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Corporate Social Responsibility - What does it mean?

One of the most frequently asked questions at this site - and probably for all those individualsand organisations dealing with CSR issues is the obvious - just what does "Corporate SocialResponsibility" mean anyway !s it a stalking horse for an anti-corporate agenda Somethingwhich like original sin you can never escape Or what

#ifferent organisations have framed different definitions - although there is considerablecommon ground between them$ %y own definition is that CSR is about how companiesmanage the business processes to produce an overall positive impact on society.

&ake the following illustration'

Companies need to answer to two aspects of their operations$ ($ &he quality of theirmanagement - both in terms of people and processes )the inner circle*$ +$ &he nature of andquantity of their impact on society in the various areas$

Outside stakeholders are taking an increasing interest in the activity of the company$ %ostlook to the outer circle - what the company has actually done good or bad in terms of itsproducts and services in terms of its impact on the environment and on local communities orin how it treats and develops its workforce$ Out of the various stakeholders it is financial

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analysts who are predominantly focused - as well as past financial performance - on quality ofmanagement as an indicator of likely future performance$

Other definitions

&he ,orld usiness Council for Sustainable #evelopment in its publication "%aking .ood

usiness Sense" by /ord 0olme and Richard ,atts used the following definition$ "CorporateSocial Responsibility is the continuing commitment by business to behave ethicallyand contribute to economic development while improving the quality of life of theworkforce and their families as well as of the local community and society at large" 

&he same report gave some evidence of the different perceptions of what this should meanfrom a number of different societies across the world$ #efinitions as different as "CSR isabout capacity building for sustainable livelihoods. It respects cultural differencesand finds the business opportunities in building the skills of employees, thecommunity and the government"  from .hana through to "CSR is about business

 giving back to society"  from the 1hillipines$

&raditionally in the 2nited States CSR has been defined much more in terms of a

philanphropic model$ Companies make profits unhindered e3cept by fulfilling their duty to payta3es$ &hen they donate a certain share of the profits to charitable causes$ !t is seen astainting the act for the company to receive any benefit from the giving$

&he 4uropean model is much more focused on operating the core business in a sociallyresponsible way complemented by investment in communities for solid business case reasons$1ersonally ! believe this model is more sustainable because'

1. Social responsibility becomes an integral part of the wealth creation process - which if

managed properly should enhance the competitiveness of business and ma3imise thevalue of wealth creation to society$

2. ,hen times get hard there is the incentive to practice CSR more and better - if it is a

philanphropic e3ercise which is peripheral to the main business it will always be the

first thing to go when push comes to shove$

ut as with any process based on the collective activities of communities of human beings )ascompanies are* there is no "one si5e fits all"$ !n different countries there will be differentpriorities and values that will shape how business act$ 6nd even the observations above arechanging over time$ &he 2S has growing numbers of people looking towards core businessissues$

7or instance the CSR definition used by usiness for Social Responsibility is' "perating abusiness in a manner that meets or e!ceeds the ethical, legal, commercial and publice!pectations that society has of business��� $

On the other hand the 4uropean Commission hedges its bets with two definitions wrapped

into one' " concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment. concept whereby companies integrate socialand environmental concerns in their business operations and in their interactionwith their stakeholders on a voluntary basis" $

,hen you review each of these they broadly agree that the definition now focuses on theimpact of how you manage your core business$ Some go further than others in prescribinghow far companies go beyond managing their own impact into the terrain of acting specificallyoutside of that focus to make a contribution to the achievement of broader societal goals$ !t is

a key difference when many business leaders feel that their companies are ill equipped to

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pursue broaders societal goals and activists argue that companies have no democraticlegitimacy to take such roles$ &hat particular debate will continue$

http://www.mallenbaker.net/csr/definition.php

Corporate social responsibility

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Corporate social responsibility !CSR , also called corporate conscience, corporate

citizenship, social performance, or sustainable responsible business"#1$ is a form of

corporate self%reulation interated into a business model. &'( policy functions as a built%in, self%reulatin mechanism whereby business monitors and ensures its active

compliance with the spirit of the law, ethical standards, and international norms. )he oal

of &'( is to embrace responsibility for the company*s actions and encourae a positiveimpact throuh its activities on the environment, consumers, employees, communities,

stakeholders and all other members of the  public sphere. Furthermore, &'(%focused

 businesses would proactively promote the public interest by encourain community

rowth and development, and voluntarily eliminatin practices that harm the publicsphere, reardless of leality. &'( is the deliberate inclusion of   public interest into

corporate decision%makin, that is the core business of the company or firm, and the

honourin of a triple bottom line: people, planet, profit.

