Understanding Corporate Social Responsibility
Published in ‘Director’ - The magazine of the Australian Institute of Company Directors November 2002
A recent survey of senior executives by Ernst & Young found that 71 per cent of companies either had, or were developing, strategies to deal with ethical, social and environmental issues but only 9 per cent understood how corporate social responsibility (CSR) was relevant to their business.
If you’re running a top 500 company you’ve probably already hand balled this issue to the newly appointed CSR Manager. If not, you’re most likely in the 91 per cent of survey respondents who are scratching their heads trying to make sense of it all. So, What is CSR? How is it relevant to your business? What is the business case for it? and, How much will it cost?
The first step in answering these questions is to find some perspective. The reason why CSR has become an issue now is the same reason that religion is now having a bigger impact on global politics. Globalisation and the quantum leaps in communication technology and information flows have meant that we are now shifting from the Inform…
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