TOPIC 10 - Corporate Social Responsibility

TOPIC 10 - Corporate Social Responsibility - TOPIC 10:...

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TOPIC 10: CORPORATE SOCIAL RESPONSIBILITY BUSINESS FOR SOCIAL RESPONSIBILITY CONCEPT - Business for Social Responsibility (BSR) is national business association that was formed in 1992, to address the “front-burner” issues within the business community. - Assists companies seeking to implement Policies & Practices that contribute to the companies’ sustained and responsible success. - Formed to fill an urgent need for a national business, alliance that fosters socially responsible corporate policies. - Mission statement: “seeks to create a just and sustainable world by working with companies to promote more responsible business practices, innovation and collaboration”. - Conducts programs on a range of Social Responsibility & Stakeholder issues, including Business Ethics, Workplace, the Marketplace, the Community, the Environment, and the Global economy. THE CORPORATE SOCIAL RESPONSIBILITY CONCEPT Corporate Citizenship Concepts: - Impacts of the Company’s actions on Society. - Increased Satisfaction and Expectation by Society. - Business/Society Relationship. HISTORICAL PERSPECTIVES ON CSR - Adam Smith’s Economic Model of the “Invisible hand” introduced the concept of Business Responsibility. - Classical view held that a society could best determine its needs and wants through the marketplace →If business is rewarded on the basis of its ability to respond to the demands of the market, the self-interested pursuit of that reward will result in society getting what it wants. - “Invisible hand” of the market transforms Self-interested Pursuit into Societal Interest. - Legal Model → emerged when laws constraining business behaviour began to proliferate → Society’s expectations changed from being strictly economic in nature to encompassing issues that had been previously at business’s discretion. - Over time, a Social model and then a Stakeholder model have evolved. CSR’s Acceptance and Broad Meaning: - 50’s was a period in which the concept of Corporate Social Responsibility gained considerable acceptance and broadening meaning. - Emphasis moved from a general awareness of social and moral concerns to a period in which specific issues, such as Corporate Governance, Product Safety, Honesty in Advertising, Employee Rights, Affirmative action, Environmental Sustainability, Ethical behaviour and Global CSR, have taken centre stage. MODIFICATIONS OF THE ECONOMIC MODEL - Economic Model was modified in at least 3 areas: Philanthropy, Community Obligations and Paternalism. - The economic model was modified in at least 3 areas: philanthropy, community obligations, and paternalism. - Philanthropy: contributions to charity and other worthy causes. -
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TOPIC 10 - Corporate Social Responsibility - TOPIC 10:...

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