 Legal Framework of Business Corporation

All business enterprises whether micro, small, medium, and large need to
comply with a country’s laws and regulations. Obedience to local, national, and
relevant international laws constitutes legal responsibilities. In the case of a
corporation form of business, we have the Republic Act No. 11232 known as the
‘Revised Corporation Code of the Philippines’ that replaced the Batas Pambansa
Blg. 68, a law that governs the rules and regulations in the establishment and
operation of stock and non-stock corporations in the Philippines. I love the revised
code because it focuses on improving the ease of doing business in the
country, promoting corporate governance, and increasing the corporation’s
investors and other stakeholders' protection. Further, it allows the board of
directors, stockholders, or members to participate via remote communications
during elections and regular and emergency meetings. This will address the problem
of not participating in the case of a director, stockholder or a member who cannot
physically attend an election or meeting. Also, suppose you are a stockholder who
happens to be outside of the business location or outside of the country, and there is
an emergency election or meeting. In that case, you can still participate through
communication tools like zoom, google meet, Facebook video, and web
conferencing, among others.

 Nature Purpose of Corporate Social Responsibility

The reporter presented that Corporate Social Responsibility (CSR) is defined
in various ways by various authors. But what I observed to be common is that it is a
term being used to describe a company’s obligation to be sensitive to all the
stakeholders' needs (whether internal or external stakeholders) in its business
operations. Most businesses aim to earn profit or revenue and be the best in the
field, however more than earning, the company must have to sustain itself by
achieving a good reputation through ethical ways. The firm should be concerned
not just with their standing but also value social responsibilities. Most of the
firm's CSR activities are focused on protecting, preserving, and promoting general
welfare. Developing without damaging the planet is also a key consideration of most
company in their CSR advocacy. Thereby reaping the benefits of their good deeds,
including increased brand awareness and employee satisfaction, the firm or
business will be more respected and loved by the people, which eventually leads to
earning more profits because of increased trust among its loyal customers. A
company’s CSR is considered to be the company’s heart. As a concluding
statement, the planet and the people need a company that has a heart.