Corporate social responsibility (CSR) is the concept that a business should attempt to balance its economic goals with its social and environmental impacts. It can cover a huge range of issues but at its core it should be about how a business makes daily decisions. Areas addressed under this banner include environment, philanthropy, corporate governance, employee skills, community engagement, human rights, communication, ethics, and values.
Every business has its own interpretation of the corporate social responsibility agenda, which should be aligned to its core commercial objectives with strengths in different areas. Some businesses have taken a more superficial approach and used the concept as only a marketing/PR tool with potential accusations of "greenwash" and hypocrisy.
CSR divides the business world with many citing that the only social responsibility of a business is to return a profit for shareholders. At the other end of the opinion spectrum, others see CSR as the only long-term way to do business as one cannot avoid having to manage the social and environmental impacts. In recent years, the environmental agenda has served to reinforce CSR as a mainstream business management concept as climate change becomes a more and more pervasive element of our working and personal lives.
Other similar terms include sustainability, corporate citizenship, responsible business, social enterprise or ethical business.
by David Connor
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