Unit 7: Corporate Social Responsibility Flashcards
Explain what corporate social responsibility and environmental, social, and governance (ESG) mean for today’s financial services organisations.
1
Q
What is Corporate Social Responsibility (CSR)?
A
How a corporation manages its business in order to have an overall positive impact on society.
2
Q
What does the ‘triple bottom line; approach consider?
A
The economic, social and environmental aspects of corporate activity.
3
Q
What does CSR involve?
A
- Conducting business in an ethical way, in the interests of the wider community.
- Responding positively to emerging social expectations.
- A willingness to do more than just meet regulatory requirements.
- Balancing shareholder interests against the interests of the wider community.
- Being a good community citizen.
4
Q
What are the four levels of responsibilities in Carroll’s Pyramid of CSR (from bottom to top)?
A
- Economic
- Legal
- Ethical
- Philanthropic
