Corporate Social Responsibility

Introduction:-

Definitions of CSR:-

There is no universally accepted definition of CSR. Selected definitions by CSR organizations and actors 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.

•"A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." European Commission.

•"Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large to improve their lives in ways that are good for business and for development." International Finance Corporation.

•"There is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." (Milton Friedman).

Causes of growing concern for Social Responsibilities:-

The Modern concept of social responsibilities of business is the result of several economic, social, political and legal forces. The forces that have compelled, persuaded and helped businessmen to become increasingly responsible to society are described below.

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