Corporate Social Responsibility

Corporate Social
Responsibility

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
1.1 Features of Corporate Social Responsibility (CSR).............................................................3
1.2 Key factors influencing development of Corporate Social Responsibility............................4
2.1 Features of Corporate Responsibility Audit .........................................................................5
2.2 Impact upon business operations and performance due to Corporate Social Responsibility 5
CONCLUSION................................................................................................................................6
REFERENCES................................................................................................................................7

INTRODUCTION
Corporate Social Responsibility (CSR) is model of business that practices self regulation
by holding the company socially accountable to itself, the shareholders and to the public
respectively. Its goal is to contribute towards societal goals of charity, philanthropy and
sustainable operations while encouraging ethically moral practices.
1.1 Features of Corporate Social Responsibility (CSR)
Corporate Social Responsibility is a self regulating model of business through which
companies address current social and environmental issues in their business interactions and
operations with company's stakeholders. It is a paradigm through which companies address
expectation of their shareholders and stakeholders regarding environmental, economic and social
problems currently beset on society. Corporate Social Responsibility integrates the idea of
sustainable development into a the business model of a company. As per the United Nations,
functions of Corporate Social Responsibility include being responsible while resourcing input
supplies and materials, adhering to standardised labour laws and regulations, implementing
measures to discourage corruption, managing and protecting the environment during operations,
advocate social and gender equity and conserve natural resources such as water, fuel and energy
in production (Grayson and Hodges, 2017). Corporate Social Responsibility is valuable for both
customers and companies.
Corporate Social Responsibility provides various benefits to implementing companies
some of which are discussed as follows:
Cost Saving: Practising Corporate Social Responsibility can be beneficial for both the company
and the environment. By implementing sustainable technologies in workplace and innovating
products that use less energy or natural resources, a company can simultaneously help the
environment as well as cut costs. For example energy costs in the long run can be reduced
enormously by installing solar panels, which effectively helps the environment as well.
Brand Reputation: Practising Corporate Social Responsibility increases a company's brand
reputation and value and perception in the public's eye by highlighting the company in a positive
light, striving to create a better future.
Employee Loyalty: Corporate Social Responsibility aids companies to attract and keep skilled
personnel as employees are better motivated to work and remain job satisfied.