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“It takes 20 years to build a reputation and only 5minutes to ruin it.” (Warren Buffet).Business should not only be responsible morallyto the stakeholders but also to thesociety, environment and towards a sustainableplanet at large. 14 August 2012 2
Many other names are used to refer to CSR such as sociallyresponsible business, responsible business conduct, responsibleentrepreneurship, corporate citizenship, corporate accountability orcorporate sustainability.CSR is the continuing commitment by businesses to behaveethically & contribute to economic development while improving thequality of life of the workforce & their families ,local communitiesand the society at large. (World Business Council) 14 August 2012 3
CSR requires companies to acknowledge that they should be publicly accountable not only for their financial performance but also for their social and environmental record. CSR encompasses the extent to which companies should promote human rights,democracy,community improvement and sustainable development objectives throughout the world. (Confederation of British Industry,2001). CSR is the commitment of businesses 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 are both for business and good for international development. World Bank,24 March 2004). 14 August 2012 4
CSR is an extended model of corporate governancebased on the fiduciary duties owed to all the firm’sshareholders.CSR is about how companies manage the businessprocesses to produce an overall positive impact on thesociety.CSR is the responsibility of corporations to go above andbeyond what the law requires them to do.CSR is the responsibility of corporations to contribute toa better society and cleaner environment. 14 August 2012 5
Eradicate extreme poverty and hunger. Achieve universal Primary education. Promote gender equality and empower women. Reduce child mortality. Improve maternal health. Combat HIV/ AIDS, Malaria & other fatal diseases. Ensure environmental sustainability. Develop a global partnership.Source:( United Nations Millennium Project). 14 August 2012 6
DISCRETIONARY philanthropy RESPONSIBILITY ETHICAL License to operate RESPONSIBILITIESAttain profits withinthe confines of the LEGAL RESPONSIBILITIES law. Produce goods and ECONOMIC RESPONSIBILITIES services to earn profit. 14 August 2012 7
Business Ethics, values and principles.Accountability and transparency(Legalcompliance).Commitments to socio-economic developments.Environmental concerns.Human rights.Workers rights and welfare.Market relations.Sustainability.Corporate governance. 14 August 2012 8
Influence of political systems on CSR. The liberal model of US and the european union which based on individual equality and liberty. The nationalist model within which the economic activities are subordinated to the goals of the state(e.g. Imperial Japan). The Marxist model under which investment and enterprise is controlled by the state(e.g. China and Cuba). Religion does influence the economic behavior. For believers the “morally right "thing to do is generally consistent with the notion of what God might have commanded and conversely the “morally wrong” choice is what God might have forbidden. 14 August 2012 9
Increased employee loyalty and retention.Increased quality of products and services .Increased customer loyalty.Increased reputation and brand image.Greater productivity and quality.Reduced regulatory oversight .Access to capital and market.Product safety and decreased liability.Less volatile stock value. 14 August 2012 10
ISSUES STANDARDSEnvironment Kyoto protocol ISO 14000 environmental management seriesLabor Fair labor association workplace code of conduct.Corporation governance OECD principles of corporate governance. Principles of Corporate governance in commonwealth.Money laundering Basel committee on banking supervision. Wolfsburg anti-money laundering principles.Bribery and Corruption OECD convention combating bribery of foreign public officials in international business transactions.Human rights Amnesty international Human right principles.Corporate Reporting Global reporting initiative2012 guidelines on social 14 August 11 ,economic and environmental reporting.
Shareholder value(Changes in stock price anddividend).Revenue(Changes in revenues due to change inmarket share and new markets ).Operational efficiency.Access to debt and equity capital.Customer attraction and retention.Creation of brand value and reputation.Human capital.Risk management.Innovation.License to operate. 14 August 2012 12
Agenda 21: A plan of action for governments, companies and civilsociety to address human impacts on society.Beijing declaration: (www.un.org):An international declaration onthe rights of women.CERES principles: A ten-point code of corporate environmentalconduct for use as an environmental mission statement or ethics.(www.ceres.org).Organization for Economic Co-operation and Development (OECD)guidelines for multinational enterprises( www.oecd.org). 14 August 2012 13
Wolfsburg anti-money laundering principles: Principles offer privatebanks to counter money laundering.Social Accountability 8000:Workplace standard against which to assureworker rights & welfare.(www.sa-intl.org).Principles of responsible investment: Principles on environmental,social and corporate governance issues pertaining to investors.(www.unpri.org)Global reporting initiative: A framework for reporting on social,environmental and economic performance(www.globalreporting.org).Convention on biological diversity: Principles for the conservation ofbiological diversity including sustainable use, sharing of benefits andaccess to genetic resources(www.biodev.org). 14 August 2012 14
Globalization.Power & Influence of business corporations.Growing access to education and information.Growing awareness of environmental issues.Spread of corporate scandals and publicdistrust. 14 August 2012 15
According to Geoffrey Lantos:3 main types of CSR.Ethical CSR: It’s about the responsibility to avoidharms or social injuries.Altruistic CSR: Contributing to the common good atthe possible expenses of the business for altruistic,humanitarian or philanthropic causes.Strategic CSR: It’s about firm’s social welfareresponsibilities that benefit both the corporation andstakeholders. 14 August 2012 16
