What is a companies social license to operate?
What is a companies social license to operate?
(Photo: Flickr – Erie Rising) A social licence to operate (SLO) refers to the level of acceptance or approval by local communities and stakeholders of organisations and their operations. in their wider environment, and their risk communication and engagement activities with their stakeholders.
What is a license to operate mean?
A License to Operate or LTO is a license which must be secured in order to operate or establish an establishment prior to engaging in the manufacture, importation, exportation, sale, offer for sale, distribution, transfer, and where applicable the use, testing, promotion, advertisement, and/or sponsorship of food.
Why is social license important?
Social licence is an important and powerful lens to frame trust. It acknowledges the active role that people and communities play in granting ongoing acceptance and approval of how companies – or entire industries – conduct their business.
Which of the three aspects of sustainable development does a social licence to operate fall under?
The content and discourse analysis of sustainability reports presented here reveals that Australia-based mining companies define sustainable development and their social licence to operate through three broad areas of interest: environment, social and community issues (including health and education) and employment …
How do you get a social license?
The Social License has been defined as existing when a project has the ongoing approval within the local community and other stakeholders, ongoing approval or broad social acceptance and, most frequently, as ongoing acceptance.
What is the importance of license to operate?
Ensuring your company is properly licensed helps to bring protection to yourself, your employees and your customers. Having the correct licence will ensure your personal assets are protected in case of a lawsuit as well as providing protection for you if your business is damaged.
What’s a social licence?
The Social License has been defined as existing when a project has the ongoing approval within the local community and other stakeholders, ongoing approval or broad social acceptance and, most frequently, as ongoing acceptance. Hence the Social License has to be earned and then maintained.
What does social licence mean?
Which is the correct way to spell license?
In American English, the noun is spelled the same as the verb—license. But in British English, the noun is spelled licence. All the while, the meaning stays the same—permission, a permit, a document that states you are qualified or allowed to do something.
How do you use the word license?
In the US, use license for noun and verb. In the UK, use licence for the noun, but license for the verb. For example: Do you have a license? ( ) ( )
What are the advantages and disadvantages of licensing?
Advantages and Disadvantages of Licensing
| Advantages to Licensing | Disadvantages to Licensing |
|---|---|
| You will not need to incur the costs of producing, promoting, packaging, or selling your product. | You will likely lose control over your product, including promotion, packaging, and selling. |
What do you mean by social license to operate?
At its simplest, it refers to the acceptance granted to a company or organisation by the community. Of course anyone running a company would be aware that there are many formal legal and regulatory licenses required to operate a legitimate business.
Can a social licence be controlled by a company?
Whilst the social licence cannot be controlled directly by companies (that is part of its attraction) there are a number of factors that can be managed and these boil down to issues such as transparency, accountability, clarity about benefits, remedies and adequate due diligence. Consent is also an essential component.
What is social licence to operate in New Zealand?
Social Licence to Operate Paper. This New Zealand-oriented paper has been developed by the Sustainable Business Council, in partnership with BusinessNZ’s Major Companies’ Group. It introduces the Social Licence to Operate (SLO) concept and outlines what the New Zealand public sees as risks to New Zealand businesses’ licence to operate.
Which is more useful CSR or social licence?
If defined in this way, the ‘social licence’ is a much more useful concept than CSR, as the social licence requires any business to ensure its activities respect the rights of all of those in any community.