World Business Council for Sustainable Development defines Corporate Social Responsibility (CSR) as “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.”
The European Commission advocates CSR as “Being socially responsible means not only fulfilling legal expectations, but also going beyond compliance and investing more into human capital, the environment and relations with stakeholders.” The triangular relationship keeping three partners industry, society and the state compels the corporate to maintain and develop their brand image and operations through service to the society and also be highly responsible and responsive to its commitments.
There are some inconsistencies noted here as PARADOX with the giant beverage manufacturer and MNC, the Coca Cola. Coke contributed a lot to the world community under the United Nations Global Compact that was appreciated by its former Secretary General Kofi Annan. It helped HIV afflicted community, tsunami affected countries and its commitment to conduct business with the utmost respect for universal principles around human rights, workplace standards, responsible environmental practices and anti-corruption cannot be underestimated. Click here to read more…
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