CSR Report Assurance- US
3 Pages1160 Words338 Views
Added on 2019-09-19
CSR Report Assurance- US
Added on 2019-09-19
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Issue: The Board of Westlands is planning to start a fund related to ethical investments that will invest inthose companies that will have a strong record of the corporate social responsibility. The company is seeking for advice to get an outline of the features of CSR so that they are aware of the things that they should look for in the management of the company which is socially responsible. Advice:Westland must be clear about the definition of CSR before starting the ethical investment fund. This is required because when they will understand the meaning of CSR, they will be able to do justice to the fund, and they will get to know the ultimate aim of the doing CSR. In simple terms, corporate social responsibility is a relationship that exists between the companies and the environment or society in which it operates (Patten, 2014). The relationship aims to create mutual benefit for the company and its stakeholders who are present in the society. Corporate social responsibility is not only a task, it is policies that must feature clear objectives of the company and the results that the company wishes to deliver must be measurable. This is one of the key features of CSR which Westlands must understand. Apart from this, the CSR policy of the company mustgive an idea about the working of the company like what the company does and what is the actual business model of the company. Every policy has to be implemented with a proper strategy. So, CSR should also have a clear strategy that aims to change the face of the community in the positive manner and help its people in developing themselves. The CSR activities must not be called off after one or two events, but, the efforts should be continuous, though they can be gradual, but the ultimate influence on the society must be positive (Patrizia, 2012). So, if Westlands is planning to create a ethical investment fund, they must make sure that the contribution in that fund is flowing continuously, the utilization of those funds are happening in positive way and all the funds are channelized in the right direction for the betterment of the society. In addition to the above features of CSR practice, the management of the company should judge the credibility of other companies who are involved in CSR activities by evaluating that which needs of the society are targeted by them and how they are approaching to address those needs (Cho, 2013). For example, some companies identify the need of educating the orphans, giving them medical care or taking efforts towards their adoption process. So, the management of these companies can be judged on the basis of how many children they have educated in total, how many expenses they have incurred for the treatment of children and how many kids have been adopted till now under the CSR initiative of that company. There are many companies that try to address multiple social challenges in the environment but, they end up messing up things and no significant progress is made to solve the social issues. Westlands must take care of the fact that the policy related to CSR is well-developed and all the stakeholders of the company, internal or external, understands the policy and support it. the intention of the CSR initiative by Westland must be clear to all the people and it should give a detailed explanationabout what it intends to do by creating the ethical investment fund, what all areas will it target and howit will approach the society with that fund. In addition to this, Westlands must look for qualified partners
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