Responsible business practice is the recognition of, and response to the interconnectedness and interdependence of business with our daily lives.
Responsible business practice advocates that the true costs and obligations of business and organisational activity are accounted for and managed. This requires a process of good governance, underpinned through accountability, transparency and comparability.
Elements of responsible business practice include:
- Environmental– the direct or indirect environmental impact of an organisation’s operations, products or services including those of its suppliers.
- Social– the impact of an organisation’s programs, projects, products, services or investments on the community at a local or global level.
- Workplace Practices– including respectful treatment of employees in matters related to recruitment and selection, diversity and equal opportunity, work/life balance, professional development and progression, exit strategies and full entitlement to employment rights.
- Business Conduct– responsible behaviour in developing, purchasing, selling and marketing products and services.
- Ethical Governance– from board level and throughout an organisation: transparency; risk management; due diligence; effective codes of conduct and ethics.