As economic business has increasingly impacted on the lives of the people, on the environment, and on the society as a whole, and as people has increasingly become more socially informed and concerned with their well-being and with the world they inhabit, pressures for business…
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issues and trends continually emerge subjecting not only the understanding of CSR but also defining best policies and practices that would make CSR truly socially responsive. CSR advocates strongly believe that the practice of CSR is indeed beneficial to all, but could it be possible when stakeholders see business from different lens as dictated by their own interest? If ever this may be true, how far does CSR satisfy the demands of the many stakeholders – the consumers, the wider community (local, regional, and international) and supply chain members?
Answering these questions would surely lead us to various issues that would bring us to realise that CSR matters more than ever as socio-economic disparity widens, as transnational corporations are more and more protested, and as corporate governance scandals – from Enron to WorldCom (Hopkins 2003, p. xi) and lately the Fannie Mae and Freddie Mac scandal in US housing (Cristie, 2007) – shock the economy, harming people’s lives. But before going any further, one basic issue that needs imperative attention, as this will help put things into proper perspective, is defining CSR, as Hopkins (2007, p. 15) rightly argued, “The lack of widely agreed definition contributed to misunderstanding and cynicism towards the concept itself.” What is this CSR that rocks the business world all about?
With many stakeholders – the consumers, wider community (local, regional, international), and supply chain members – pursuing their own interest, it is unsurprising to know that the definition of CSR in literatures vary. From among these definitions three are chosen for their distinct emphases.
CSR covers the relationship between corporations (or other large organizations) and the societies with which they interact. CSR also includes the responsibilities that are inherent on both sides of these relationships. CSR defined society in its widest sense, and on many levels, to include all stakeholder and constituent groups
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(“Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 2000 words - 1”, n.d.)
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(Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 2000 Words - 1)
“Corporate Social Responsibility Essay Example | Topics and Well Written Essays - 2000 Words - 1”, n.d. https://studentshare.org/miscellaneous/1568096-corporate-social-responsibility.
The impact of society on business and vice versa is becoming increasingly propagated each year. A firm’s consumers, products, markets, equipment, productivity and public image are all directly influenced by the social policies of a firm. A firm’s social policy must be incorporated into all strategic-management activities and most importantly in the development of mission statement.
Corporate Social Responsibility. CSR is the framework that is used to measure the company’s performance in terms of economic, social or environmental factors that surround the company. A company should be responsible for what happens around it and should be involved in activities that bring development to the community at large.
'Corporate social responsibility (CSR) reporting to stakeholders is based upon the assumption that companies have wider responsibilities than simply to make money for shareholders.' Discuss the information that might be included in a CSR report to stakeholders, giving illustrations and examples.
ENOC Processing Company LCC is one of its subsidiaries that run the operations of the Jebel Ali Refinery based in Dubai. The corporate vision of the ENOC group is that all the companies or the subsidiaries in the group would meet the highest standards of social responsibilities and would return the benefits to the society, environment and the economy is which it exists as a corporate citizen.
There is very little information on how corporate decision makers can reconcile differences between the public and private interest goals. There are no singular limitations of CSR concept which act in the favour of aligning the personal and business goals (Tapang and Bessong, 2012).
All stakeholders and constituent groups that have an interest in the organization's operations are included in CSR's wide and multiple-level definition of society. Corporate social responsibility can be defined as "the broad concept that businesses are more than just profit-seeking entities and therefore also have an obligation to benefit society" (Werther & Chandler, 2006: 6-7).
Corporate social responsibility came up as the process whereby corporate, firms, business or even the government come up with policies which are beneficial to the stakeholders regardless to the activity of the organization in question.
It came out very clearly that any organization has several stakeholders, which include customers in that the customers buy goods and services from the firm.