Final answer:
The EFQM framework defines excellence in corporate social responsibility as exceeding stakeholders' expectations through continuous improvement and anticipating future regulations. It emphasizes ethical practices, especially concerning emerging technologies, and the need for a holistic approach to management.
Step-by-step explanation:
The EFQM framework, deeply rooted in the idea of excellence within corporate social responsibility, envisions excellence as an ongoing drive to exceed the expectations of all stakeholders through the mastering of change, continuous improvement, and innovation. This excellence, akin to the "royal craft" described in the provided reference, seeks to create a harmonious social order within the corporate world, where positive character and virtuous behavior reign. The key principles of EFQM focus on holistic management that considers a range of factors including leadership, strategy, and stakeholder involvement, ensuring companies address their social, economic, and environmental responsibilities.
In terms of regulatory frameworks, the EFQM emphasizes that an excellent organization should not only comply with existing laws and regulations but should also anticipate future governance in their strategic planning and operations. For stakeholder expectations, the framework assumes that excellence is achieved when organizations meet or exceed the unique needs and expectations of all stakeholders, which include customers, employees, partners, the environment, and society at large.
The challenge of establishing ethical practices in relation to emerging technologies is particularly emphasized within the EFQM framework. It proposes that corporations should be proactive in addressing the ethical dilemmas and social responsibilities that come with the adoption and implementation of new technologies, ensuring their positive impact on society and the environment.