Meaning Of CSR

CSR stands for CORPORATE SOCIAL RESPONSIBILTY.A companys sense of responsibility towards the community and environment (both ecological and social) in which it operates, is known as Corporate Social Responsibility or CSR.

Definition Of CSR According to Mallen Baker, A way companies manage the business processes to produce an overall positive impact on society.

Companies Express This Citizenship 1. Through their waste and pollution reduction process.

2. By controlling educational and social programs.

3. By earning adequate returns on the employed resources.

CSR as a layered concept that can be differentiated into four interrelated aspects-

1. TransparencyAs with technological change, transparency is an irreversible force.

2. TrustAs citizens more often are sceptical, self-organised and prone to challenge authority, the corporate community will have to raise its learning curve on building trust.

3. Community ParticipationBusiness is expected to do more in areas that used to be the exclusive domain of the public sector ranging from health and education, to community investment and environmental stewardship.4. Accessing New Markets ResponsibilityBusiness is moving from resource taker to market builder. With economic growth foreign direct investment is becoming more about building and gaining access to new markets and less about simply exploiting low-cost inputs.

5. Initiatives To Engage CompaniesMeans for engaging in corporate sustainability are plentiful and growing. Initiatives, standards and consultancies are booming at national and global levels.