The concept that businesses should be actively concerned with the welfare of society at large
The concern for the consequences of a person's or institution's acts as they might affect the interests of others, including the environment and involuntary customers
The overall relationship of the corporation with all its stakeholders These include customers, owners/investors, government, suppliers and competitors Elements of social responsibility include investment in community outreach, employee relations, creation and maintenance of employment, environmental responsibility and finance performance Topic areas: Fundraising and Financial Sustainability
Corporate Social Responsibility (CSR) is the decision-making and implementation process that guides all company activities in the protection and promotion of international human rights, labour and environmental standards and compliance with legal requirements within its operations and in its relations to the societies and communities where it operates CSR involves a commitment to contribute to the economic, environmental and social sustainability of communities through the on-going engagement of stakeholders, the active participation of communities impacted by company activities and the public reporting of company policies and performance in the economic, environmental and social arenas
is concerned with treating the stakeholders of the firm ethically or in a socially responsible manner Stakeholders exist both within a firm and outside Consequently, behaving socially responsibly will increase the human development of stakeholders both within and outside the corporation Source: Michael Hopkins: A Planetary Bargain: Corporate Social Responsibility Comes of Age (Macmillan, UK, 1998)
Refers to the comprehensive approach that a corporation takes to meet or exceed stakeholder expectations beyond measures of revenue, profit and legal obligation The four pillars of CSR are community investment, human rights and employee relations, environmental practices, and ethical conduct
is a wide-ranging agenda that involves businesses looking at how to improve their social, environmental and local economic impact, their influence on society, social cohesion and human rights, and fair trade CSR is an issue both for large multinationals and for small, locally based businesses