8. What is Corporate Social Responsibility? Flashcards
1
Q
Seven core subjects of CSR
A
- organizational governance
- community involvement/development, labour practices, consumer issues, fair operating practices, human rights, environment
2
Q
Definition of CSR
A
The responsibility of enterprises for their impact on society.
3
Q
Sustainable Development
A
is a development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
4
Q
Carroll’s four part definition of CSR
A
- Economic - be profitable, maximize sales, minimize costs
- Legal - obey laws and regulations
- Ethical - do what is right, fair and just
- Discretionary Philantropic - be a good corporate citizen
5
Q
Strategic CSR
A
socially responsible actions which also increase the economic value of the company
6
Q
Founder-financed CSR
A
socially responsible actions whose cost are borne by the founder
7
Q
Seven types of CSR activities
A
- Leadership, vision and values
- Marketplace activities
- Workforce activities
- Supply Chain activities
- Stakeholder engagement
- Community activities
- Environmental activities
8
Q
Prominent Areas of CSR
A
- philanthropy and community investment
- environmental engagement
- sustainability
- animal rights
- human rights
- worker rights and welfare
- market relations
- corruption
- corporate governance