)he term +corporate social responsibility+ came in to common use in the late 1-s andearly 1s, after many multinational corporations formed. )he term stakeholder ,

meanin those on whom an orani0ation*s activities have an impact, was used to describecorporate owners beyond shareholders as a result of an influential book by (. dwardFreeman, Strategic management: a stakeholder approach in 13.#2$ 4roponents arue

that corporations make more lon term profits by operatin with a perspective, while

critics arue that &'( distracts from the economic role of businesses. 5thers arue &'(is merely window%dressin, or an attempt to pre%empt the role of overnments as a

watchdo over powerful multinational corporations.

&'( is titled to aid an orani0ation*s mission as well as a uide to what the company

stands for and will uphold to its consumers. 6evelopment business ethics is one of theforms of applied ethics that e7amines ethical principles and moral or ethical problems

that can arise in a business environment. 8'5 2- is the reconi0ed internationalstandard for &'( !currently a 6raft 8nternational 'tandard". 4ublic sector orani0ations!the 9nited ations for e7ample" adhere to the triple bottom line !);<". 8t is widely

accepted that &'( adheres to similar principles but with no formal act of leislation. )he

9 has developed the 4rinciples for (esponsible 8nvestment as uidelines for investin

entities.

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Contents

#hide$

• 1 =pproaches

• 2 'ocial accountin, auditin, and reportin

• > 4otential business benefitso >.1 ?uman resources

o >.2 (isk manaement

o >.> ;rand differentiation

o >.3 <icense to operate

• 3 &riticisms and concerns

o 3.1 ature of business

o 3.2 @otives

o 3.> thical consumerism

o 3.3 Alobali0ation and market forces

o 3.B 'ocial awareness and education

o 3.- thics trainin

o 3. <aws and reulation

o 3. &rises and their conseCuences

o 3. 'takeholder priorities

• B 'ee also

• - otes

• (eferences

• 7ternal links

• Further readin

[edit] Approaches

'ome commentators have identified a difference between the &ontinental uropean and

the =nlo%'a7on approaches to &'(.#>$ =nd even within urope the discussion about&'( is very heteroeneous.#3$

=n approach for &'( that is becomin more widely accepted is a community%based

development approach. 8n this approach, corporations work with local communities to

 better themselves. For e7ample, the 'hell Foundation*s involvement in the Flower Dalley,'outh =frica. 8n Flower Dalley they set up an arly <earnin &entre to help educate the

community*s children as well as develop new skills for the adults. @arks and 'pencer  isalso active in this community throuh the buildin of a trade network with thecommunity % uaranteein reular  fair trade  purchases. 5ften activities companies

 participate in are establishin education facilities for adults and ?8D/=86' education

 prorammes. )he maEority of these &'( proEects are established in =frica. J86F For ou,is an attempt to promote these activities in 8ndia.

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= more common approach of &'( is philanthropy. )his includes monetary donations and

aid iven to local orani0ations and impoverished communities in developin countries.

'ome orani0ations#who?$ do not like this approach as it does not help build on the skills ofthe local people, whereas community%based development enerally leads to more

sustainable development.#clarification needed   Difference between local org& community-dev? Cite$

=nother approach to &'( is to incorporate the &'( stratey directly into the business

stratey of an orani0ation. For instance, procurement of Fair )rade tea and coffee has been adopted by various businesses includin G4@A. 8ts &'( manaer commented,

+Fairtrade fits very stronly into our commitment to our communities.+#B$

=nother approach is arnerin increasin corporate responsibility interest. )his is called&reatin 'hared Dalue, or &'D. )he shared value model is based on the idea that

corporate success and social welfare are interdependent. = business needs a healthy,

educated workforce, sustainable resources and adept overnment to compete effectively.

For society to thrive, profitable and competitive businesses must be developed and

supported to create income, wealth, ta7 revenues, and opportunities for philanthropy.&'D received lobal attention in the ?arvard ;usiness (eview article Strategy &

Society: The ink between Competitive !dvantage and Corporate Social "esponsibility #1$ by @ichael . 4orter, a leadin authority on competitive stratey and head of the

8nstitute for 'tratey and &ompetitiveness at ?arvard ;usiness 'choolH and @ark (.

