CORPORATE SOCIAL RESPONSIBILITY

Question 1

What is corporate social responsability (CSR)

Answer 1

Corporate social responsibility (CSR) is an attempt to consider a business’s performance in terms of its impact of its stakeholders, the community and the natural environment rather than purely by financial measures

Question 2

What is CSR reporting

Answer 2

Treatment of employees and employment practices

Impact on suppliers

Responding to consumer needs

Contribution to local community

Works with charities

Impact on environment

Question 3

What are the reasons FOR CSR reporting

Answer 3

Companies engage in CSR tend to perform better than those that do not

Improves brand image

Considers impact of business on a range of stakeholders

Can reduce costs - energy, raw materials, wastage etc

Question 4

What are reasons AGAINST CSR reporting

Answer 4

Difficulty measuring performance in these areas

Time and cost of conducting CSR analysis

Lack of agreed standards

Variancies in international approaches to CSR