Corporate Social Responsibility (CSR) is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, employees, shareholders, communities and the environment in all aspects of their operations. This obligation is seen to extend beyond the statutory obligation to comply with legislation and sees organizations voluntarily taking further steps to improve the quality of life for employees and their families as well as for the local community and society at large.
The debate about CSR has been said to have begun in the early 20th century, amid growing concerns about large corporations and their power. The ideas of charity and stewardship helped to shape the early thinking about CSR in the US. There is no universally accepted definition of CSR- Selected definitions by CSR organizations include:
★ "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" World Business Council for Sustainable Development
★ "CSR is about how companies manage the business processes to produce an overall positive impact on society."
★ "Corporate social responsibility is undertaking the role of "corporate citizenship" and ensuring the business values and behaviour is aligned to balance between improving and developing the wealth of the business, with the intention to improve society, people and the planet"
★ "CSR is a company's commitment to operating in an economically, socially and environmentally sustainable manner whilst balancing the interests of diverse stakeholders." CSR Asia
★ "Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local...