Gramer, 'enior Fellow at the Gennedy 'chool at ?arvard 9niversity and co%founder ofF'A 'ocial 8mpact =dvisors. )he article provides insihts and relevant e7amples of

companies that have developed deep linkaes between their business strateies and

corporate social responsibility. @any approaches to &'( pit businesses aainst society,

emphasi0in the costs and limitations of compliance with e7ternally imposed social andenvironmental standards. &'D acknowledes trade%offs between short%term profitability

and social or environmental oals, but focuses more on the opportunities for competitiveadvantae from buildin a social value proposition into corporate stratey.

@any companies use the stratey of benchmarkin to compete within their respective

industries in &'( policy, implementation, and effectiveness. ;enchmarkin involves

reviewin competitor &'( initiatives, as well as measurin and evaluatin the impact

that those policies have on society and the environment, and how customers perceivecompetitor &'( stratey. =fter a comprehensive study of competitor stratey and an

internal policy review performed, a comparison can be drawn and a stratey developed

for competition with &'( initiatives.

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[edit] Social accounting, auditing, and reporting

@ain article: 'ocial accountin

)akin responsibility for its impact on society means first and foremost that a company

must account for its actions. 'ocial accountin, a concept describin the communication

of social and environmental effects of a company*s economic actions to particular interestroups within society and to society at lare, is thus an important element of &'(. #-$

'ocial accountin emphasi0es the notion of corporate accountability. 6. &rowther defines

social accountin in this sense as +an approach to reportin a firmIs activities which

stresses the need for the identification of socially relevant behavior, the determination ofthose to whom the company is accountable for its social performance and the

development of appropriate measures and reportin techniCues.+#$ =n e7ample of social

accountin, to a limited e7tent, is found in an annual 6irector*s (eport, under thereCuirements of 9G company law.#$

= number of reportin uidelines or standards have been developed to serve as

frameworks for social accountin, auditin and reportin includin:

• =ccount=bility*s ==1 standard, based on John lkinton*s triple bottom line 

!>;<" reportin

• )he 4rince*s =ccountin for 'ustainability 4roEect*s &onnected (eportin

Framework 

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• )he Fair <abor =ssociation conducts audits based on its Workplace &ode of

&onduct and posts audit results on the F<= website.

• )he Fair Wear Foundation takes a uniCue approach to verifyin labour conditions

in companies* supply chains, usin interdisciplinary auditin teams.

• Alobal (eportin 8nitiative*s 'ustainability (eportin Auidelines

•

Aood&orporation*s 'tandard developed in association with the 8nstitute of;usiness thics

• arthcheck www.earthcheck.or &ertification / 'tandard

• 'ocial =ccountability 8nternational*s '= standard

• 'tandard thics =ei uidelines

• )he 8'5 13 environmental manaement standard

• )he 9nited ations Alobal &ompact promotes companies reportin in the format

of a &ommunication on 4roress !&54". = &54 report describes the company*s

implementation of the &ompact*s ten universal principles.

• )he 9nited ations 8nterovernmental Workin Aroup of 7perts on

8nternational 'tandards of =ccountin and (eportin !8'=("  provides voluntary

technical uidance on eco%efficiency indicators, corporate responsibilityreportin, and corporate overnance disclosure.

• Derite*s @onitorin Auidelines

)he F)' Aroup publishes the F)'3Aood 8nde7, an evaluation of &'( performance of

companies.

8n some nations, leal reCuirements for social accountin, auditin and reportin e7ist

!e.. in the French bilan social", thouh international or national areement onmeaninful measurements of social and environmental performance is difficult. @any

companies now produce e7ternally audited annual reports that cover 'ustainable

6evelopment and &'( issues !+)riple ;ottom <ine (eports+", but the reports varywidely in format, style, and evaluation methodoloy !even within the same industry".

&ritics dismiss these reports as lip service, citin e7amples such as nron*s yearly

+&orporate (esponsibility =nnual (eport+ and tobacco corporations* social reports.

8n 'outh =frica, as of June 21, all companies listed on the Johannesbur 'tock7chane !J'" were reCuired to produce an interated report in place of an annual

financial report and sustainability report.#$ =n interated report includes environmental,

social and economic performance alonside financial performance information and ise7pected to provide users with a more holistic overview of a company. ?owever, this

reCuirement was implemented in the absence of any formal or leal standards for an

interated report. =n 8nterated (eportin &ommittee !8(&" was established to issueuidelines for ood practice in this field.

