CSR

Interesting notes on CSR

• The concept of corporate responsibility has a long history and has evolved over time, from a purely profit-oriented perspective to the more recent understanding whereby companies have a responsibility to create strong synergies between economic and social progress;
• The term CSR became increasingly popular in the 1970s, often amidst great confusion over its meaning. In the 1980s, structures, models and methods for evaluating CSR from an operational perspective emerged, and in the following decade the institutionalisation of CSR became even more firmly established internationally;
• Since the last decade, the discussion on the benefits of CSR has focused on the possibility for companies to generate shared value while improving their competitiveness.

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CSR is generally understood as a management model through which a company achieves a balance between economic, environmental and social imperatives, while meeting the expectations of shareholders and other stakeholders. The concept of CSR thus represents a lens to read the social contract between the corporate world and all the agents impacted by their policies and actions.
CSR is also a strategic concept that can generate a number of competitive advantages and should therefore be clearly distinguished from charity, sponsorship or philanthropy. The various benefits of an effective CSR strategy include increased access to capital and markets, operating cost savings, improved brand image and reputation, as well as increased customer loyalty. CSR aligns private companies with the trajectory of global sustainable development. Some of the key issues covered by CSR are environmental management, eco-efficiency, labour standards and working conditions, employee and community relations, social equity, gender balance, and good governance. The global relevance of CSR has also been augmented by international certifications dealing with social responsibility such as the ISO 26000.