Corporate social responsibility and business law

The concept of corporate social responsibility means that organizations have moral, ethical, and philanthropic responsibilities in addition to their responsibilities to earn a fair return for investors and comply with the law.

Corporate social responsibility and business law

Corporate Social Responsibility Corporate social responsibility or CSR has been defined by Lord Holme and Richard Watts in the World Business Council for Sustainable Development 's publication "Making Good Business Sense" as "…the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as the local community and society at large.

Evidence suggests that CSR taken on voluntarily by companies will be much more effective than CSR mandated by governments. Every company has different CSR objectives though the main motive is the same. All companies have a two-point agenda—to improve qualitatively the management of people and processes and quantitatively the impact on society.

Corporate social responsibility and business law

The second is as important as the first and stake holders of every company are increasingly taking an interest in "the outer circle"-the activities of the company and how these are impacting the environment and society. While many corporations include social responsibility in their operations, it is still important for those procuring the goods and services to ensure the products are socially sustainable.

These resources help corporations and their consumers identify potential risks associated with a product's lifecycle and enable end users to confirm the corporation's practices adhere to social responsibility ideals.

Scientists and engineers[ edit ] One common view is that scientists and engineers are morally responsible for the negative consequences which result from the various applications of their knowledge and inventions.

Committees of scientists and engineers are often involved in the planning of governmental and corporate research programs, including those devoted to the development of military technologies and weaponry.

It has been pointed out that the situation is, unfortunately, not that simple and scientists and engineers should not be blamed for all the evils created by new scientific knowledge and technological innovations.

Because of the intellectual and physical division of labor, the resulting fragmentation of knowledge, the high degree of specialization, and the complex and hierarchical decision-making process within corporations and government research laboratories, it is exceedingly difficult for individual scientists and engineers to control the applications of their innovations.

The scientists and engineers cannot predict how their newly generated knowledge and technological innovations may be abused or misused for destructive purposes in the near or distant future. While the excuse of ignorance is somewhat acceptable for those scientists involved in very basic and fundamental research where potential applications cannot be even envisioned, the excuse of ignorance is much weaker for scientists and engineers involved in applied scientific research and technological innovation since the work objectives are well known.

For example, most corporations conduct research on specific products or services that promise to yield the greatest possible profit for share-holders. Similarly, most of the research funded by governments is mission-oriented, such as protecting the environment, developing new drugs, or designing more lethal weapons.

In all cases where the application of scientific knowledge and technological innovation is well known a priori, it is impossible for a scientist or engineer to escape responsibility for research and technological innovation that is morally dubious.

W - Business, human rights law and corporate social responsibility - Open University Course

Furthermore, because taxpayers provide indirectly the funds for government-sponsored research, they and the politicians that represent them, i.Apr 18,  · The new CSR law is a [ ] India is the first country to have corporate social responsibility (CSR) legislation, mandating that companies give 2% of their net profits to charitable causes.

Innovative? Dr Steve Foster, Principal Lecturer in Law at Coventry University Law School, contributes to today’s guest post: Although corporate social responsibility is usually linked with large profit-making commercial entities, it should not be forgotten that the private media are subject to various legal and ethical duties whilst carrying out their business operations.

In this paper an attempt has been made to draw attention to the concepts of Business ethics and social responsibility as expounded in Hindu epics like the Ramayana, Mahabharata and Vedic literature and understand their relevance in the modern context.

The times, they are a-changin’. So is the way we do business and the way companies present themselves to their customers. Related: 7 Steps to Up Your Corporate Social Responsibility . International Journal of Academic Research in Economics and Management Sciences November , Vol. 2, No.

Corporate social responsibility and business law

6 ISSN: 54 benjaminpohle.com The term “corporate social responsibility” is still widely used even though related concepts, such as sustainability, corporate citizenship, business ethics, stakeholder management, corporate responsibility, and corporate social performance, are vying to replace it.

Social responsibility - Wikipedia