Corporate Social Responsibility: Promoting Responsible Business Conduct

Topics: Social responsibility, Corporate social responsibility, Corporation Pages: 2 (356 words) Published: December 28, 2012
Corporate Social Responsibility

What is CSR?

CSR refers to non-binding approaches to promote responsible business conduct in areas such as environmental protection, human rights, labour relations and anti-corruption. Initiatives under the theme CSR are broad ranging and include activities by individual companies self-regulatory initiatives by industry sectors such as the chemical industry’s Responsible Care program and the Global Mining Initiative, multi stakeholder initiatives such as the Voluntary Principles for Security and Human Rights and international standards and norms endorsed and promoted by governments such as the OECD Guidelines for Multinational Enterprises.

CSR is pursued by businesses to balance their economic, environmental and social objectives while at the same time addressing stakeholder expectations and enhancing shareholder value.

CSR is an integrated combination of policies, programs, education, and practices which extend throughout a corporation’s operations and into the communities in which they operate. CSR is often referred to in the context of stakeholder consultation, corporate citizenship, good governance, and sustainable development.

In the international context, corporate social responsibility refers to how corporations engage with key stakeholders to address issues such as:

adherence to ILO core labour standards by corporations and their business partners;

respect for human rights;

protection of the local and global environment;

the impact of business operations on communities (e.g., through displacement) and particular groups such as indigenous peoples;

reducing the negative impacts of corporations operating in conflict zones;

avoiding bribery and corruption; and;

consumer protection.

CSR involves the observance of domestic and international laws as a minimum and encourages respect for international principles and standards. Companies implement CSR by putting in place internal management...
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