Question

Apart from achieving a social benefit over and above maximizing profits for its shareholders, corporate social responsibility also requires an organization to meet all its legal obligations.A. TrueB. False

Answer 1

Apart from achieving a social benefit over and above maximizing profits for its shareholders, corporate social responsibility also requires an organization to meet all its legal obligations- The statement is True

Explanation:

Four Components of Corporate Social Responsibility are:

1. Economic Social Responsibility
2. Legal Social Responsibility
3. Ethical Social Responsibility
4. Discretionary Social Responsibility

Legal Social Responsibility

Consumer will buy product and services of those companies in which they have faith or trust.The companies by strictly adhering to the government rules and regulations restore the faith/trust of its consumers .If a company does not abide to its legal obligation it might loose its existing customer and will incur huge loss

For Example: Paying Taxes,Following the labor Laws are few example of the legal social responsibility