Social responsibility or, corporate social responsibility is a theory that asserts that businesses, in addition to maximizing shareholder value, have an obligation to act in a manner that benefits society. Social responsibility means that individuals and companies have a duty to act in the best interests of their environment and society as a whole.
Social responsibility, as it applies to business, is known as corporate social responsibility CSR. The crux of this theory is to enact policies that promote an ethical balance between the dual mandates of striving for profitability and benefiting society as a whole. These policies can be either ones of commission philanthropy - donations of money, time or resources or omission "go green" initiatives like reducing greenhouse gases, abiding by EPA regulations to limit pollution.
Many companies, such as those with "green" policies, have made social responsibility an integral part of their business models. Additionally, more and more investors and consumers are factoring in a company's commitment to socially responsible practices prior to making an investment or purchase.
As such, embracing social responsibility can actually benefit the prime directive - maximization of shareholder value. There is a moral imperative as well. Actions, or lack thereof, will have an effect on future generations.
Corporate Responsibility – Fashion with Integrity: epitomises our approach to business.
Put simply, being socially responsible is just good business practice and a failure to do so can have a deleterious effect on the balance sheet. In general, social responsibility is more effective when a company takes it on voluntarily, as opposed to being required by the government to do so through regulation.
Social responsibility takes on different meanings within industries and companies. For example, Starbucks Corp.
Corporate Social Responsibility | CSR in Thailand | TORAY
Both companies purchase Fair Trade Certified ingredients to manufacture their products and actively support sustainable farming in the regions where they source ingredients. Big-box retailer Target Corp. Not everyone believes that businesses should have a social conscience. Businesses, by their very nature, cannot. Some experts believe that social responsibility defies the very point of being in business: profit above all else.
- Social responsibility at The University of Manchester.
- Social Responsibility and Ethics | Who Is Responsible And Why? | Pachamama Alliance!
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We will place our concern on environment from within factory, surrounding communities and environment in order to be part in building good society while operate business with the sense of responsibility. We will monitor our organization to ensure that they are operated under integrity and fairness. Always develop and improve for employees, department as well as company growing together steadily. Corporate Social Responsibility.
CSR in Thailand To realize our management philosophy in contributing to society, Toray Group Companies in Thailand carry on various activities with community, concerning government unit as well as employees.