Importance Of Corporate Social Responsibility

Words: 5370
Pages: 22
Open Document
Corporate social responsibility (CSR, also called corporate conscience, corporate citizenship, social performance, or sustainable responsible business/ Responsible Business) is a form of corporate self-regulation integrated into a business model. CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. In some models, a firm's implementation of CSR goes beyond compliance and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law." CSR is a process with the aim to embrace responsibility for the company's actions and encourage a positive …show more content…
And even within Europe the discussion about CSR is very heterogeneous. A more common approach to CSR is corporate philanthropy. This includes monetary donations and aid given to local and non-local nonprofit organizations and communities, including donations in areas such as the arts, education, housing, health, social welfare, and the environment, among others, but excluding political contributions and commercial sponsorship of events. Some organizations do not like a philanthropy-based approach as it might not help build on the skills of local populations, whereas community-based development generally leads to more sustainable …show more content…
India's ancient wisdom, which is still relevant today, inspires people to work for the larger objective of the well-being of all stakeholders. These sound and all-encompassing values are even more relevant in current times, as organizations grapple with the challenges of modern-day enterprise, the aspirations of stakeholders and of citizens eager to be active participants in economic growth and development. India, Ministry of Corporate Affairs, Corporate Social Responsibility Voluntary Guidelines 2009. The idea of CSR first came up in 1953 when it became an academic topic in HR Bowen’s “Social Responsibilities of the Business”. Since then, there has been continuous debate on the concept and its implementation. Although the idea has been around for more than half a century, there is still no clear consensus over its definition.
One of the most contemporary definitions is from the World Bank Group, stating, “Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large, to improve their lives in ways that are good for business and for
Show More

Related Documents: Importance Of Corporate Social Responsibility

Essay on Responsible Business report 1

Responsible Business Report 14/01/2015 By Kyle O’Shea. Student number: 13144426 Course: Responsible business, Year 2. Intended audience: Liz Walley. Topics discussed: Drivers of responsible businesses (Role of government and Competitive advantage.) Word Count: 2181 Table of Contents 1.0 Introduction………………………………………………………….pg 5 2.0 Responsible Business…………………………………............pg5 2.1Complex Definition………………………………………………..….pg5 2.2Sustainable Development /Corporate Citizenship………..pg6…

Words 2822 - Pages 12

A Brief Note On Sustainability

(Berkhout, 2005) This paragraph is going to talk about how sustainable stadium benefit on people. People start to consider that how stadium could benefit for the residents around. Firstly, let’s look at the Beijing Olympic Stadium. The Beijing Olympic has a good theme that is green Olympic. A generalized sense is achieved…

Words 2198 - Pages 9

Corporate Social Responsibility and Its Role in Community Development: An International Perspective Essay

CORPORATE SOCIAL RESPONSIBILITY AND ITS ROLE IN COMMUNITY DEVELOPMENT: AN INTERNATIONAL PERSPECTIVE Maimunah ISMAIL• Abstract Corporate social responsibility (CSR) refers to strategies corporations or firms conduct their business in a way that is ethical, society friendly and beneficial to community in terms of development. This article analyses the meaning of CSR based on some theories available in literature. It is argued that three theories namely utilitarian, managerial and relational theories…

Words 6831 - Pages 28

Corporate Social Responsibility

Corporate Social Responsibility: What is it? In essence, corporate responsibility entails the operation of a business in such a way that it (business owners) bears responsibility – or accounts – for the environmental or social impacts that arise as a result of its creation. Socially responsible businesses not only develop policies that incorporate responsible “Do's and Don’ts” into their everyday business operations, they also report on the progress made toward the implementation of these practices…

Words 1080 - Pages 5

Sustainability at Santander Essay

are featured on 62 different indices. This data reflects Santander’s unique position in international banking: by combining recurring retail business and a high degree of geographical diversification, year after year, the company demonstrates its capacity to consistently increase revenues and generate value for its shareholders, clients, and the business. In 2011, the Bank strengthened its balance sheet, both in terms of capital and credit quality, in order to meet the new capital requirements…

Words 862 - Pages 4

Yum ! Brands

Parnell (2014) reports that sustainable strategic management involves meeting performance measures while simultaneously having a positive impact on society. There are a few steps that Yum! Brands can take act in a manner that is consistent with sustainable strategic management. One step the brands should take immediately is to begin offering healthier alternatives on its menu and switching to better quality, healthy ingredients. While this could temporarily affect profits, companies must sometimes…

Words 410 - Pages 2

business issues Essay examples

world, being a responsible company is the only smart way to operate in both the short term and long term. To be responsibility and accountable socially, ethically and environmentally is to be trusted. They need that trust to serve there diverse stakeholders and support a sustainable enterprise. They know trust is built over time with action, not words. This report reflects progress in the actions and knowledge areas where they still need to improve. The Pfizer board of directors corporate governance…

Words 1337 - Pages 6

Human Rights and Anz Essay

Frequently asked questions: Respecting People and Communities: ANZ’s approach to business and human rights Overview The following frequently asked questions are guidance for our people on Respecting People and Communities (“Standards”), detailing our approach to human rights. The Standards apply globally across our business. They reflect our ANZ Values and support our efforts to develop a culture of respect in the way we treat our employees, work with our customers and suppliers, and contribute…

Words 1711 - Pages 7

Essay on Business Ethics and Csr in the Context of Samsung

BUSINESS ETHICS AND CSR IN THE CONTEXT OF SAMSUNG ELECTRONICS 1.0 Introduction In the 21st century of business, there are number of factors apart from the financial figures that play a vital role for the success story of the business corporations. These factors include the culture adopted by the business, philosophy of the management of the company, code of ethics and standards followed by business. The presence of all of these factors in the business’s ethical guidelines has a significant…

Words 3281 - Pages 14

CSR in singapore Essay

MGMT003: Business, Government and Society Individual Assignment: Is CSR in Singapore real or lip service? Is CSR in Singapore real or a lip service? Since independence, the Singapore government has established several regulations and codes of practices in the fields of corporate governance, industrial relations, safety standards, pollution control etc. and companies are expected to meet these requirements. This had led to the adoption of implicit CSR practices in Singapore companies, with…

Words 1639 - Pages 7