Corporate social responsibility (CSR)
Corporate social responsibility (CSR) describes an approach by which an organisation:
recognises that its activities have a wider impact on the society in which it operates and that developments in society in turn impact on its ability to pursue its business successfully;
actively manages the economic, social, environmental and human rights impact of its activities across the world, basing these on principles which reflect international values, reaping benefits both for its own operations and reputation as well as for the communities in which it operates; and
seeks to achieve these benefits by working closely with other groups and organisations - local communities, civil society, other businesses and home and host governments.
This approach is derived from principles of sustainable development.
Linking CSR and business strategy
CSR is the concept that an enterprise is accountable for its impact on all relevant stakeholders. Any company strategy incorporating corporate social responsibility should be based on an integrated and balanced approach to economic, social and environmental factors. This requires innovative thinking, new skills and closer involvement of the social partners (Source: EU Green Paper Promoting a European framework for corporate social responsibility).
CSR is alternatively known as corporate responsibility (CR), responsible business or business responsibility.
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