[edit] Potential business benefits

)he scale and nature of the benefits of &'( for an orani0ation can vary dependin on

the nature of the enterprise, and are difficult to Cuantify, thouh there is a lare body ofliterature e7hortin business to adopt measures beyond financial ones !e.., 6emin*s

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Fourteen 4oints, balanced scorecards". 5rlit0ky, 'chmidt, and (ynes#1$ found a

correlation between social/environmental performance and financial performance.

?owever, businesses may not be lookin at short%run financial returns when developintheir &'( stratey.

)he definition of &'( used within an orani0ation can vary from the strict +stakeholderimpacts+ definition used by many &'( advocates and will often include charitable efforts 

and volunteerin. &'( may be based within the human resources,  business development or public relations departments of an oranisation,#11$ or may be iven a separate unit

reportin to the &5 or in some cases directly to the  board. 'ome companies may

implement &'(%type values without a clearly defined team or proramme.

)he business case for &'( within a company will likely rest on one or more of these

aruments:

[edit] Human resources

= &'( proramme can be an aid to recruitment and retention,#12$ particularly within the

competitive raduate student market. 4otential recruits often ask about a firm*s &'(

 policy durin an interview, and havin a comprehensive policy can ive an advantae.&'( can also help improve the perception of a company amon its staff, particularly

when staff can become involved throuh  payroll ivin, fundraisin activities or

community volunteerin. 'ee also &orporate 'ocial ntrepreneurship, whereby &'( canalso be driven by employees* personal values, in addition to the more obvious economic

and overnmental drivers.

[edit] Risk management

@anain risk  is a central part of many corporate strateies. (eputations that take

decades to build up can be ruined in hours throuh incidents such as corruption scandals

or environmental accidents. )hese can also draw unwanted attention from reulators,courts, overnments and media. ;uildin a enuine culture of *doin the riht thin*

within a corporation can offset these risks.#1>$

[edit] rand differentiation

8n crowded marketplaces, companies strive for a uniCue sellin proposition that can

separate them from the competition in the minds of consumers. &'( can play a role in

 buildin customer loyalty based on distinctive ethical values.#13$

 'everal maEor brands,such as )he &o%operative Aroup, )he ;ody 'hop and =merican =pparel#1B$  are built on

ethical values. ;usiness service orani0ations can benefit too from buildin a reputation

for interity and best practice.

[edit] !icense to operate

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&orporations are keen to avoid interference in their business throuh ta7ation or

reulations. ;y takin substantive voluntary steps, they can persuade overnments and

the wider public that they are takin issues such as health and safety, diversity, or theenvironment seriously as ood corporate citi0ens with respect to labour standards and

impacts on the environment.

[edit] Criticisms and concerns

&ritics of &'( as well as proponents debate a number of concerns related to it. )heseinclude &'(*s relationship to the fundamental purpose and nature of business and

Cuestionable motives for enain in &'(, includin concerns about insincerity and

hypocrisy.

[edit] "ature of business

@ilton Friedman and others have arued that a corporation*s purpose is to ma7imi0e

returns to its shareholders, and that since only people can have social responsibilities,corporations are only responsible to their shareholders and not to society as a whole.

=lthouh they accept that corporations should obey the laws of the countries withinwhich they work, they assert that corporations have no other obliation to society. 'ome

 people perceive &'( as in%conruent with the very nature and purpose of business, and

indeed a hindrance to free trade. )hose who assert that &'( is contrastin with capitalism 

and are in favor of neoliberalism arue that improvements in health, lonevity and/orinfant mortality have been created by economic rowth attributed to free enterprise.#1-$

&ritics of this arument perceive neoliberalism as opposed to the well%bein of society

and a hindrance to human freedom. )hey claim that the type of capitalism practiced in

many developin countries is a form of economic and cultural imperialism, notin thatthese countries usually have fewer labour protections, and thus their citi0ens are at a

hiher risk of e7ploitation by multinational corporations.#1$

= wide variety of individuals and orani0ations operate in between these poles. Fore7ample, the (=<eadership =lliance asserts that the business of leadership !be it

corporate or otherwise" is to chane the world for the better.#1$ @any reliious and

cultural traditions hold that the economy e7ists to serve human beins, so all economicentities have an obliation to society !see for e7ample conomic Justice for =ll".

@oreover, as discussed above, many &'( proponents point out that &'( can

sinificantly improve lon%term corporate profitability because it reduces risks and

inefficiencies while offerin a host of potential benefits such as enhanced brandreputation and employee enaement.

