Twenty-three chief executives yesterday signed a charter on "corporate responsibility", committing their companies to holding open dialogue with customers, employees, suppliers and the wider community. Signatory firms included Anglo Irish Bank, Aer Rianta and Waterford Crystal.

Corporate responsibility is increasingly regarded as valuable business policy, said the Tánaiste, Ms Harney, who attended a ceremony in the Dublin Writers' Museum at which the charters were signed.

Ultimately, it is the business community itself that stands to gain most by embracing corporate responsibility, according to Ms Harney.

She said: "The business benefits are significant, not least improved competitiveness, a strong workforce and, most importantly, enhanced reputation."

Mr Pádraig McManus, chief executive of ESB, said corporate responsibility was increasingly becoming standard across Europe.

"Although the concept of corporate responsibility is still an emerging one in Ireland, across Europe there has been a dramatic increase in demand from companies for expertise and guidance," said Mr McManus, who is also vice-chairman of Business in the Community Ireland.

"Corporate responsibility should be viewed as an essential component of business decision-making and, more than, ever needs to be fully integrated into company strategy," he added.

Companies which signed the charter were: Aer Rianta, AIB, Anglo Irish Bank, C&C, Coca-Cola, Coillte, Diageo, Dublin Port Company, Eagle Star, Eircom, ESB, Glanbia, Green Isle Foods, IBM, Johnson & Johnson, KPMG, Marks & Spencer, O2, Penneys, Sun Chemical, Tesco, Vodafone and Waterford Crystal.