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Corporate Social Responsibility (CSR)

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Definition:

Corporate Social Responsibility (CSR) is typically described as self-regulation that is part of a corporation's business model and strategic plan. In a perfect world, CSR means that a business monitors itself to make sure it adheres to legal, ethical, environmental, and international standards across its operations.

The more visible aspect of CSR is a corporation's willingness to promote and support community, national, and global causes. Corporations do this through corporate philanthropy, cause-related marketing, and sponsorships. CSR aspires to honor people, planet, profits...in that order.

There is much controversy about Corporate Social Responsibility. Proponents say that there is a strong business case to be made for CSR; while critics maintain that the only responsibility business has is to make profits for it shareholders.

Also Known As: corporate responsibility, corporate citizenship, responsible business, corporate social opportunity
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