First, Legitimacy is the confidence in the rightness of an organization and suitability of its business systems to meet customer needs. For an organization to be legitimate, it must be accepted and acknowledged as authentic, valid, and compliant with set laws and standards of operation. Social licence, on the other hand, is gotten when a business project has a continuous approval inside a local community as well as other interested parties, continuous endorsement or widespread social acceptance, and most often, continuous general acceptance (Robert 110).
Second, Legitimacy is determined by laws and regulations in a country. On the other hand, social licence is entrenched in the principles, perceptions as well as sentiments held by the residents and other interested parties about a project. Social license is therefore approved by the society. Lastly, license for legitimacy is tangible. Social license is not tangible, especially where no work is done to gauge views, insights and opinions. It is also not permanent due to the fact that views, sentiments and perceptions keep on changing. Hence, social license needs to be gotten and maintained (“Social License” par.20).
Corporate Social Responsibility (CSR)
CSR is a methodology in business that brings about sustainable development by conveying economic, environmental as well as social paybacks for all interested parties. The concept does not have a widely accepted definition. It is, therefore, understood and executed differently in different organizations and nations. Furthermore, CSR addresses diverse issues such as corporate governance, conditions in workplace, economic development and so on. Regardless of the definition, the primary objective of Corporate Social responsibility is to steer change in the direction of sustainability (Robert 114).
Business Ethics
Business ethics refers to a kind of applied ethics that scrutinizes ethical values and moral issues that occur in business. Business ethics affects all facets of business conducts and is related to the conduct of personalities and the organization as a whole. Business ethics are, therefore, group of values that control the actions and conduct of a person in a company. These ethics have various dimensions, including normative dimension. Example of a company complying with business ethics is Scotia Bank (Robert 115).
Works Cited
Robert, Sexty. “Canadian Business & Society: Ethics, Responsibilities and Sustainability.”
Amazon. Amazon. May 12, 2014. Web. January 27, 2017.
Social License. “What is Social License.” Sociallicense. Social License. December 15, 2013.
Web. January 27, 2017.
