Good governance and social responsibility Management Coursework (Coursework Sample)

Good Governance and Social Responsibility in Fostering Development
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INTRODUCTION
Social responsibility is an ideological phenomenon in which an organization has the responsibility of working on behalf of the society and is considered a mandatory requirement for organization in its pursuit of economic activities keep equilibrium between the ecosystem and the economy also dubbed as “the business of doing well”. Instilled by governments, each organization follows a set of rules that ensures they fulfil their social responsibility. Good governance on the other hand describes a set of rules set over time to meet or properly tackle new challenges in aspects of business such as accountability, commerce risk assessment among many other areas of business.
Background of organization
Principles of good governance started to bear fruits when company management and company ownership became two separate entities. Over the years, after a series of economic crisis, it became a necessity to develop stricter policies by governments and ensured strict compliance to these regulations by corporations. The core business of social responsibility and good governance is that it ensures that all stake holders benefit adversely for the decision-making process and outcomes of corporations and as such, a string of legal mechanisms and perspectives have been analyzed and put in place to ensure the success of these two principles. “………. Free market democracy has to be ensured, the system of sustainability has to be strengthened by developing a deep sense of responsibility towards the society. Similarly, the leaders of these free market democracies are developing their own beneficiary goals without considering the basic requirements of the citizens” (ukessays, 2018).