WRITING ON THE WALL

CORPORATE SOCIAL RESPONSIBILITY HAS BECOME AN INSEPARABLE AND CRUCIAL ELEMENT OF EVERY LARGE BUSINESS. IT IS NOW TIME TO PLUG THE GAPS

- VIPUL CHAWLA

CORPORATE SOCIAL Responsibility or CSR rep-resents an organisation’s relationship with its stakeholders—employees, customers, communities, suppliers, government and the environment. Keeping the stakeholders’ interest in mind, companies have been practising CSR to reduce their negative social and environmental footprint by altering policies, practices and investments. The fundamental aim is to build a strong, cohesive, sustainable and innovative society.

The United Nations Industrial Development Organisation (UNIDO) states, “CSR is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders.” CSR is generally understood as being the way through which a company achieves a balance between economic, environmental and social imperatives (Triple-BottomLine Approach), while at the same time addresses the expectations of shareholders and stakeholders, says UNIDO. In a sense it is important to draw a distinction between CSR—which can be a strategic business management concept—and charity, sponsorships or philanthropy.