Corporate Social Responsibility and its Practices

This report discusses the meaning and definition of Corporate Social Responsibility (CSR) and its practices. It covers the relationship between the corporate responsibility and behaviour in context to CSR. The focus of CSR has now been shifted from philanthropy to beyond which includes education and finance policies, growth policies, etc. While CSR has also been re-branding for the public relations as it is focused on public interest and welfare.

Business Law and
Ethics

Contents
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CSR- meaning and definition......................................................................................................3
CSR Practices..............................................................................................................................3
Does corporate social responsibility go beyond philanthropy etc. and if it does go beyond that
how does the modern corporation go beyond philanthropy and compliance..............................4
Is what corporations are doing well just in public relations or is it actually making a
difference.....................................................................................................................................5
If this CSR re-branding is purely a Public relations exercise, then what are they doing badly
still...............................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Commercial laws as well as ethics are vital regulatory frameworks that are basically enacted
to regulate the functioning of companies. The business laws can be referred to as the body of
rules, regulations and guidelines which offers corporate and civil laws so that smooth running of
the business is ensured. It generally implicates the corporate performance that emphasizes on the
working process as it dictates the formation and running of the business entity. The laws which
deals with corporation are derived mainly from agreements, convention and national as well as
international laws which focuses on governing dealing between the people in context to
commercial matters. These comprises of two areas which varies from each other and includes
firstly the regulations of the commercial ventures through company, bankruptcy and partnership
law and secondly the regulations of the commercial transaction through contract law and other
related fields (Kraus, Rehman and García, 2020). This report shall deal with corporate social
responsibility and how companies use their profit and make it by way of CSR. It covers the
relationship between the corporate responsibility and behaviour in context to CSR.
MAIN BODY
CSR- meaning and definition
It is termed as the practice that helps in integrating the social and environmental concerns
in every business practice and operation so that the companies can be helped in having the
adequate amount of interaction with the stakeholders. Through this, the organization can gain
some sort of advancement as well as strive a balance in the areas such as social, environmental
and economic. These are implemented by the companies so that the stakeholder’s issues are
addressed properly as it is aimed to bring the distinction between corporate social responsibility
which may be implemented in every strategic management of the business, charity and some of
the other concepts that relates to the philanthropy as well as sponsorship (Feng, Zhu and Lai,
2017). It also contributes in such practices that is aimed to enhance the goodwill of the
organization by way of maintenance of its strength so that moral and ethical objectives of
company.
CSR Practices
There are different practices relating to corporate social responsibilities which are led by the
companies. These include the following-

 Philanthropy: It can be referred to as that practice in company wherein the companies are
involved in donating money, products and services for the social cost as well as for the
non-profit companies so that proper resources are being offered and the benefit is
provided to the local community. These efforts are made by the large businesses so that
the difference is brought and the corporation is made capable enough to maintain its
goodwill as well as brand image. It also contributes in doing something by the companies
for betterment of the society.
 Volunteering: It includes participation in local calls in order to do some good deeds
while some practices are done or completed which can offer growth and betterment to the
society by emphasising on the social issue as well as cause.
 Environmental efforts: As per this practice, the corporate social responsibility has its key
focus on environmental areas as it tries mainly to protect environment by taking the
essential efforts in such areas which can provide sustainable advantage to the companies.
 Ethical practices: The main emphasises of this practice is on the fact that businesses
must maintain the proper code of conduct in every business practice so that each of the
workforce of business is treated in fair, equal as well as ethical manner (Landon-Lane,
2018).
Does corporate social responsibility go beyond philanthropy etc. and if it does go beyond that
how does the modern corporation go beyond philanthropy and compliance.
Philanthropic responsibility of the business refers to the aim of company in order to make
the society and world a better place. some of the companies donate to the charities and the non-
profits which are aligned to its guiding mission while others donate to the worthy causes which
do not relate to the business. nowadays, the CSR initiatives taken by the business goes beyond
the philanthropy as they are now focusing on the reinvention of their public profile.
As per first documentary given by Harvard Kennedy School M-RCBG programs, there are
different initiatives being taken under corporate responsibilities which enhances the roles of
public and also focuses on corporate accountability and governance in business practices. It
mainly offers public policies that government and corporations are required to follow with an
aim that fundamental issues may be implemented in order to maintain key elements of business
(Hayes and Carr, 2021). The focus of CSR has been shifted from philanthropy and have gone
beyond it which includes contributing in educational policies, programs, financial policies,

