Corporate Social Responsibility
Corporate social responsibility (CSR) is:
- 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
- About how a company manages its business process to produce an overall positive impact on society
Corporate social responsibility means:
- 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
Is CSR the same as business ethics?
- There is clearly an overlap between CSR and business ethics
- Both concepts concern values, objectives and decision based on something than the pursuit of profits
- And socially responsible firms must act ethically
