Iron Law of Responsibility definition

Iron Law of Responsibility which means that the corporations‟ social power which is given by society can also be taken away by them if not using that power responsibly. Being responsible and being responsive are two different characteristics and therefore corporations for the long-run have to fear society pressure. Epstain attempts to clarify the difference between responsibility and responsiveness with an example. “Suppose, for example, that a multiproduct firm‟s social responsibility is to produces reasonable safe products. Similarly, the same firm is responsive every time it produces an unsafe product: it withdraws the product form the market as soon as the product is found to be unsafe.”84 Contrary to that interpretation responsibility and responsiveness can also be seen as essential and supplemental.85
Sample 1

Examples of Iron Law of Responsibility in a sentence

  • The UN Global Compact was formally launched in September 2000.(ii) The Iron Law of Responsibility: The institution of business exists only because it performs invaluable services for society.

  • Phase 1 - Effective 1/1/16, plan participants diagnosed with di- abetes, who participate in one of the plans’ Diabetes Disease Management programs will have their co-payments waived on diabetes medications and test strips .

  • In fact, the Iron Law of Responsibility probably takes a more serious form in the case of entrepreneurs in Ethiopia than how Davis’ (1973) imagined it, seeing how breaking ‘’The Law’’ in this case could mean violence and destruction.

  • Furthermore, CSR seems to be viewed not as a positive development instrument but as prophylaxis, for the companies it is conceptualized in the sense of the Iron Law of Responsibility and by RVO as a political necessity.

  • CSR is also strongly thought of in terms of the Iron Law of Responsibility, which states that companies will lose power if they use it irresponsibly.

  • The Iron Law of Responsibility: The institution of business exists only because it performs invaluable services for society.

  • The Iron Law of Responsibility is perhaps felt more directly for the land-based companies in Ethiopia because of the intense violence and destruction in 2016 and 2017.

  • Where the Iron Law of Responsibility in the Netherlands means losing customers, it could mean losing your head in Ethiopia.

  • For the entrepreneurs, CSR has a very strong link to self-preservation or public relations; this is the Iron Law of Responsibility in effect.

  • This has also been referred to as a „licence to operate‟ (Post et al, 2002) and the Iron Law of Responsibility, posited by Davis (1967) which holds ‘Those that do not take responsibility for their power ultimately lose it’ (Davis, 1967:49).

Related to Iron Law of Responsibility

  • Corporate Social Responsibility means Corporate Social Responsibility (CSR) as defined in Section 135 of the Companies Act, 2013 and Companies Corporate Social Responsibility Policy) Rules, 2014;

  • Area of responsibility means the geographical area, as

  • Financial responsibility means the ability to respond in damages for liability thereafter incurred

  • Official responsibility means administrative or operating authority, whether intermediate or final, to initiate, approve, disapprove or otherwise affect a procurement transaction, or any claim resulting therefrom.

  • parental responsibility , in relation to a child, means all the duties, powers, responsibilities and authority which, by law, parents have in relation to children.

  • Proof of financial responsibility means proof of ability to respond in damages for liability, on account of accidents occurring after the effective date of the proof, arising out of the ownership, maintenance, or use of a motor vehicle, in the amount of twenty-five thousand dollars because of bodily injury to or death of one person in any one accident, and, subject to the limit for one person, in the amount of fifty thousand dollars because of bodily injury to or death of two or more persons in any one accident, and in the amount of twenty-five thousand dollars because of injury to or destruction of property of others in any one accident.

  • Institutional Responsibilities means an investigator’s professional responsibilities on behalf of the University, which may include for example: activities such as research, research consultation, teaching, professional practice, University committee memberships, and service on panels such as Institutional Review Boards or data and safety monitoring boards.