[edit] #oti$es

'ome critics believe that &'( prorams are undertaken by companies such as ;ritish=merican )obacco !;=)",#1$ the petroleum iant ;4 !well%known for its hih%profile

advertisin campains on environmental aspects of its operations", and @c6onald*s !see

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 below" to distract the public from ethical Cuestions posed by their core operations. )hey

arue that some corporations start &'( prorams for the commercial benefit they enEoy

throuh raisin their reputation with the public or with overnment. )hey suest thatcorporations which e7ist solely to ma7imi0e profits are unable to advance the interests of

society as a whole.#2$

=nother concern is that sometimes companies claim to promote &'( and be committed

to sustainable development but simultaneously enae in harmful business practices. Fore7ample, since the 1s, the @c6onald*s &orporation*s association with (onald

@c6onald ?ouse has been viewed as &'( and relationship marketin. @ore recently, as

&'( has become mainstream, the company has beefed up its &'( prorams related to itslabor, environmental and other practices#21$ =ll the same, in @c6onald*s (estaurants v

@orris 'teel, <ord Justices 4ill, @ay and Geane ruled that it was fair comment to say

that @c6onald*s employees worldwide *do badly in terms of pay and conditions *#22$ andtrue that *if one eats enouh @c6onald*s food, one*s diet may well become hih in fat

etc., with the very real risk of heart disease.*#2>$

(oyal 6utch 'hell has a much%publici0ed &'( policy and was a pioneer in triple bottom

line reportin, but this did not prevent the 23 scandal concernin its misreportin of oilreserves, which seriously damaed its reputation and led to chares of hypocrisy. 'ince

then, the 'hell Foundation has become involved in many proEects across the world,

includin a partnership with @arks and 'pencer  !9G" in three flower and fruit rowincommunities across =frica.

&ritics concerned with corporate hypocrisy and insincerity enerally suest that better

overnmental and international reulation and enforcement, rather than voluntary

measures, are necessary to ensure that companies behave in a socially responsible

manner. 5thers, such as 4atricia Werhane, arue that &'( should be considered more asa corporate moral responsibility, and limit the reach of &'( by focusin more on direct

impacts of the orani0ation as viewed throuh a systems perspective to identifystakeholders.

[edit] %thical consumerism

)he rise in popularity of ethical consumerism over the last two decades can be linked to

the rise of &'(. =s lobal population increases, so does the pressure on limited natural

resources reCuired to meet risin consumer demand !Arace and &ohen 2B, 13".

8ndustriali0ation, in many developin countries, is boomin as a result of both technoloy

and lobali0ation. &onsumers are becomin more aware of the environmental and socialimplications of their day%to%day consumer decisions and are therefore beinnin to make

 purchasin decisions related to their environmental and ethical concerns. ?owever, this practice is far from consistent or universal.

[edit] &lobalization and market forces

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=s corporations pursue rowth throuh lobali0ation, they have encountered new

challenes that impose limits to their rowth and potential profits. Aovernment

reulations, tariffs, environmental restrictions and varyin standards of what constitutes+labor e7ploitation+ are problems that can cost orani0ations millions of dollars. 'ome

view ethical issues as simply a costly hindrance, while some companies use &'(

methodoloies as a strateic tactic to ain public support for their presence in lobalmarkets, helpin them sustain a competitive advantae by usin their social contributions

to provide a subconscious level of advertisin. !Fry, Geim, @einers 1-, 1B" Alobal

competition places a particular pressure on multinational corporations to e7amine notonly their own labor practices, but those of their entire supply chain, from a &'(

 perspective.

[edit] Social a'areness and education

)he role amon corporate stakeholders is to work collectively to pressure corporations

that are chanin. 'hareholders and investors themselves, throuh socially responsible

investin are e7ertin pressure on corporations to behave responsibly.  on%overnmentalorani0ations are also takin an increasin role, leverain the power of the media and

the 8nternet to increase their scrutiny and collective activism around corporate behavior.

)hrouh education and dialoue, the development of community awareness in holdin businesses responsible for their actions is rowin.#23$ 8n recent years, the traditional

conception of &'( is bein challened by the more community%conscious &reatin

'hared Dalue concept !&'D", and several companies are refinin their collaboration withstakeholders accordinly.

