- "Corporate social responsibility (CSR) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of a philanthropic, activist, or charitable nature..." - "engaging in, with, or supporting professional service volunteering through pro bono programs, community development, administering monetary grants to non-profit organizations for the public benefit, or to conduct ethically oriented business and investment practices."
Voluntary actions taken by companies to address social, environmental, and economic issues, including resource use and conservation.
Stakeholder management: Managing relationships with stakeholders in a responsible and sustainable way, including customers, employees, shareholders, suppliers, and community members.
Environmental sustainability: Reducing negative environmental impacts and promoting sustainability through better resource management and sustainable practices.
Corporate Governance: Adhering to ethical and responsible decision-making principles and ensuring there is equitable distribution of power in organizations.
Social responsibility: Addressing the social needs and concerns of society, such as poverty, education, health, and human rights.
Sustainable supply chain management: Ensuring that supply chain operations are environmentally and socially responsible, and that they maintain the integrity of the natural resources from which they source.
Corporate philanthropy: Developing programs and initiatives that support social and environmental causes to help marginalized groups and community development.
Sustainability reporting: Using a standard set of protocols to report on the environmental, social, and governance performance of the organization.
Climate change and sustainable energy: Analyzing the risks and opportunities that climate change presents to companies and developing strategies to mitigate them.
Ethical investing and financial performance: Understanding how socially responsible investing can improve financial performance while maintaining a responsible relationship with the environment and society.
Circular economy and waste reduction: Transforming the economic model toward a system that minimizes waste and promotes the sustainable use of resources.
Sustainable sourcing: Ensuring that a company’s raw materials are obtained in a sustainable and ethical way, without causing environmental damage or exploitation of workers.
Waste reduction: Implementing measures that aim to reduce waste and improve recycling rates, such as reducing packaging and using more environmentally friendly materials.
Environmental restoration: Investing in environmental initiatives that aim to restore ecosystems, such as reforestation or wetland restoration, to help mitigate the effects of climate change.
Clean energy: Investing in renewable energy, such as solar or wind power, to reduce greenhouse gas emissions and help transition to a low-carbon economy.
Carbon offsetting: Purchasing carbon credits, which fund carbon reduction projects, to offset a company’s own carbon emissions.
Fair labor practices: Ensuring that workers throughout a company’s supply chain are treated fairly and ethically, with fair wages and safe working conditions.
Community investment: Investing in the communities in which a company operates by supporting local charities, sponsoring community events, or providing financial support to community groups.
Responsible marketing: Ensuring that marketing campaigns are ethical and do not mislead or exploit consumers.
Social impact investing: Investing in companies or initiatives that have a positive social or environmental impact, such as affordable housing or clean energy projects.
Transparency and accountability: Providing transparency about a company’s social and environmental impact, and being accountable for any negative impacts that arise.
- "While once it was possible to describe CSR as an internal organizational policy or a corporate ethic strategy similar to what is now known today as Environmental, Social, Governance (ESG); that time has passed as various companies have pledged to go beyond that..." - "or have been mandated or incentivized by governments to have a better impact on the surrounding community." - "In addition national and international standards, laws, and business models have been developed to facilitate and incentivize this phenomenon."
- "professional service volunteering through pro bono programs" - "community development" - "administering monetary grants to non-profit organizations" - "conducting ethically oriented business and investment practices"
- "while it has been considered a form of corporate self-regulation for some time, over the last decade or so it has moved considerably from voluntary decisions at the level of individual organizations to mandatory schemes at regional, national, and international levels."
- "Moreover, scholars and firms are using the term 'creating shared value', an extension of corporate social responsibility, to explain ways of doing business in a socially responsible way while making profits."
- "CSR is generally understood as a strategic initiative that contributes to a brand's reputation." - "social responsibility initiatives must coherently align with and be integrated into a business model to be successful."
- "CSR can contribute to firm profits, particularly if brands voluntarily self-report both the positive and negative outcomes of their endeavors." - "these benefits accrue by increasing positive public relations and high ethical standards to reduce business and legal risk by taking responsibility for corporate actions."
- "some businesses will adopt CSR policies and practices because of the ethical beliefs of senior management" - "the CEO of outdoor-apparel company Patagonia, Inc. argues that harming the environment is ethically objectionable."
- "Proponents argue that corporations increase long-term profits by operating with a CSR perspective."
- "A 2000 study compared existing econometric studies of the relationship between social and financial performance, concluding that the contradictory results of previous studies reporting positive, negative, and neutral financial impact, were due to flawed empirical analysis and claimed when the study is properly specified, CSR has a neutral impact on financial outcomes."
- "Critics questioned the 'lofty' and sometimes 'unrealistic expectations' in CSR." - "CSR is merely window-dressing, or an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations."
- "political and sociological institutionalists became interested in CSR in the context of theories of globalization, neoliberalism, and late capitalism."