By Tushar Gupta*
What is Corporate Social responsibility?
In the world of enterprise, the main “responsibility” for corporations has historically been to make money and increase shareholder value. In other words, corporate financial responsibility has been the driving force. However, in the last decade, a movement defining broader corporate responsibilities for the environment, for local communities, for working conditions, and for ethical practices has gathered momentum. This new driving force is known as corporate social responsibility (CSR).
While there is no universal definition of corporate social responsibility, it generally refers to transparent business practices that are based on ethical values, compliance with legal requirements, and respect for people, communities, and the environment. Thus, beyond making profits, companies are responsible for the totality of their impact on people and the planet (Sir Geoffrey Chandler, 2001). Nowadays stakeholders expect that companies should be more environmentally and socially responsible in conducting their business.