ABC of the main instruments of Corporate Social Responsibility

European Commission

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Definitions of CSR

There is no universally accepted definition of CSR.

Selected definitions by CSR organizations and actors include:

• "Corporate Social Responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large" World Business Council for Sustainable Development ^[3]

• "CSR is about how companies manage the business processes to produce an overall positive impact on society." Mallen Baker

• "Corporate social responsibility is undertaking the role of “corporate citizenship” and ensuring the business values and behaviour is aligned to balance between improving and developing the wealth of the business, with the intention to improve society, people and the planet" [1][2]

• "CSR is a company’s commitment to operating in an economically, socially and environmentally sustainable manner whilst balancing the interests of diverse stakeholders." CSR Asia

• "Corporate social responsibility is the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large to improve their lives in ways that are good for business and for development." International Finance Corporation ^[4]

• "A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis." European Commission^[5]

• "There is one and only one social responsibility of business-to use its resources and engage in activities designed to increase its profits so long as it stays within the rules of the game, which is to say, engages in open and free competition without deception or fraud." (Milton Friedman) ^[6]

Source: Wikipedia, the free encyclopedia