"Corporate Citizenship is a mandate beyond law." Discuss.

Corporate Citizenship is a commitment to improve community well-being through voluntary business practices and contribution of corporate resources leading to sustainable growth. It is a dynamic relationship between the business and the community complementing and supplementing each other. As a good corporate citizen, companies are required to focus on the following key aspects: Absolute Value Creation for the Society: Organizations should set their goal towards the creation of absolute value for the society. Once it is ensured, a corporate never looks back and its sustainability in the long run is built up. Ethical Corporate Practices: In the short run, enterprise can gain through non-ethical practices. However, those cannot be sustained in the long run. Society denies accepting such products or services. Worth of the Earth through Environmental Protection: Resources which are not ubiquitous and have economic and social value should be preserved for a long-term use and be priced properly after considering environmental and social costs. Equitable Business Practices: Corporates should not indulge themselves in unfair means and should create candid business practices, ensuring healthy competition and fairtrade practices. Corporate Social Responsibility: As a Corporate citizen, every corporate is duty bound to its society wherein it operates and serves. Although there are no hard and fast rules, CSR activities need to be clubbed and integrated into the business model of the company. Innovate new technology/process/system to achieve eco-efficiency: Innovation is the key to success. Risks and crisis can be eliminated through innovation. Learning and innovative enterprise gets a cutting edge over others. These innovative processes bring sustainability if developments are aimed at satisfying human needs, and ensure quality of life, while progressively reducing ecological impact and resource intensity to a level at least in line with earth's estimated carrying capacity. Creating Market for All: Monopoly, unjustified subsidies, prices not reflecting real economic, social environmental cost, etc. are hindrances to the sustainability of a business. Simultaneously, a corporate has to build up its products and services in such a way so as to cater to all segments of customers/ consumers. Customer confidence is the essence of corporate success. Switching over from the Stakeholders Dialogue to holistic Partnership: A business enterprise can advance its activities very positively if it makes all the stakeholders' partner in its progress. It not only builds confidence of its stakeholders, but also helps the management to steer the business under a very dynamic and flexible system. This approach offers business, government and other stakeholders of the society to build up an alliance to bring about common solutions to the common concerns faced by all. Compliance of Statutes: Compliance of statutes, rules and regulations and standards set by various bodies ensure clinical check-up of a corporate and confers societal license upon it to run and operate its business in the society.