27 Mar 2018

Corporate Social Responsibility (CSR)

Finance feed by:

CA Mukund Garodia
B.com (Hons),CA,CAIIB
CA in Job
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   •    15 Year 1 Month  experience

Corporate Social Responsibility is a management concept whereby  companies integrate social and environmental concerns in their business  operations and interactions with their stakeholders. CSR is generally  understood as being the way through which a company achieves a balance  of economic, environmental and social imperatives (“Triple-Bottom-Line-  Approach”), while at the same time addressing the expectations of  shareholders and stakeholders. In this sense it is important to draw a  distinction between CSR, which can be a strategic business management  concept, and charity, sponsorships or philanthropy.
Even though the  latter can also make a valuable contribution to poverty reduction, will  directly enhance the reputation of a company and strengthen its brand,  the concept of CSR clearly goes beyond that.
Promoting the uptake of CSR among st SMEs requires approaches that fit the respective needs and capacities of these businesses, and do not adversely affect their economic viability.

Key CSR issues: environmental management, Eco-efficiency, responsible sourcing, stakeholder engagement, labour standards and working conditions, employee and community relations, social equity, gender balance, human rights, good governance, and anti-corruption measures.

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