Corporate Social Responsibility And Its Legal Requirements

1366 WordsAug 28, 20146 Pages
Introduction In today 's economic and social environment, issues related to social responsibility and sustainability are gaining more and more importance, especially in the business sector (Webfinance. 2014). Business goals are inseparable from the societies and environments within which they operate. Whilst short-term economic gain can be pursued (Catalyst Consortium. 2002), the failure to account for longer-term social and environmental impacts makes those business practices unsustainable. In our current society, the Global Compact asks companies to embrace, support and enact, within their sphere of influence, a set of core values in the areas of human rights, labor standards, the environment and anti-corruption (Corporate Watch. 1996 – 2014). This report will explore the concepts of Corporate Social Responsibility (CSR) and its legal requirements. It will also select and identify relevant issues surrounding the implementation of CSR principles into business polices and finally provide justified recommendations as to what type of CSR principles should be introduced if needed. What is Corporate Social Responsibility (CSR) Corporate Social Responsibility (CSR) can be understood as a management concept and a process that integrates social and environmental concerns in business operations and a company’s interactions with the full range of its stakeholders. Corporate social responsibility is a key issue for any organization whether it would be a small business or a big
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