2.2 What‘s the role of corporate social responsibility (CSR)?
CSR is the way that businesses manage the economic, social and environmental impacts of their operations into their values, culture, strategy and operations to maximise the benefits and minimise the downsides. It is driven by both Government looking for businesses to make positive contributions and the costs and benefits of the business and may involve new approaches in their activities of:
- governance;
- ethics;
- health and safety;
- environment;
- human rights, labour, culture, minorities;
- sustainability;
- accountability;
- customer satisfaction.
An effective approach to CSR can enhance brand and company reputation by improving efficiency, reducing the risk of business disruptions, and open up new opportunities driving innovation.
The ‘triple bottom line’ more commonly known as ‘people, plant, profit’ is also known as the three pillars of sustainability as put forward by Philips in 2005.
More information is available on these websites:
- Corporate social responsibility and sustainable development [Tip: hold Ctrl and click a link to open it in a new tab. (Hide tip)] ;
- ‘Corporate social responsibility: An implementation guide for business’;
- Corporate Responsibility Group;
- European business network for CSR;
- Mallen Baker is a writer, speaker and strategic advisor on corporate social responsibility.
2 Climate change and sustainability