Corporate Social Responsibility and Societys Expectations of Business

Abstract

Corporate social responsibility (CSR) is a form of business ethics, the essential idea of which is that management should consider the impact of ongoing business activities on all who are affected by the activities. In the language of CSR, those affected are referred to as stakeholders. CSR is about how companies identify, engage, and report to stakeholders, and how corporations take these individuals and groups into account as they conduct their activities. CSR is most often seen as involving voluntary activities, such as setting standards of conduct “above and beyond” legal requirements. As trade unions stress, it must be clearly distinguished from society’s expectations of business.