Corporate Social Responsibility

Corporate social responsibility (CSR) refers to the efforts made by a company to improve society and contribute towards sustainable development. Also known as corporate conscience or corporate citizenship, CSR describes initiatives run by a business to evaluate and take responsibility for their impact on a number of issues ranging from human rights to the environment.

Corporate social responsibility is a type of self-regulatory business plan, with initiatives focusing on achieving economic, social and environmental benefits for all stakeholders involved (employees, consumers, investors and other groups).

The purpose of CSR is to encourage businesses to conduct their companies in an ethical manner and work towards having a more positive impact on society through ensuring sustainable growth.

Sustainability is often mentioned with CSR and is usually associated with environmental sustainability. However, sustainability can also apply to many other aspects of a business including procurement, economic, hiring and training for example.

Corporate social responsibility typically refers to lengths taken by businesses that go beyond what is deemed compulsory by law and ethical standards as stated by regulators and environmental associations.

CSR can often result in short-term costs which do not lead to immediate economic gain for the company, however instead support and prioritise social and environmental progress.

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