The significance of the moral minimum approach lies in its recognition that compliance with the law is insufficient for being an ethically responsible business.

true/false

True

Explanation:

The moral minimum approach is a principal in corporate social responsibility that maintains that corporates must act in a way that does not do intentional harm to others. Essentially, it is the bare minimum of what the company must do in order to conduct ethical business practices.

The statement in the question is true because doing the bare minimum does not allow a business to be fully ethical. For example, the law might make it mandatory for a company to hire a compliance manager. Abiding by this law makes the company legally compliant but as far being ethically compliant is concerned, this is just the tip of the iceberg. A company must move far beyond this. The stakeholder theory for example is an approach that take corporate social responsibility further by having firms identify all stakeholders and how their business practices and processes must be aligned according to how they impact the identified stakeholders.