Corporate Responsibility, Ethical Behavior and Moral Liability of Businesses. The accountability and responsibility of business enterprise is constantly subject to question. The manifest failures of corporate governance and business ethics in the global financial crisis have increased the urgency of the search for a better ethical framework and governance for business. A substantial increase in the range, significance and impact of corporate social and environmental initiatives in recent years suggests the growing materialist of a more ethically-informed approach. Moral liability occurs when corporations violate stakeholder expectations of ethical behavior in ways that put business value at risk One reason why the agenda of corporate responsibility is increasingly irresistible is that while legal liability of corporations is deepening, what has been described as an emerging and hardening moral liability is exerting increasing influence. In this respect the legislative process lags behind what society thinks, values and respects. Moral liability occurs when corporations violate stakeholder expectations of ethical behaviour in ways that put business value at risk. There is an increasing convergence between these two forms of liability, as corporations come under scrutiny both by the law andoften more immediately and pointedlyby public opinion (Sustainability 2004, 5).

Required Critically evaluate the above extract and write an Essay of 1500- 1800 words. Your essay should include the following: Start with a brief Introduction and focus on the following sub- headings

1. Historical Development of Corporate Governance and Accountability

2. Corporate Social Responsibility

3. Global financial crisis (2007-2008) exposed dangers of unregulated markets, nominal corporate governance, and neglected risk management

4. Moral liability occurs of Corporations that violate stakeholder expectations of ethical behavior

5. Identify any gaps or limitations of your discussion.

6. Recommendation of possible solutions and conclusion

7. References