Corporate Social Responsibility (CSR) – Definition*
Corporate Social Responsibility (CSR) is the responsibility of enterprises for their impacts on society – a process to integrate SOCIAL ↔ incl. HEALTH, ENVIRONMENTAL, ETHICAL and HUMAN RIGHTS concerns into their business operations and core strategy, in close interaction with their stakeholders, with the AIM of:
- Maximising the creation of shared value for their owners/shareholders, employees and for their other stakeholders AND society at large;
- Identifying, preventing and mitigating their possible adverse impacts.
CSR at least covers → SOCIAL CONCERNS ↘ INCLUDING HEALTH, HUMAN RIGHTS, LABOUR & EMPLOYMENT PRACTICES, such as training, diversity, gender equality and employee health and well-being
→ ENVIRONMENTAL ISSUES, such as biodiversity, climate change and pollution prevention and combating → BRIBERY and → CORRUPTION.
→ COMMUNITY DEVELOPMENT and the INTEGRATION OF DISABLED PERSONS and CONSUMER INTERESTS, including privacy, are also part of the CSR agenda.
→ The promotion of SOCIAL and ENVIRONMENTAL RESPONSIBILITY through the supply chain, and the disclosure of non-financial information are recognised as important CROSS-CUTTING ISSUES.
→ To maximise the CREATION OF SHARED VALUE, enterprises are encouraged to adopt a LONG-TERM, STRATEGIC approach to CSR and to explore the opportunities for developing INNOVATIVE SERVICES, PRODUCTS, and BUSINESS MODELS that contribute to SOCIETAL WELL-BEING – inside and outside of the company – and lead to higher quality defined and more productive jobs.
* European Commission (2011)