1.

The law requires corporations to “prioritize the interests of their companies and
shareholders above all others and forbid them from being socially responsible – at
least genuinely so” (Bakan, 2004, p.35).
● In many countries, corporate law and corporate governance standards do not force
firms to prioritize the interests of their shareholders above all others, to the
detriment of social responsibility. Instead, current corporate law and governance
recognise a more sophisticated approach that takes into account the interests of
numerous stakeholders, including shareholders, workers, consumers, and the
larger community.
2. Issues relating to corporate social responsibilities are not new and the history of the
corporation includes a cycle of regulation and corporate response.
● Corporate social responsibility issues are not new, and business history contains a
cycle of regulation and company reaction. This historical progression reflects
shifting cultural norms, attitudes, and expectations about companies' position and
behavior in society.