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Do corporate social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate soci - Essay Example

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CORPORATE SOCIAL RESPONSIBILITY Name Institution Instructor Date Corporate Social Responsibility Introduction Yes! The CRS report serves as a very important factor of informing the shareholders and stakeholders as well as communicating to the public on the environmental and social responsibility performance of a company…
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Do corporate social responsibility (CSR) reports provide shareholders and stakeholders with useful information on corporate soci
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Download file to see previous pages Emphasizing on the corporate social responsibility has become a core part of the public policies for development of private sectors within the framework of the international cooperation development. It is considered a deliberate choice for an enterprise to give back to the community and to respond the environment crises while maintaining relations with the shareholders and stakeholders based on dialogue and transparency (Godfrey, Merrill & Hansen 2009). A CSR report, therefore, consists of all activities that the company has taken part. This includes the whole of their chain of value and it considers the effects on ecological, economic, and social parameters in dialogue with the shareholders and stakeholders. The report conveys the following information to the public and to the stakeholders: consumer interest, environmental care, air operating practices such as corruption and bribery, involvement to the community and firm’s governance. A company will therefore, use the report to reach to its consumers, shareholders, and stakeholders. Corporate managers and leaders have taken the initiative to call upon the government, as a stakeholder, to recognize their CSR participation and achievements. The companies can only achieve that by creating a CSR report that communicates to the society on its CSR activities. The government has gone ahead to encourage, support and to enforce Corporate Social Responsibility behavior of firms (Turker 2009). This has therefore resulted to multiple rationales, such as deregulation and competitiveness in companies by including their CSR reports in their annual reports. However, the legal standards and frameworks have been put in place in order to ensure the companies include the appropriate information. This is because some of the stakeholders and shareholders are non-profit agencies which require in knowing the benefit of the company to the community before investing in it. The government also requires knowing how the company responds to environmental issues such as pollution and global warming. It is important to note that most stakeholders including investors, community, markets, NGOs and the government need to know the role of a company to the society and their role in ensuring the environment is maintained. For instance, the mentioned groups expect organizations to put efforts in fighting global warming and feeding the poor. It is humble call for a company to do that, but it has a great effect to the consumers and to the investors. Consumers want to be associated with a company that understand their needs and which cares for their future. As well, investor will invest in a company that has responsible management and that which takes part in CSR activities. Background information Since the early years of 1990, an increase in the environmental awareness and development of sustainable economic growth redirected firms into environmental sensitivity. The recent economic events have resulted to a greater emphasis on the Corporate Social Responsibility in redefining the future of the society. Whereas companies and business organizations are responsible of creating wealth for the shareholders and driving company’ progress, they are directed and guided by regulations and governments, green consumer pressure and society pressure groups (Henriques & Sadorsky1999). A balance between needs of the society and economic growth attracts ...Download file to see next pagesRead More
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