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Corporate Social Responsibility or
CSR has no formal framework but have found the following descriptions online:
- "Corporate Social
Responsibility is the continuing commitment by business to behave
ethically and contribute to economic development while improving the
quality of life of the workforce and their families as well as of the
local community and society at large" World Business
Council for Sustainable Development
- "CSR is about how
companies manage the business processes to produce an overall positive impact
on society." Mallen
Baker
- "Corporate social
responsibility is undertaking the role of “corporate citizenship” and ensuring
the business values and behavior is aligned to balance between improving
and developing the wealth of the business, with the intention to improve
society, people and the planet"
- "CSR is a company’s
commitment to operating in an economically, socially and environmentally
sustainable manner whilst balancing the interests of diverse
stakeholders." CSR Asia
- "Corporate social
responsibility is the commitment of businesses to contribute to
sustainable economic development by working with employees, their
families, the local community and society at large to improve their lives
in ways that are good for business and for development." International Finance
Corporation
- "A concept whereby
companies integrate social and environmental concerns in their business
operations and in their interaction with their stakeholders on a voluntary
basis." European Commission
- "There is one and only
one social responsibility of business-to use its resources and engage in
activities designed to increase its profits so long as it stays within the
rules of the game, which is to say, engages in open and free competition
without deception or fraud." (Milton
Friedman)
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