Corporate Social Responsibility
Corporate Social Responsibility, or “CSR,” refers to the need for businesses to be good corporate citizens. CSR involves going beyond the law’s requirements in protecting the environment and contributing to social welfare. It is widely accepted as an obligation of modern business.
CSR goes beyond earning money for shareholders. It’s concerned with protecting the interests of all stakeholders, such as employees, customers, suppliers, and the communities in which businesses operate. Examples of CSR include adopting humane employee practices, caring for the environment, and engaging in philanthropic endeavors.
Some people contend that companies owe no duty to society outside making as much money as possible within the law. But those who support Corporate Social Responsibility believe that companies should pursue a deeper purpose beyond simply maximizing profits.