This page briefly describes CSR (Corporate Social Responsibility)
Corporate Social Responsibility (CSR) is a philosophy adopted by business, predominately large corporations, although increasingly SME's are participating, expanding their goals to include consideration of stakeholders in society.
Typically business has to be driven by the profit motive, a self survival mechanism and therefore excludes social conscious characteristics, it has been said that a business entity acts without morals or compassion driven solely by the profit motive.
However, business does not exist in a vacuum. For example, listed corporations must address the needs of its human shareholders and adhering to the core values of the society in which it operates.
CSR considers the community, society, including the employees. Some may argue that certain organisations operate CSR that is motivated by the desire to improve a Public Relations (PR), undoubtedly that does occur.
Most organisations and corporations formulate a policy as a vehicle for implementing CSR, these are often published and issued to shareholders. Primarily, a means to disseminate information.
CSR is the business contribution to sustainable development goals. Essentially it is about how business takes account of its economic, social and environmental impacts in the way it operates – maximising the benefits and minimising the downsides.
Specifically, CSR is the voluntary actions that business can take, over and above compliance with minimum legal requirements, to address both its own competitive interests and the interests of wider society.
If we exclude the societal aspects - CSR is still beneficial for your business.
An interesting study by Innovestgroup studied listed retail companies. The analysis included value and environmental factors. The study proved that successful (i.e. higher stock values) were organisations with sound energy and environmental policies and performance - proof positive for the so called triple bottom-line theory.
Selected links for further reading: