Corporate Social And Moral Statement: Why Tata Sons?

The author tries to find out whether making CSR a mandatory requirement for the companies as a social responsibility will help in the upliftment of the society. CSR models previously were voluntary actions taken up by the corporations but the new CSR norms mandate this responsibility. The country is now moving towards MANDATORY, NOT VOLUNTARY CSR regimes. This Article begins with the origin of CSR during the Earth Summit in early 90’s and then its scenario in the Indian corporate sector. Some of the examples of volunteer CSR activities showcased the sincere efforts taken by certain major tycoons of Indian corporate sector and now after India being the first country to mandate CSR in the Companies Act will be a boon for social upliftment or not. According to the author, working for the undeveloped communities for the country is a work that required moral values within an individual or a corporate, making it mandatory will only add more confusions and an opportunity to tainted companies to go smooth in the eyes of law by means of corruption or extortion in the system. Moreover, penalizing only if reason not displayed by the Board in their Annual Report will not be the solution to the problem. This article will seek an understanding whether mandating CSR will be a boon to social upliftment or not and concludes by suggesting certain rewards or tax benefits for

The organization’s strategy plan for any gaps in social responsibility that might be potential risks to internal and external stakeholders is challenging, but this company certainly does not allow for corruption. On April 1 “India has become the only country in the world with legislated corporate social responsibility (CSR) and a spending threshold of up to $2.5 billion (Rs 15,000

Corporate Social Responsibility (CSR) is something that affects all companies and should be an active factor in the company’s decision making. It is something all corporations need to care about. CSR is when business’ or corporations take part in an initiative or campaign for a cause that will benefit society and/or in some way make the world a better place (Taylor, 2015). Initially, Corporate Social Responsibility started to take shape around the 1950’s, but some say that it dates all the way back to the 1800s, the idea of CSR was seen (Carroll, 2007). One may think that because it is dated so long ago, it doesn’t have an important impact today nevertheless, it is proven that Corporate Social Responsibility is a pathway for entities to self benefit as they are in the process of benefitting society.

CSR lacks universal methods. The United Nations Industrial Development Organization (UNIDO) mentions that it is important to draw a distinction between CSR as part of strategic business management concept and charity, sponsorships or philanthropy. The latter applications make valuable social impacts that enhance the reputations of the companies, however, CSR is a continual effort instead of an instance. A few features that CSR should focus on are: eco-efficiency, employee and community relations, environmental management, gender balance, responsible souring, anti-corruption, stakeholder engagement and human rights. Utilizing some of these key features a company can bring competitive advantages into the market place. Increased sales and profits from operational cost savings as well as improved reputation and brand image and customer loyalty can result from a well-defined CSR strategy.

The purpose of this essay is to research the notion of CSR and uncover its true framework and outline what social responsibility truly means to corporate organisations, and whether it should be seriously considered to be a legitimate addition to the corporate framework of an organisation.

It is to a wide extent voluntarily engrained into the corporate strategy. Moreover, it covers the most important areas of CSR – environment and society. How the strategy is really implemented into practice will be discussed in the following parts. However, it shall be mentioned that the strategy “ONE” still makes the impression of a traditional growth orientated strategy. In the appendix three and four two additional figures regarding stakeholder vs. company goals and the CSR key areas can be

These three strategic components can lead to successful CSR practices that improve the company’s image and profits, satisfy its stakeholders, and make a positive difference with regards to its social or environmental concerns. While the definition of CSR varies within the literature, I suggest that a customized CSR process that incorporates CSR fit, stakeholder engagement and strategic communications will lead to successful CSR practices.

Corporate Social Responsibility (CSR) is a form of self regulation integrated into the business model of organizations. Organizations have responsibility for the impact of their activities on the society, environment, employees and members of the public sphere which cannot be denied. The progress of the concept of CSR is elevating to the highest pedestal of importance in all aspects of production and business both private and public.CSR is a much known concept in present world and many corporate giants are conversant with it as it provides better synergy returns to the business. Moreover CSR is becoming a very important activity to organizations nationally as well as internationally. The increase in globalization has given birth to large corporations which serve as global providers and have recognised the importance and benefits of providing CSR programs hence CSR activities are now being undertaken throughout the globe. The rationale for CSR is stated in number of ways its core is about building sustainable businesses with healthy communities, markets and economies which again necessitates carrying out CSR activities. The government has declared it compulsory for organizations to be socially responsible (chakraborty 2010).Non government organizations (NGO) are

The notion of Corporate Social Responsibility is a phenomenon globally known for many years. In spite of the fact that CSR has been neglected for quite a long time, nowadays several authors deal with this issue, as revealed by the development of theories in recent years concerning the topic. In spite of the fact that there has been a huge growth of literature it is still impossible to simply define CSR. Many definitions trying to capture the concept of CSR exist, but their content varies (Matten & Moon, 2008).

The above lines epitomize the soul of the National Survey on corporate social responsibility - Corporate Social Responsibility Practices in India. Times Foundation, the corporate social responsibility wing of the Bennett, Coleman & CO. Ltd., in partnership with TNS India and IRRAD undertook a national survey to understand the underlying dynamics of CSR and the current situation in India. They found out that lack of understanding, inadequately trained personnel, non availability of authentic data and specific information on the kinds of CSR activities,

Social corporate responsibility is the fashion of business world for the recent decade. Increasingly companies are getting involved with CSR and try to regulate themselves to the ethical standards and care

The term corporate social performance was first coined by Sethi (1975) and his three level model of CSR are 'social obligation (a response to legal and market constraints); social responsibility(Congruent with societal norms); and social responsiveness (adaptive, anticipatory and preventive) (Cochran, 2007).The conceptual theoretical framework of CSR was developed by (Archie B Carroll 1991), and the four dimensions of CSR pyramid are economic, legal, ethical, and philanthropy .In a pyramid a corporation has four types of responsibilities, where the foundation is the economic responsibility to be profitable. The second is the legal responsibility to obey the law set forth by society. The third ethical responsibility is closely linked to the second. The fourth is philanthropic responsibility are the resources contributed by corporations’’. The implementation tool of CSR are the “activities undertaken by a corporation to support

The above discussion has shown the importance of corporate social responsibility for a company. There are many challenges which multinational firms face while fulfilling their corporate social responsibilities especially in developing countries. Griffin and Pustay (2007) assert that CSR requires engagement with internal and external stakeholders so it enables enterprises to anticipate better and take advantage of fast-changing expectations in society as well as operating conditions. This means it can also act as a driver for the development of new markets and create real opportunities for growth (Van Tulder and Kolk 2001).

European Commission defines[3] that CSR is , " A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. "

The following sections present a broad evaluation of the history and progress of CSR practices. Additionally, it provides a, in-depth review at the predominant theories behind globalisation, the need for sustainable development, stakeholder progression, various critics and methods to overpower them. A consideration is also given for the implementations of codes of conduct, the role of MNCs and weak government bodies and corporate performance.