Corporate social responsibility or csr as it is commonly called, refers to the concept that it is a corporate’s responsibility to contribute towards the society in which it is operating.
In other words, a corporation’s actions should be beyond just earning profit and it should also do its bit for the economic, social or environmental development of the society it operates in.
CSR EXPLAINED BY GLOBAL INSTITUTIONS:
Organisation for Economic Co-operation and Development (OECD) explains CSR to be the desirable fit or blend between business and the society it functions in.
United Nations (UN) explains it as a management concept wherein organizations in their stakeholder interactions, also include social/environmental concerns along with the primary business initiatives.
European Union (EU) explains CSR to be the responsibility of a business organization for their impact on society.
HISTORY OF CSR IN INDIA
This story is from the April 2018 edition of Mad About Money.
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This story is from the April 2018 edition of Mad About Money.
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