Corporate Social Responsibility

What is Corporate Social Responsibility or CSR for short?

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To sum up the video (Little Green Bags Corporate Social Responsibility by Prof. Dr. Thomas Beschorner, Director of the Institute for Business Ethics at University of St. Gallen) that was shown to us, First, CSR stands for Corporate Social Responsibility. Second, CSR is based on the question of “good business” for a “good society” – today and tomorrow. Third, Corporate Social Responsibility is not charity; it is about how companies earn their profits, not how they spend them. Fourth, it takes employees integrity and appropriate organization structures to realize CSR. It is a matter of individual and institutional ethics. Fifth, politics continue to play an important role, but in a globalized world the effects of regulation can be limited. Sixth, companies play an increasingly important role. Seventh, “soft laws” are new governance mechanisms based on companies’ self-commitment. Finally, CSR has arrived in business practice. It is necessary to support these development professionally, but also to provide critical perspectives with respect to them. Research on issues of corporate responsibility is still beginning and future developments will be exciting to see. It is unclear whether a good and fair society can be created with the help of companies. But it can’t be created without them. Besides, corporate social responsibility, there’s also consumer responsibility.

Sustainability is the key to CSR. The most recognized and quoted definition of sustainability is, “development that meets the needs of the present without compromising the ability of future generations to meet their needs” as was devised in 1987 by the United Nation World Commission on Environment and Development. Incorporating corporate sustainability into businss makes good business sense and creates unique business value.

(Reference: http://hubpages.com/business/What-is-Corporate-Sustainability-or-Corporate-Social-Responsibility)

The purpose of corporation is not only for profit but should be partners in economic growth. We should not rely on government, we should work together to alleviate the poverty.