Final answer:
The elements addressing moral, ethical, and philanthropic expectations in society refer to Corporate Responsibility. Organizations, including professional entities like IEEE-CS, set ethical codes to align with social values and ensure responsible practices. These practices reflect a company's social contract with society and contribute to societal well-being.
Step-by-step explanation:
Addressing the moral, ethical, and philanthropic expectations that society has of an organization are elements of Corporate Responsibility. This concept encompasses how companies take into account their economic, social, and environmental impacts in their operations and decision-making process. When organizations consider these aspects, they are attempting to align their activities with the norms, values, and expectations of society. Professional organizations, such as the Institute of Electrical and Electronic Engineers Computer Society (IEEE-CS), often set forth codes of ethics that define the professional obligations of their members, including software engineers. These codes are designed to ensure that business practices do not compromise human wellbeing or the environment, reflecting a larger societal demand for responsible and ethical behavior in both professional and corporate realms.
Various ethical frameworks such as care ethics, virtue ethics, and consequentialism guide organizations and individuals toward making ethical decisions by providing different rationale and perspectives on moral theory. These ethical perspectives are essential in establishing corporate responsibility since they contribute to the development of codes of conduct and practices that respect societal values and contribute to the overall well-being of the stakeholders involved. In essence, a company's engagement with the moral, ethical, and philanthropic aspects of its actions is a reflection of its social contract with society, where it must uphold certain obligations in exchange for its operational legitimacy and social acceptance.