If you check Y here, event inserted to your corporate calendar will not be added to your calendar.
A Corporate Calendar is a common calendar for the whole orginization. Events added to a corporate calendar will be simultaneously added to all calendars on the calendar server, including new calendars created in the future.
For a small organization, a corporate calendar is an ideal channel to publish and manage corporate events, such as meeting announcements, birthday parties, holidays etc.
Corporate Calendar is a site configuration variable and can only be enabled by your system administrator. It is disabled by default.