Corporate Social Responsibility - What does it mean?
CSR is about how companies manage the business processes to produce an overall positive impact on society. The World Business Council for Sustainable Development in its publication "Making Good Business Sense" by Lord Holme and Richard Watts, used the following definition. "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large Take the following illustration:
Industry Canada promotes CSR principles and practices to Canadian businesses because it makes companies more innovative, productive, and competitive. CSR helps make Canadian business more competitive by supporting operational efficiency gains; improved risk management; favourable relations with the investment community and improved access to capital; enhanced employee relations; stronger relationships with communities and an enhanced licence to operate; and improved reputation and branding. Corporate social responsibility is a concept with a growing currency within Canada and around the globe. CSR is a concept that frequently overlaps with similar approaches such as corporate sustainability, corporate sustainable development, corporate responsibility, and corporate citizenship. While CSR does not have a universal definition, many see it as the private sector’s way of integrating the economic, social, and environmental imperatives of their activities. As such, CSR closely resembles the business pursuit of sustainable development and the triple bottom line. In addition to integration into corporate structures and processes, CSR also frequently involves creating innovative and proactive solutions to societal and environmental challenges, as well as collaborating with both internal and external stakeholders to improve CSR performance. Initiatives by Industry
The business community is being challenged to be more innovative and competitive, more productive and profitable, and more responsible and sustainable. There are pressures to deliver more value for shareholders, more security and opportunity for employees, and more collaboration and transparency with stakeholders on the solutions for issues such as those relating to corporate governance, environmental protection, corruption, human rights, human resource management practices, consumer protection, supplier relations, health and safety, and others. Businesses have in many instances recognized the challenges and opportunities that are being placed upon them and have embraced a variety of related approaches for response. Corporate social responsibility and related concepts such as corporate accountability, corporate sustainability, and corporate citizenship are being used to more effectively integrate the economic, environmental and social objectives of society into corporate structures and processes, more creatively innovate and bring value-added goods and services to solve societal demands, and more meaningfully collaborate and engage key stakeholders to improve public credibility and confidence. After briefly presenting the business case for CSR , this site aims to generally describe some select achievements and accomplishments by industry at the levels of the individual company, ind Business Case for CSR Corporate social responsibility is about the integration of social, environmental, and economic considerations into the decision-making structures and processes of business. It is about using innovation to find creative and value-added solutions to societal and environmental challenges. It is about engaging shareholders and other stakeholders and collaborating with them to more effectively manage potential risks and build...
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