Definition: Corporate Social Responsibility (CSR) refers to a business approach that contributes to sustainable development by delivering economic, social, and environmental benefits for all stakeholders, including employees, customers, investors, communities, and the environment.

Key Components:

  • Environmental Sustainability: Companies may adopt eco-friendly practices, reduce carbon footprints, and implement sustainable sourcing.
  • Community Engagement: Involvement in community projects, charitable activities, and initiatives that address social issues.
  • Ethical Business Practices: Adherence to ethical standards in business operations, including fair labor practices, transparency, and integrity.
  • Philanthropy: Donations to charitable organizations and community development projects.

Examples:

  • Donating a percentage of profits to a charitable cause.
  • Implementing eco-friendly practices in manufacturing processes.
  • Supporting local community initiatives and development programs.

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