[edit] %thics training

)he rise of ethics trainin inside corporations, some of it reCuired by overnmentreulation, is another driver credited with chanin the behavior and culture of

corporations. )he aim of such trainin is to help employees make ethical decisions when

the answers are unclear. )ullber believes that humans are built with the capacity to cheatand manipulate, a view taken from !)rivers 11, 1B", hence the need for learnin

normative values and rules in human behavior.#2B$ )he most direct benefit is reducin the

likelihood of +dirty hands+ !Arace and &ohen 2B", fines and damaed reputations for

 breachin laws or moral norms. 5rani0ations also see secondary benefit in increasinemployee loyalty and pride in the orani0ation. &aterpillar  and ;est ;uy are e7amples of

orani0ations that have taken such steps.#2-$

8ncreasinly, companies are becomin interested in processes that can add visibility totheir &'( policies and activities. 5ne method that is ainin increasin popularity is the

use of well%rounded trainin prorams, where &'( is a maEor issue, and business

simulations can play a part in this.#citation needed $

5ne relevant documentary is The Corporation, the history of orani0ations and theirrowth in power is discussed. &orporate social responsibility, what a company does to in

tryin to benefit society, versus corporate moral responsibility !&@(", what a company

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should morally do, are both important topics to consider when lookin at ethics in &'(.

For e7ample, (ay =nderson, in The Corporation, takes a &@( perspective in order to do

what is moral and he beins to shift his company*s focus towards the biosphere byutili0in carpets in sections so that they will sustain for loner periods. )his is =nderson

thinkin in terms of Aarret ?ardin*s +)he )raedy of the &ommons,+ where if people do

not pay attention to the private ways in which we use public resources, people willeventually lose those public resources.

[edit] !a's and regulation

=nother driver of &'( is the role of independent mediators, particularly the overnment,

in ensurin that corporations are prevented from harmin the broader social ood,

includin people and the environment. &'( critics such as (obert (eich arue thatovernments should set the aenda for social responsibility by the way of laws and

reulation that will allow a business to conduct themselves responsibly.

)he issues surroundin overnment reulation pose several problems. (eulation in itselfis unable to cover every aspect in detail of a corporation*s operations. )his leads to burdensome leal processes boed down in interpretations of the law and debatable rey

areas !'acconi 23". For e7ample, Aeneral lectric failed to clean up the ?udson (iver  

after contaminatin it with oranic pollutants. )he company continues to arue via theleal process on assinment of liability, while the cleanup remains stanant. !'ullivan

'chiafo 2B".

)he second issue is the financial burden that reulation can place on a nation*s economy.

)his view shared by ;ulkeley, who cites the =ustralian federal overnment*s actions toavoid compliance with the Gyoto 4rotocol in 1, on the concerns of economic loss and

national interest. )he =ustralian overnment took the position that sinin the Gyoto4act would have caused more sinificant economic losses for =ustralia than for any other

5&6 nation !;ulkeley 21, p 3>-". 5n the chane of overnment followin theelection in ovember 2, 4rime @inister Gevin (udd sined the ratification

immediately after assumin office on > 6ecember 2, Eust before the meetin of the

9 Framework &onvention on &limate &hane. &ritics of &'( also point out thatoranisations pay ta7es to overnment to ensure that society and the environment are not

adversely affected by business activities.

6enmark  has a law on &'(. 5n 1- 6ecember 2, the 6anish parliament adopted a bill

makin it mandatory for the 11 larest 6anish companies, investors and state%owned

companies to include information on corporate social responsibility !&'(" in their annualfinancial reports. )he reportin reCuirements became effective on 1 January 2.#2$ )he

reCuired information includes:

• information on the companiesI policies for &'( or  socially responsible

investments !'(8"

• information on how such policies are implemented in practice, and

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• information on what results have been obtained so far and manaements

e7pectations for the future with reard to &'(/'(8.

&'(/'(8 is still voluntary in 6enmark, but if a company has no policy on this it muststate its positionin on &'( in their annual financial report. @ore on the 6anish law can

 be found at &'(ov.dk 

[edit] Crises and their conse(uences

5ften it takes a crisis to precipitate attention to &'(. 5ne of the most active stands

aainst environmental manaement is the &(' 4rinciples that resulted after the 77on

Dalde0 incident in =laska in 1 !Arace and &ohen 2-". 5ther e7amples include thelead poisonin  paint used by toy iant @attel, which reCuired a recall of millions of toys

lobally and caused the company to initiate new risk manaement and Cuality control

 processes. 8n another e7ample, @aellan @etals in the West =ustralian town of

sperance was responsible for lead contamination killin thousands of birds in the area.

