Corporate governance and social responsibility: problems and issues

Abstract

Corporate governance is considered as a system by which companies are directed and controlled. It is a set of standards which aims to improve the company s image, efficiency, effectiveness and social responsibility. Sustainability ensures the long-term financial and economic viability of corporate investments and of requiring compliance with minimum environment viability and social standards. In this study, the researcher has critically analysed the concept of corporate governance and corporate social responsibility and the relationship between them. The issue of corporate social responsibility is an integral part of corporate strategy, planning and operational performance. Profitability should not be the sole criteria of vision and vital factor in judging the company s performance but corporates should also focus on their responsibility towards society at large. Corporate social responsibility is the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life. It covers a variety of sensitive issues such as human rights, worker s rights, supplier s relations and involvement. Objectives of the Study:An attempt has been made in this research work to study and understand the important facets of the corporate governance and corporate social responsibility in comprehensive way and to achieve new insights into it. The main objectives of the present study are as under: 1. To understand the basic concept of corporate governance and corporate social responsibility. 2. To trace the origin and development of the corporate governance. 3. To indentify the major problems in the field of corporate governance. 4. To critically examine the position of directors in corporate governance. 5. To analyze the role of auditors in corporate governance. 6. To discuss comprehensively the relationship of corporate governance and corporate social responsibility.