CSR is a win- win opportunity for companies, financial investors and society at large * Corporate Social Responsibility * “CSR is about how companies manage the business processes to produce an overall positive impact on society.”
Business has a responsibility to give it back to society * Corporate Social Responsibility
Corporate social responsibility (CSR): * An obligation, beyond that required by the law and economics, for a firm to pursue long term goals that are good for society. * 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 that of the local community and society at large.
Meaning of CSR * Conducting business in an ethical way and in the interests of the wider community * Responding positively to emerging societal priorities and expectations * A willingness to act ahead of regulatory confrontation * Balancing shareholder interests against the interests of the wider community * Being a good citizen in the community
‘Corporate,’ ‘Social,’ and ‘Responsibility.’ In broad terms, CSR relates to responsibilities corporations have towards society within which they are based and operate, not denying the fact that the purview of CSR goes much beyond this. CSR is comprehended differently by different people. “A commitment to improve community well being through discretionary business practices and contributions of corporate resource”
Millen Baker: “A way companies manage the business processes to produce an overall positive impact on society.”
World Business Council for Sustainable Development: “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