)he company had to cease business immediately and work with independent reulatory bodies to e7ecute a cleanup. 5dwalla also e7perienced a crisis with sales droppin K,

and the company*s stock price droppin >3K due to several cases of . coli spreadthrouh 5dwalla apple Euice. )he company ordered a recall of all apple or  carrot Euice

 products and introduced a new process called +flash pasteuri0ation+ as well as

maintainin lines of communication constantly open with customers.

[edit] Stakeholder priorities

8ncreasinly, corporations are motivated to become more socially responsible becausetheir most important stakeholders e7pect them to understand and address the social and

community issues that are relevant to them. 9nderstandin what causes are important toemployees is usually the first priority because of the many interrelated business benefitsthat can be derived from increased employee enaement !i.e. more loyalty, improved

recruitment, increased retention, hiher productivity, and so on". Gey e7ternal

stakeholders include customers, consumers, investors !particularly institutional

investors", communities in the areas where the corporation operates its facilities,reulators, academics, and the media.

;ranco and (odriues !2" describe the stakeholder perspective of &'( as the

inclusion of all roups or constituents !rather than Eust shareholders" in manaerial

decision makin related to the orani0ationIs portfolio of socially responsible activities.#2$

 )his normative model implies that the &'( collaborations are positively acceptedwhen they are in the interests of stakeholders and may have no effect or be detrimental to

the orani0ation if they are not directly related to stakeholder interests. )he stakeholder perspective suffers from a wheel and spoke network metaphor that does not acknowlede

the comple7ity of network interactions that can occur in cross sector partnerships. 8t also

releates communication to a maintenance function, similar to the e7chane perspective.#2$

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[edit] See also

• =ccountability

• ;eneficiation

• ;usiness in the &ommunity

• ;usiness ethics• ;usiness philosophy

• )he ;usiness for 4eace Foundation

• &arbon neutrality

• &arbon offset

• &hief Areen 5fficer

• &ivil society

• &orporate behaviour

• &orporate benefit

• &orporate citi0enship

• &orporate overnance

• &orporate personhood

• &orporate 'ocial ntrepreneurship

• &orporate sustainability

• &orporation

• &srwire &anada

• &ustomer enaement

• thical bankin

• thical Eob

• Areen Eob

• 8nclusive business

•

8'5 2-• 8nterity @anaement

•  ot Just For 4rofit

• 5&6 Auidelines for @ultinational nterprises

• 5rani0ational Justice

• 4ole of e7cellence

• 4rinciples for (esponsible 8nvestment !4(8"

• 4ublic ye =wards

• (enewable%enery economy

• 'hareholder primacy

• 'ustainability

• )he &orporation• Doluntary compliance

[edit] "otes

1. ) 6 Wood, *&orporate 'ocial 4erformance (evisited* !11" 1-!3" )he =cademy

of @anaement (eview

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2. ) ( Freeman, Strategic management :a stakeholder approach !4itman 13"

8'; 2>11>, on &ots#$%kg'(b")&sig#bl*yp+s),,.b/s0T1k2"34-

tfg5v#onepage&+&f#false books6google6com

>. ) 'aether, Gim ).H (uth D. =uilera !2". +&orporate 'ocial (esponsibility in

a &omparative 4erspective+. 8n &rane, =., et al. !46F". The (7ford andbook ofCorporate Social "esponsibility. 57ford: 57ford 9niversity 4ress. 8'; 1211B.

http://www.business.uiuc.edu/auilera/pdf/WilliamsK2=uileraK2594finalK2decK22-.pdf . (etrieved 2%>%-.

3. ) ?abisch, =ndrLH Jan Jonker, @artina Wener, (. 'chmidpeter !eds." !2B".

Corporate Social "esponsibility across the /urope. ?eidelber: 'priner. 8'; %>%

B3%2>2B1%>.

B. )

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-. ) (.?. Aray, 6.<.5wen G.).@aunders, Corporate Social "eporting:

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. ) 6. &rowther, +'ocial and nvironmental =ccountin+ !<ondon: Financial

)imes 4rentice ?all, 2", p. 2

. ) 'ee &ompanies =ct 2- section 31 ff 

. ) https://www.saica.co.0a/tabid/-B/itemid/2>33/lanuae/en%Q=/=n%interated%report%is%a%new%reCuirement%for%list.asp7

1. ) 5rlit0ky, @arcH Frank <. 'chmidt, 'ara <. (ynes !2>". +&orporate 'ocial

and Financial 4erformance: = @eta%analysis+ !46F". (rgani1ation Studies !<ondon:

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11. ) +&orporate 'ocial (esponsibility and thical &areers+. 9niversity of

dinburh &areers 'ervice. http://www.careers.ed.ac.uk/')96)'/&areers/&orporate

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.