Ethics concerns individual actions that can beassessed as right or wrong with reference tomoral principles whereas CSR is about theorganization’s obligation to all stakeholders andnot just shareholders.CSR is about tangible corporate practices whilebusiness ethics is more about the values drivingbusiness decisions. 14 August 2012 17
Financial profit, economic growth and asset creation.Economic impact through business processes such asoutsourcing, knowledge innovation and social investments.Monetary support for political parties.Stock exchange activities including insider trading.Economic regulation and tax incentives.Intellectual property rights, patents, and trademarks etc.Antitrust and competition.State contracts and state subsidies. 14 August 2012 19
Labor rights: Slave,forced,child labor,non-discrimination,equalopportunities,minimum wages ,health & safety.Right to work :Protecction against unjustified dismissals, vocationaltraining /guidance.Right to hold opinions :Freedom of expression,thought,conscienceand religion.Right to Privacy: Drug testing, Personal information, Surveillanceetc.Cultural rights. Rights to take part in political life.Right to family life. 14 August 2012 20
UN convention on biodiversity: Ex situ & In situconservation & use of genetic material & technologytransfer.Use and handling of genetically modified organisms.Greenhouse gas emissions and global warming.Soil & water contamination.Treatment and reduction of waste water.Eco-efficiency.Recycling and reuse of materials .Protection of forest resources. 14 August 2012 21
Nike factories in Asia were criticized for employing youngchildren in extremely poor working conditions. Explosion at Union Carbide Ltd-Bhopal ,India in Dec ,1984caused thousands of deaths and rendered many people disableddue to leakage of MIC gas.Fraudulent accounting manipulations led to collapse of Houstonbased Enron corporation .James Hardie was criticized for it’s failure to providecompensation to people affected by asbestos-related diseases. 22 14 August 2012
Enron was voted” America’s most innovative company”.In 2001,Enron’s board of directors was named the 3rd best boardin US by Chief Executive Magazine.In Dec 2001,Enron filed for bankruptcy with $63 billions inassets, and it became one of the largest bankruptcy case in USas an epitome of corporate greed and dishonesty.94,000 jobs were lost putting the investors and employees atirreparable loss.In order to restore public trust in American corporations,congress passed the Sarbanes –Oxley- Act(SOX Act) in 2002 inorder to protect the investors by improving the accuracy &reliability of corporate disclosures in accordance withsecurities laws. 14 August 2012 23
Green Buildings: The LEED certification by the US Green building Council hascaused the growth of green building movement.Emphasis on green manufacturing in order to reduce the emissions of greenhouse gases and environmental pollutions.Green products initiatives in order to reduce the toxic chemicals.Product stewardship encourages everyone in the value chain to contribute toproduct sustainability from producers to regulators to retailers to consumersthereby achieving zero waste and sustainable production. 14 August 2012 24
ALCOA: The Aluminum company, was rated as one ofthe most ethical companies by Ethisphere magazine in2007.Corporate knights and Innovest rated ALCOA asglobal 100 most sustainable corporations in the world.General Electric Corporation’s Ecomagination strategyfor developing a variety of green investment initiativesand eco-friendly products such as solar panels, waterpurification systems and energy saving light bulbs.Coca-Cola: A leading manufacturer of beverages,emphasizes global water stewardship, sustainablepackaging ,climate protection, energy management andeco-innovation in packaging . 14 August 2012 25
Innovation in alternative transportation such as hybrid vehicles andelectric vehicles by companies like Toyota,Nissan,Honda and TeslaMotors in order to curb the greenhouse gas emissions and reduce theenvironmental hazards.Many companies like IBM,Staples and BP are purchasing RenewableEnergy Credits (RECs) in order to support the clean energy projects.Companies such as Ben & Jerry,IKEA,The Body Shop are promotingBiodiversity conservation, sustainable forestry initiative, organicfarming and fair trade in order to balance the need for both businessgrowth, sustaining and preserving the depleting natural resources. 14 August 2012 26
Towards the goal of achieving a cleaner environment, usageof sustainable packaging materials made of biodegradableplastics in stead of PVC plastics.Reducing or making the productive use of waste in orderto achieve the ultimate goal of zero- waste by emphasizingon recycling. 14 August 2012 27
There are 1.28 billion mobile phone users across the globeand over 342 million phones in UK alone. UK consumers get rid of their mobile phones on average every 18 months leaving behind environmental hazards due to lithium ,platinum,copper and plastics. Fonebak is the largest recycling company in UK that collects such mobile phones from operators, retailers and corporations for recycling and has earned highest accolades for its environmentally friendly business practices. 14 August 2012 28
Corporate Citizenship Award.National Sustainable Development Award.Corporate Environmental Protection Award.The Golden Peacock Global Award for CSR.Fortune Most Admired Companies.World Business Green Business Award.Alcan Prize for Sustainability. 14 August 2012 29
CSR is the heart and soul of modern corporations and is animportant standard for corporate governance.CSR is an indispensible mechanism for both increased corporateaccountability,profitability and environmental sustainability.CSR is the pole star for modern corporations in order to maintainthe integrity of moral fabrics both inside and outside thecorporation while conducting socially responsible business. 14 August 2012 30