The privilege of operating in society with minimal formalized restrictions,that is legislation,regulation,or market requirements,based on maintaining public trust by doing what's acceptable to stakeholders in the business and society relationship is called:

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The privilege of operating in society with minimal formalized restrictions, based on maintaining public trust by doing what's acceptable to stakeholders in the business and society relationship is referred to as a Social License. It allows companies to operate in a way that aligns with the values and expectations of the communities in which they operate, without being subject to formal regulations or legal requirements. This privilege is granted by stakeholders, including customers, employees, suppliers and the broader community, based on the perception that the company is acting in a socially responsible and ethical manner.

The Privilege of Operating in Society with Minimal Formalized Restrictions,that