Chapter 7 - Corporate Social Responsibility Flashcards
What is corporate social responsibility (CSR)?
A self-regulating business model that helps a company be socially accountable to itself, stakeholders and the public.
How can companies become socially responsible?
By integrating social, environmental, ethical, consumer and human rights conserns into their business strategy.
Also by following the law.
Why do companies partake in CSR schemes?
It is not legally required so comapnies do it to meet the expectations of pressure groups like stakeholders, employees, clients etc. The also do it to keep their reputation clean globally and locally.
What is the UN Global Compact?
An organisation in the UN that supports companies to do buisness responsibly (aligning strategies with 10 principles on human rights, labour, environment and anti-corruption).
To take strategic actions to advance broader social goals like UNSDGs.
What is a COP and what are the 2 required sections?
Communication of progress that members of the UN global compact have to do annually to stakeholders.
The 2 sections are a statement from the chief executive expression support of sustainabibility and commitment to the global compact’s principles. The second second is a questionnaire to assess the comapny’s progress on related topics to the 10 principles and UNSDGs.
What are the 3 sections of teh UN framework for business and human rights?
Protect - countries have a responsibility to protect human rights and how corporations act.
Respect - corportations sgahre the duty to respect human rights and should include systems in place to exercise due dilligance.
Remedy - Induviduals have the right to legal redress but there is lack of case law.
What is the Global Reporting Initiative (GRI)?
An independant, international organisation that helps businesses and other organisations take repsonsibility for their impacts, by providing them with global common langauge to communicate these impacts.
What should be reported as part of the GRI?
Topics and indicators both positive and negative that reflect environmental, social and economic issues.
Issues within the wider sustainability context.
Issues that are relevant to their audience.
Sufficient detail for it to be audited.
