Csr's Significance

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Talking about Corporate Social Responsibility (CSR), people may think of some abstract concepts which are not pragmatic in this profit-making economy. However after finishing this course, we have learnt that every common sense has a science behind. I noticed the sustainability as the sensible objective that supports CSR, even there are measures with measurable international standards appraising ethical companies. The World's Most Ethical (WME) Companies designation recognizes companies that show sincerity in doing business "ethically" and translate statements into action. WME honorees not only promote good business model, they shape industry standards by introducing best practices today. Measured in aspects including Corporate Citizenship and Responsibility (regarding environmental stewardship, charity involvement, measurable goals, accountability and transparency), Corporate Governance (concerning availability plus quality via good risk management), Internal Systems and Ethics/Compliance Program, and looking into the Legal, Regulatory and Reputation Track Record, a tangible score can easily be computed that implies comparison thus honor. This year, over 145 companies made the list, which includes more than 30 industries, from aerospace to wind power. Profit-making corporations such as Microsoft, Kellogg are also on the list. It is notable that WME winners headquartered outside the U.S. This shows how CSR makes a world trend. To me, the causes behind could be in different perspectives. The standards accounts for universal values so people stay aligned with them to conserve their own integrity. Many recent scandals have contrasted thus emphasized ethics. Let’s think of the case of Sanlu, single misbehavior can lead to consequences of bad reputation or even lawsuit, which is so expensive to afford, both in money and management terms. It is because businesses always involve many stakeholders. As their interests are conflicting with each other, being not ethical...