corporate social responsibility
what is it?
Corporate social responsibility (CSR) is a business management approach that emphasizes social accountability to a company's stakeholders and the broader public. Companies that practice CSR improve their economic, social, and environmental impact on society.
CSR practices tend to focus on environmental efforts, philanthropy, ethical labor practices, and volunteering programs.
CSR is one aspect of sustainable management, along with Triple Bottom Line and creating shared value.
Environmental, Social, and Governance Criteria (ESG)
CSR is a very broad concept that incorporates a number of theories and practices. One way of implementing CSR is by focusing on improving environmental, social, and governance performance within business. Read more about the ESG criteria on our Impact Investing page.
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UN Sustainability Development Goals (SDGs)
Another aspect of implementing CSR is to address one of the 17 UN SDGs, which address poverty, inequality, climate change, environmental degradation, peace and justice. Read more on our UN SDG page.
why csr?
Just as with circular economy, there is a business case for CSR. Adopting CSR best practices can help companies reduce cost and risk, gain competitive advantage, develop and maintain legitimacy and reputational capital, and achieve win-win outcomes through synergistic value creation.
The business case for corporate social responsibility
Harvard Law School Forum on Corporate Governance
