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Social Responsibility Report
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The Stakeholder Theory promotes the idea that businesses should serve not only its owners/stockholder but also everyone who has a stake in its performance. This would include the employees, suppliers, customers and the community. Each stakeholder has a right to be treated fairly and not just as a means to an end. The business has a fiduciary responsibility to both the stakeholders and the corporation. It must act in both of their interests to insure the long term stakes of each group and the survival of the company. One example of a successful company that follows the Stakeholder theory is the company Merck, Inc. George W. Merck, the companies founder, says that Merck’s corporate philosophy is, “We try never to forget that medicine is for the people. It is not for the profits. The profits will follow, and if we have remembered that, they have never failed to appear. The better we have remembered it, the larger they have been.” Another large corporation that adheres to the Stakeholder theory in a big way is Johnson & Johnson.
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Paper Information
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Title: Social Responsibility Report
Words: 862
Rating: None
Pages: 3.4
submitted by: jkernes
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