What is Corporate Social Responsibility?
Corporate social responsibility (CSR), or “corporate citizenship” can be defined as a business approach that contributes to sustainable development by delivering economic, social and environmental benefits for all stakeholders. It provides a way for organisations to evaluate their impact on the world around them, and to make changes that create positive effects within their communities.
It is the commitment of a business, beyond its legal obligations, to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life, in ways that benefit both business and development.
The importance and nature of CSR has evolved significantly in recent times in the light of practical experience and evolving international standards on business ethics, sustainable development and CSR itself.