The position a firm takes on issues that affect the corporation as well as the society is also known as the corporate policy. A corporate policy is made up of guidelines and rules formulated and approved by the members of company board after undergoing a series of both intensive and extensive study and review including internal and external factors that may or may not affect the objectives and the mission of the company in the near future. It basically laid down the possible responses the firm may undertake if faced with crisis and controversies.
