Corporate Social Responsibility

Introduction

Corporate Social Responsibility (CSR), also known as Corporate Responsibility, Corporate

Citizenship, Responsible Business, Corporate Responsibility, or Social Action Program,

Sustainable Responsible Business (SRB), or Corporate Social Performance. It is a form of

corporate self-regulation integrated into a business model.

There is an illusion/myth that Corporate Social Responsibility (CSR) is j ust another name for

‘Philanthropy'. But, CSR is not j ust philanthropy. It's more than that. A corporate citizen's job

will not end by j ust donating some money and cleaning our hands that any rich person with

compassion can do. The major responsibility includes giving a helping hand to the under

privileged and disadvantaged in all possible ways. Corporate Social Responsibility is a

concept whereby companies integrate social and environmental concerns into their business

operations and in their interaction with their stakeholders (employees, customers,

shareholders, investors, local communities, government), on a voluntary basis. CSR

demands that businesses manage the economic, social and environmental impacts of their

operations to maximize the benefits and minimize the downsides. Key CSR issues include

governance, environmental management, stakeholder engagement, labor standards,

employee and community relations, social equity, responsible sourcing and human rights. It

has become a multi-billion dollar public relations specialty in the business world.

Definitions

Corporate Social Responsibility (CSR) is becoming an increasingly important initiative of

businesses both nationally and internationally. There exists no universally accepted

definition of CSR.

As per WikiPedia, "Ideally, CSR policy would function as a built-in, self-regulating

mechanism whereby business would monitor and ensure its support to law, ethical

standards, and international norms. Consequently, business would embrace responsibility

for the impact of its activities on the environment, consumers, employees, communities,

stakeholders and all other members of the public sphere. Furthermore, CSR-focused

businesses would proactively promote the public interest by encouraging community growth

and development, and voluntarily eliminating practices that harm the public sphere,

regardless of legality. Essentially, CSR is the deliberate inclusion of public interest into

corporate decision-making, and the honoring of a triple bottom line: People, Planet, Profit."

The definition of CSR by the World Business Council for Sustainable Development offers an

acceptable definition. They state that "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