Corporate Social Responsibility

The basic notion of corporate social responsibility (CSR) refers to businesses having a responsibility to society that extends beyond the stockholders of the firm. These include employees, customers, suppliers, distributors, the community in which the firm operates, as well as the natural environment. The term has been interchangeably used with other synonyms, such as corporate citizenship, corporate conscience, social performance, responsible business, triple bottom line, among others. The European Commission defines CSR as 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 World Business Council on Sustainable Development defines it as the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community, ...