4. Corporate Social Responsibility Flashcards
What are the 8 elements incorporated into CSR?
- Sustainability
- Ethical corporate behaviour
- Environmental protection
- Support for human rights
- Fair working practises
- Supply chain management
- Equality and diversity
- Community involvement
What are the 4 types of economic sustainability reporting?
- Performance
- Market presence
- Economic impact
- Procurement
What are the 5 types of economic sustainability reporting?
- Materials
- Energy
- Transport
- Emissions
- Compliance
What is enlightened self interest?
The idea that improving CSR will ultimately lead to more, loyal customers, better and more committed employees, less intervention from government and a better environment for all
What is a stakeholder?
An individual or group which affects or can be affected by the company’s actions
What are the 6 types of financial stakeholder?
- Employees
- Suppliers
- Customers
- Shareholders
- Lenders
- Government
What are the 4 types of interest stakeholder?
- Competitors
- Media
- Pressure groups
- Local community
What are the 3 types of internal stakeholder?
- Employees
- Managers
- Executive directors
What are the 5 types of connected stakeholder?
- Suppliers
- Customers
- Shareholders
- Lenders
- NEDs
What are the 4 types of external stakeholder?
- Government
- Local community
- Trade unions
- Pressure groups
What are the 4 corporate ethical stances on CSR? (Johnson & Scholes)
- Short-term shareholder interests
- Long-term shareholder interests
- Multiple stakeholder obligations
- Shaper of society
What are the 4 levels of Carroll’s CSR pyramid? (From bottom to top)
- Economic (be profitable)
- Legal
- Ethical
- Philanthropic (be a good corp citizen)
What are the 4 different strategies that companies can adopt in relation to CSR?
- Proactive strategy (full responsibility)
- Reactive strategy (once prompted)
- Defence strategy (avoids obligations)
- Accommodation strategy (different each time)
Proper strategic use of CSR can be a source of what?
Competitive advantage
To have a fair impact on its global supply chain, an organisation must have at minimum compliance with…
National laws, international agreements and relevant international voluntary codes
What are the 5 key principles of the European Commission’s Integrated Product Policy (IPP)?
- Life cycle thinking
- Work with the market
- Stakeholder involvement
- Continuous improvement
- Policy instruments (voluntary)
What is the key principle of the OECD (Organisation for Economic Co-operation and Development) Guidelines for Multinational Enterprises?
Companies should take fully into account established policies in the countries in which they operate, and consider the views of all stakeholders.
What are the 10 principles of the UN Global Compact?
- Support and respect human rights
- Not be complicit with human rights abuses
- Recognise the right to collective bargaining
- Eliminate all forms of forced labour
- Abolish child labour
- Eliminate discrimination
- Support a precautionary approach to environmental challenges
- Promote greater environmental responsibility
- Encourage environmentally friendly tech
- Work against corruption
What is environmental reporting?
When companies report on the direct and indirect impacts of their supply chain on the environment and society
What is the Global Reporting Initiative?
An independent organisation that focuses on sustainability issues and has issued the G4 Sustainability Reporting Guidelines
What are the 3 elements of the triple bottom line?
- Profit (economic)
- Planet (environmental)
- People (social)
What is Milton Friedman’s argument against CSR?
‘The business of business is business’:
- Duty to maximise shareholder wealth
- Any other activities are ‘theft’
- Shareholders can donate to charity
- More profit means more taxes go to government