12. ) ;hattacharya, &.;., 'ankar 'en and 6aniel Gorschun !2", +9sin &orporate

'ocial (esponsibility to Win the War for )alent,+ @8) 'loan @anaement (eview, 3

!2", >%33H +)he Aood &ompany+. The /conomist . 2B%1%2.http://www.economist.com/surveys/display'tory.cfmN'toryMidO>BBB212. (etrieved

2%>%.

1>. ) Gytle, ;ethH param$eer singh !2B". +&orporate 'ocial (esponsibility as

(isk @anaement: = @odel for @ultinationals+ !46F". Social "esponsibility )nitiative

8orking aper 9o6 26. &ambride, @=: John F. Gennedy 'chool of Aovernment,

?arvard 9niversity. http://www.ks.harvard.edu/m%rcb/&'(8/publications/workinpaperM1MkytleMruie.pdf . (etrieved 2%>%.

13. ) 4alus0ek, John !=pril -R, 2B". +thics and ;rand Dalue: 'trateic

6ifferentiation+ !4ower4oint". 3usiness and (rgani1ational /thics artnership ;eeting .

@arkkula &enter for =pplied thics, 'anta &lara 9niversity.http://www.scu.edu/ethics/practicin/focusareas/business/ethics%and%brand%value.ppt.

(etrieved 2%>%.1B. ) +6r. )antilloIs >%'econd *?ow )o*: ?ow )o ;rand &'( )he =merican

=pparel Way+ @arketin 6octor ;lo. @arch 2, 2.

1-. ) Friedman, @ilton !1%%1>". +)he 'ocial (esponsibility of ;usiness is to

8ncrease its 4rofits+. The 9ew <ork Times ;aga1ine. 

http://www.colorado.edu/studentroups/libertarians/issues/friedman%soc%resp%

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1. ) c.f., =Cuino, @.4., uestro &lamor por la Dida. )eoloSa <atinoamericana

desde la 4erspectiva de la @uEer !'an JosL, &osta (ica: 6epartamento cumLnico de

8nvestiaciones, 12", et al.

1. ) (eal <eadership =lliance

1. ) Friends of the arth !2B%3%2". +;ritish =merican )obacco (eport 'hows)ruth ;ehind Areenwash+. 4ress release.

http://www.foe.co.uk/resource/pressMreleases/britishMamericanMtobaccoMrM232B.html. (etrieved 2%>%.

2. ) @cGibben, ;ill !ovember/6ecember 2-". +?ope vs. ?ype+.  ;other =ones.

http://www.motherEones.com/news/feature/2-/11/hypeMvsMhope.html. (etrieved 2%

>%.

21. ) @c6onald*s &orporation &'( information

22. ) #=ppeal Judment p23$

2>. ) #Judment p2-3$

23. ) (ou7, @. !2". +&limate conducive to corporate action: 1 =ll%round &ountry

dition+. The !ustralian: 13.

http://www.theaustralian.news.com.au/story/,2B1,22>B-1>%B>,.html.

2B. ) )ullber, J.H )ullber, '. !1-". +5n ?uman =ltruism: )he 6iscrepancy

 between ormative and Factual &onclusions+. (ikos - !2": >2R>2. J')5(  >B3-2B.2-. ) )hilmany, J. !2". +'upportin thical mployees+.  " ;aga1ine -* !2".

http://www.shrm.or/hrmaa0ine/'eptember/.

2. ) 6anish &entre for &'(*s official website &'(ov.dk 

2. ) ;ranco, @.&.H (odriues, <.<. !2". +4ositionin stakeholder theory withinthe debate on corporate social responsibility+.  /lectronic =ournal of 3usiness /thics and

(rgani1ation Studies .*: BR1B. http://eEbo.Eyu.fi/pdf/eEboMvol12Mno1MpaesMB%1B.pdf .

(etrieved 1> @arch 211.

2. ) 'humate, @H 5*&onner, =. !21". +)he symbiotic sustainability model:

&onceptuali0in A5%corporate alliance communication+. =ournal of Communication /0

!>": BR-. doi:1.1111/E.13-%23--.21.13.7.

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