Corporate social responsibility (CSR) refers to companies ethical and responsible behaviour towards society and the environment. It involves considering the social, economic, and environmental impacts of a company’s operations and making decisions that benefit the company and the wider community. CSR can take many forms, such as philanthropy, environmental conservation, ethical labour practices, and community engagement.
Sustainability is closely related to CSR and refers to the ability of a company to operate in a way that meets the needs of the present without compromising the ability of future generations to meet their own needs. This can involve reducing a company’s environmental footprint, using resources efficiently, and ensuring that the company’s operations are socially responsible.
CSR and sustainability are becoming increasingly important as consumers and investors become more aware of the impact of business on society and the environment. Companies prioritising CSR and sustainability often benefit from improved reputation, increased customer loyalty, and a more positive image in the community.
Types of corporate social responsibility and sustainability activity
Corporate social responsibility (CSR) and sustainability activities refer to companies’ ethical and responsible actions to benefit society and the environment. These activities can take various forms, including philanthropy, environmental conservation, ethical labour practices, and community engagement.