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(h) An 
operating and financial review
.
 
Furthermore, the information that organisations provide cannot just be backward looking.
 
Companies 
will need to weigh the need to keep commercially sensitive information private with the expectations 
that investors will receive full and frank disclosures. 
 
5
Corporate social responsibility 
There is a fundamental split of views about the nature of corporate responsibility.

The 
strong stakeholder view 
that a range of goals should be pursued 

The view that the business organisation is a purely 
economic force
, subject to law 
Expectations about the exercise of 
social responsibility 
by organisations are subject to the same split of 
views as corporate ethical responsibility. One definition of corporate social responsibility is that set of 
actions which the organisation is not obliged to take, taken for the well-being of stakeholders and the 
public. 
5.1 Corporate social responsibility 
Businesses, particularly large ones, are subject to increasing expectations that they will exercise 
social 
responsibility
. This is an ill-defined concept, but appears to focus on the provision of specific benefits to 
society in general, such as charitable donations, the creation or preservation of employment, and 
spending on environmental improvement or maintenance. A great deal of the pressure is created by the 
activity of minority action groups and is aimed at businesses because they are perceived to possess 
extensive resources. The momentum of such arguments is now so great that the notion of social 
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CHAPTER 7
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CORPORATE GOVERNANCE AND SOCIAL RESPONSIBILITY