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. Start studying CSR, Ethics and Sustainability. Introducing Mandatory CSR under Companies Act, 2013 3. Visser (2011, p.1) states that CSR is “the way in which business consistently creates shared value in society through economic development, good governance, stakeholder responsiveness and environmental improvement”; and the European Commission (2011, p.2) defines CSR as “a concept whereby companies integrate social and environmental concerns in their business operations and in their interactions with their stakeholders on a voluntary basis”, … Browse. Social Responsibility (CSR), the concepts of dilemma and CSR dilemma will be defined with a short review of literature on them. A properly implemented CSR concept can bring along a variety of competitive advantages, such as enhanced access to capital and markets, increased sales and profits, operational cost savings, improved productivity and quality, efficient human resource base, improved brand image and reputation, enhanced customer loyalty, better decision making and risk management processes. In this essay we will discuss about Corporate Social Responsibility. Moreover the modalities suggest that the companies identified for mandatory CSR spending will have to constitute a CSR Committee of the Board which will include three or more directors along with at least one independent director. conor-111. Corporate social responsibility (CSR) is a broad business concept. 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. Corporate responsibility can cut across almost everything your business does. Corporate engagement with society, also termed corporate social responsibility (CSR), has become a commonly used term in contemporary society and refers to one process by which an organization expresses and develops its ‘corporate culture’ and social consciousness (Rupp et … Created by. Search. All firms do not follow the same patterns of CSR. In a nutshell, CSR refers to the moral and ethical obligations of a company with regards to their employees, the environment, their competitors, the economy and a number of other areas of life that its business affects. After reading this essay you will learn about: 1. Test. Corporate social responsibility is a broad concept that can take many forms depending on the company and industry. (4) Science concepts. However, there are some gray areas within CSR activities. The car in the next lane looks like it is barely moving relative to you, while a car traveling in the opposite direction looks like it is traveling at 200 km/h. Promoting the uptake of CSR amongst SMEs requires approaches that fit the respective needs and capacities of these businesses, and do not adversely affect their economic viability. Before publishing your Articles on this site, please read the following pages: 1. Lets us understand the concept of relative velocity with this example. Legal but socially irresponsible. Corporate social responsibility (CSR) is a concept which has many interpretations and typically has economic, social and environmental dimensions. So, it can reflect negatively on your sales figures as well. Legal & socially responsible. Our mission is to provide an online platform to help students to discuss anything and everything about Economics. It can involve a range of CSR activities, such as: 1. environmental management, eg waste reduction and sustainability 2. responsible sourcing, eg using only fair trade ingredients 3. improvement of working standards and conditions 4. contributing to educational and social programmes 5. employee volunteering 6. socially responsible investment 7. development of employee and community relations (iv) Reducing child mortality and improving material health; (v) Combating human immune deficiency virus and control acquired immune deficiency syndrome, malaria and- other diseases; (vi) Promoting employment enhancing vocational skills. ", Inclusive and Sustainable Industrial Development, Third Industrial Development Decade for Africa, GMIS - Global Manufacturing & Industrialisation Summit, Upgrading businesses and industrial infrastructure, Supporting small and medium industry clusters, Setting up and supporting export consortia, Competitive trade capacities and corporate responsibility, Corporate social responsibility for market integration, Branding for Competitiveness and Sustainable Growth. Privacy Policy3. A groove is mass in the is as shown in the figure. 12 The concept has increasingly gained interest among businesses and Governments and other stakeholders and has triggered a This means managing their business processes while taking account of their social, economic and environmental impact, and considering human rights. Corporate social responsibility (CSR for short) is the internationally regarded concept for responsible corporate behavior – although it is not clearly defined. CSR is a concept describing organizations that voluntarily contribute to a cleaner environment and to social prosperity by integrating such non*financial concerns into their business procedures (European Commission, 2001). Match. CSR is a relative concept. 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. (vii) Ensuring environmental sustainability; (viii) Undertaking social business projects; (ix) Contributing towards Prime Minister’s National Relief Fund or any other fund set up and managed by either central government or state government for socio-economic development and relief purposes and also to the funds for the welfare of Scheduled Castes, Scheduled Tribes, other backward classes, minorities and women; and. Similarly, arguments are also made against those companies involved in CSR activities on our hand but flouting the norms related to environment, labour welfare etc. It is an attempt to align private enterprises to the goal of sustainable global development by providing them with a more comprehensive set of working objectives than just profit alone. Again, the United Nations Industrial Development Organisation (UNIDO) defines Corporate Social Responsibility (CSR) as “a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders”. on the other. Flashcards. 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 … of the early CSR literatu re evolved around the normative question whether f irms have . Learn vocabulary, terms, and more with flashcards, games, and other study tools. What are the four basic approaches to social responsibility? Corporate Social Responsibility is a management concept whereby  companies integrate social and environmental concerns in their business  operations and interactions with their stakeholders. the velocity of the other train appears to be zero. Consider two trains moving with same speed and in the same direction. Gravity. CSR is managed, measured and communicated using several soft-law instruments. It will also earmark the amount of expenditure to be incurred on CSR activities and will also monitor the CSR policy of the company and its implementation regularly. Whether the CSR spending of certain company will be eligible for tax exemptions or not will be depending on the discretions of related tax authorities. This website includes study notes, research papers, essays, articles and other allied information submitted by visitors like YOU. 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