  • extended producer responsibility ’ (EPR) means responsibility of any producer of packaging products such as plastic, tin, glass, wrappers and corrugated boxes, etc., for environmentally sound management, till end-of-life of the packaging products ;

  • EU Data Protection Law means (i) prior to 25 May 2018, Directive 95/46/EC of the European Parliament and of the Council on the protection of individuals with regard to the processing of Personal Data and on the free movement of such data ("Directive") and on and after 25 May 2018, Regulation 2016/679 of the European Parliament and of the Council on the protection of natural persons with regard to the processing of Personal Data and on the free movement of such data (General Data Protection Regulation) ("GDPR"); and (ii) Directive 2002/58/EC concerning the processing of Personal Data and the protection of privacy in the electronic communications sector and applicable national implementations of it (as may be amended, superseded or replaced).

  • Customer Responsibilities means the responsibilities of the Customer set out in paragraph 6.1 of the Order Form;

  • Corporation Law means the General Corporation Law of the State of Delaware, as from time to time amended;

  • Data Protection Law means the applicable legislation protecting the fundamental rights and freedoms of persons and their right to privacy with regard to the processing of Personal Data under the Agreement (and includes, as far as it concerns the relationship between the parties regarding the processing of Personal Data by SAP on behalf of Customer, the GDPR as a minimum standard, irrespective of whether the Personal Data is subject to GDPR or not).

  • Occupational Health and Safety Act means the Occupational Health and Safety Act, 1993 (Act No 85 of 1993);

  • Emergency Response Plan means the plan constituting the set of procedures developed by the Owner for dealing with an Incident which may impact on the Network or Connecting Infrastructure, including all actions to be taken to minimise or alleviate any threat or danger to any person or property:

  • Threat of Release means a substantial likelihood of a Release that requires action to prevent or mitigate damage to the Environment that may result from such Release.

  • TAXPAYERS' RIGHTS AND RESPONSIBILITIES means the rights provided to taxpayers in sections 718.11 , 718.12 , 718.19, 718.23, 718.36, 718.37, 718.38, 5717.011 , and 5717.03 of the Ohio Revised Code and any corresponding ordinances of the Municipality, and the responsibilities of taxpayers to file, report, withhold, remit, and pay municipal income tax and otherwise comply with Chapter 718. of the Ohio Revised Code and resolutions, ordinances, and rules adopted by a municipal corporation for the imposition and administration of a municipal income tax.

  • Responsibility means a duty for which a person is accountable by virtue of licensure.

  • EU Data Protection Laws means EU Directive 95/46/EC, as transposed into domestic legislation of each Member State and as amended, replaced or superseded from time to time, including by the GDPR and laws implementing or supplementing the GDPR;

  • Health and Safety Plan means a documented plan which addresses hazards identified and includes safe work procedures to mitigate, reduce or control the hazards identified;

  • Law of war means that part of international law that regulates the conduct of armed hostilities. The law of war encompasses all international law for the conduct of hostilities binding on the United States or its individual citizens, including treaties and international agreements to which the United States is a party, and applicable customary international law.

  • Rail Safety Act means the Rail Safety Act 1998 (WA);

  • The "Clean Air Act means those provisions contained in 42 U.S.C. §§ 7401 to 7671q, and regulations promulgated thereunder.

  • Applicable Data Protection Law means, as applicable, the EU General Data Protection Regulation (Regulation 2016/679) (as may be amended, superseded or replaced) ("GDPR") and all other supplemental or implementing laws relating to data privacy in the relevant European Union member state, including where applicable the guidance and codes of practice issued by the relevant supervisory authority, and/or all applicable analogous privacy laws of other countries;

  • ACNC Act means the Australian Charities and Not-for-profits Commission Act 2012 (Cth).

  • Taxation law means the law on taxation in any jurisdiction which applies to the Account or to interest we pay you, for example the Taxes Consolidation Act 1997 as amended and any regulation made under it;

  • Data Protection Laws means EU Data Protection Laws and, to the extent applicable, the data protection or privacy laws of any other country;