Corporate social responsibility is a form of corporate self-regulation integrated into a business model. CSR approach functions as an important, self-regulating device whereby a business make sure and supervise its active compliance with the spirit of the law, ethical standards, and worldwide norms. CSR aims to hold the accountability for the company's proceedings and encourage a optimistic impact throughout its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. CSR aimed to assist an organization's mission and to guide that what the company stands for and how it will serve to its consumers Organizations take the initiatives to take the responsibility for the company’s effect on the surroundings and the impact occurring on the social welfare.
CSR is defined as a business outlook that acknowledges responsibilities to stakeholders not traditionally accepted, including suppliers, customers, and employees as well as local and international communities in which it operates and the natural environment. There are few accepted standards and practices so far, but a growing concern that the actions organizations take have no unintended consequences outside the business, whether driven by concern, philanthropy, or a desire for an authentic brand and public relations.
HISTORY OF CSR:
The CSR concept evolution started with the concerns related to the damage created by business on environment and society at large by way of activities linked to their business operation. Businesses are expected to clean up the mess they have generated to the environment. Until the 1980’s CSR was considered same as corporate philanthropy. The current CSR concept started formulating in early 80’s. In 1980’s and1990’s events like Shell spoiling the environment and violating the human rights in Nigeria, started a new wave of criticism which triggered a completely different thinking on CSR...