements can cause the collapse of their firm. To protect shareholders and the general public from accounting errors and fraudulent accounting practices, in 2002, the Sarbanes-Oxley (SOX) law was enacted. SOX requires senior managers to personally attest to the validity of their financial statements.
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Ethical leadership and high moral standards are important parts of creating an ethical culture. Managers must create a culture that not only discourages bribery and corruption but also seeks to uphold the highest moral standards. Managers must create very distinct lines between right and wrong so that no employee is unclear. Furthermore, when someone is found to transgress those ethical boundaries, they must suffer the consequences.
Environmental responsibility has become a part of social responsibility. Managers seek to save energy and reduce waste for the environment. With increased demands on natural resources and global warming, more and more managers see conservation as an...