growth policies and many others so that its initiatives are contributed towards the growth and
development of society and country. They are being made with sustainable advancement and
developments so that the technological techniques as well as innovation can be maintained with
the help of regulations. The focus of the modern workplace has also been shifted to maintenance
of the companies and generations of different programs so that the society can build a better
place to live in. By way of CSR initiatives, its emphasis is to make the analysis of essential areas
of societal concerns so that challenges found in public and private sector can be eliminated.
The second documentary is given by Joel Bakan who have raised some of the important
questions in context to enduring areas of the viability by way of which major areas of business
are maintained and varied levels of the production is organized also I relation to corporate
structure with the help of which the public goods are maintained and effective area of production
is maintained and organized also. Joel Bakan is a professor in British Columbia which
interpreted different areas of the development for the business as well as legal entity which is
mainly required for common chartered institution so that public functions are maintained. Its
focus is on the practices of CSR by way of maintaining the moral and ethical aspects of work
that is on the basis of corporate behaviour.
Every organization comprises of the stakeholders who are divided into two categories which
includes internal wherein employees are included and secondly, external which includes
consumers, general public, NGO who works in the developing countries, activists of aboriginal
and many of the environmental activist who pressurises the corporations to take adequate
initiatives in relation to corporate social responsibilities. The companies outline their CS
objectives and align it with the stakeholders so that their concerns are also taken into
consideration and addressed (Bacinello, Tontini and Alberton, 2020). For instance, the
companies such as Thornton’s have environmental friendly policies so that their working do not
harm the environment such as recycling and deploying waste integrated management so that
there is zero wastage to the landfill. Greggs UK have different charity works such as Greggs
Foundation, Greggs breakfast club and many others.
Is what corporations are doing well just in public relations or is it actually making a difference.
Joel Bakan in its documentary have provided that the companies must pursue their economic
interest irrespective of any harmful consequences to the people as well as environment, thereby
externalizing the true costs. Secondly, the government has abdicated the control by freeing the

companies from the legal constraints and also grants the authority over the society by way of
privatization. Thirdly, in the concept of corporate governance, whether there has been reform in
it or not, it appears to have left us with the undemocratic one share and one vote and not the one
person and one vote. For example, the pension funds brought up by the companies act as the
proxy for public good but Joel Bakan have argued that there is still only one share and one vote
and pension funds are the one which do not run on the concept which is one share, one vote.
For example, Bill Gates is the founder of Microsoft whose CSR is guided by citizenship
mission of organization that is to serve the needs of the communities globally and also fulfil its
responsibilities towards the public. It does charitable activities by way of Bill & Melinda Gates
Foundation. Moreover, it takes many initiatives such as donations, empowering and educating
workers, human rights and labours, health and safety of the employees, etc. Hence, it can be said
that CSR is an exercise of public relations.
If this CSR re-branding is purely a Public relations exercise, then what are they doing badly still.
The re-branding of CSR is purely the public relation exercise, despite this, they are still not
doing it so well as there is a need of bring the improvement in the regulatory system. These may
include there must be precautionary principles must be basis of the regulations, protection to
trade union, consumer, environmental, human rights and many others. There are many things
which are still done badly in context to CSR which includes firstly, that there are regulations
which are pushed towards the local level which looks like to result in the deregulation and the
local governments mainly compete for the corporate crumbs (Zolotoy, O'Sullivan and Chen,
2019). Secondly, the government does not have any power for regulating the CSR and this must
be given to them so that the commons can be protected such as reducing global warming. For
instance, the mining companies in Australia has been indulged in such practices which brings out
excessive pollution and harms the environment. This shows that due to government deregulation,
this has failed to protect the environment.

CONCLUSION
It is concluded from this report CSR is a practice which is involved in such practices that is
concerned with environmental and social issues. It is the concept of management wherein the
organizations integrate the environmental and social concerns in the business operations and the
interactions with the stakeholders. It is aimed to serve the society so that there is betterment and
welfare of it. The focus of CSR has now been shifted from philanthropy to beyond which
includes education and finance policies, growth policies, etc. While CSR has also been re-
branding for the public relations as it is focused on public interest and welfare.

REFERENCES
Books and Journals
Bacinello, E., Tontini, G. and Alberton, A., 2020. Influence of maturity on corporate social
responsibility and sustainable innovation in business performance. Corporate Social
Responsibility and Environmental Management. 27(2). pp.749-759.
Feng, Y., Zhu, Q. and Lai, K.H., 2017. Corporate social responsibility for supply chain
management: A literature review and bibliometric analysis. Journal of Cleaner
Production. 158. pp.296-307.
Hayes, R.A. and Carr, C.T., 2021. Getting called out: Effects of feedback to social media
corporate social responsibility statements. Public Relations Review. 47(1). p.101962.
Kraus, S., Rehman, S.U. and García, F.J.S., 2020. Corporate social responsibility and
environmental performance: The mediating role of environmental strategy and green
innovation. Technological Forecasting and Social Change. 160. p.120262.
Landon-Lane, M., 2018. Corporate social responsibility in marine plastic debris
governance. Marine pollution bulletin. 127. pp.310-319.
Zolotoy, L., O'Sullivan, D. and Chen, Y., 2019. Local religious norms, corporate social
responsibility, and firm value. Journal of Banking & Finance. 100. pp.218-233.