Corporate social responsibility
Corporate governance.
(CSR).
Corporate social responsibility is a form of corporate self-regulation integrated into a business model.
It includes the acceptance by commercial organisations that they have wider ranging and longer term responsibilities, beyond the short and medium term financial interests of financial stakeholders.
Ideally, CSR policy is a built-in, self-regulating mechanism where the business or other organisation monitors and ensures its adherence to law, ethical standards, and international norms.
The organisation embraces responsibility for the impact of its activities on the environment, consumers, employees, communities, other stakeholders and all other members of the public sphere.
The organisation also proactively promotes the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere.
All this means both:
- Adherence to existing laws and
- Acting in a way that is significantly better than the minimum standards required by law.
Corporate social responsibility is also sometimes known as corporate responsibility or corporate citizenship.
See also
- Business & Human Rights Resource Centre
- Business in the Community
- Carbon footprint
- Corporate governance
- ESG investment
- ESG ratings
- Ethics
- Fair trade
- Free trade
- Green equity
- Greenwash
- Modern Slavery Act
- Profit maximisation
- Public interest
- Reporting
- Self-regulation
- SRI
- Stakeholder
- Sustainability
- Sustainability Linked Loan Principles
- Total Societal Impact
