Corporate Social Responsibility refers to the responsibilities that a company has towards society. CSR can be described as decision making by a business that is linked to the ethical values and respect for individuals, society and the environment, as well as compliance with legal requirement. CSR is based on a concept that a company is a citizen of the society in which it exist and operates. The book “Social Responsibilities of the Businessman” by Howard R. Bowen started the discussion of CSR. Bowen defined CSR as “the obligations of businessmen to pursue those policies, to make those decisions, or to follow those lines of action which are desirable in terms of objectives and values of our society.” After initial definition a number of definition
Meeting stakeholder’s obligations is the sure way to ensure that success is achieved in the long run. In relation to this the Triple Bottom (TBL) supporters believes that the corporation’s social and environmental performance must be measured, calculated, audited, and reported just like economic performance so that the duties to communities, employees, customers, and suppliers are satisfied. With reference to the notion of modern management that says “if you cannot measure it, you cannot manage it,” ethical business practices (social and environmental) must be measured by tools to insure corporation’s transparency to managers and other stakeholders (Norman &
CSR is the technique and a way they reach the triple bottom line approach. CSR is categorized in four main areas: community, environment, employees and governance. Community: The community category is focused on the business`s human rights , technology, citizenship,charity, making relationships with local communities and the environmental and social effects of the business’s practices and products. Environment: focused on green strategies and sustainable management, including the use of natural resources and the effect on the surroundings and earth’s ecosystems, eco-design , assessments on their carbon footprint, and different kinds of practices to have an a good impact in their cost saving and environment some of the issues that category faces is the management of energy and water consumption and the use of renewable energy sources and the preventing of waste . Employees: The employee category is focused on human resources, working diversity and equality rights, such as training and safety for the employees, making it one of the most essential categories in the hospitality
3. Sustainability is more than just being “green”. Does COMAIR reflect a clear set of values, purpose, objectives and vision to support the development of a sustainable competitive advantage as reflected by their “Cycle of Success”? In order to be sustainable companies should adopt the triple bottom line initiative, this will highlight the areas of impact; financial, social and environmental. A quick analysis of each line will highlights the aspects.
Corporate governance is defined in the King IV Report as the “exercise of ethical and effective leadership by the governing body towards the achievement of the following governance outcomes: • Ethical culture, • Good performance, • Effective control and • Legitimacy.” The purpose of this Corporate Governance Policy is to facilitate and encourage the ethical management of the company by its Board of directors, management and stakeholders in order to achieve the primary objectives of the company being sustainability, profitability and increased contribution to the socio-economic stability of our economy. DEFINITIONS Board “the Board of Directors of the Company” Director “a member of the Board of the company, as contemplated in section
Corporate Environmental Governance has been defined as “...setting out the responsibilities of directors and establishing the accountability of the board to all the company's stakeholders [such that it] includes the systems and tools used to achieve the company's environmental objectives and their effectiveness in meeting desired outcomes”, (University of Hong Kong2003b). Corporate environmental governance occurs when communities generate and act on objectives that whose primary goal is for conservation of the planets naturally occurring resources. GRI, 2014 writes that corporate environmental governance is a set of rules that govern human behavior in decision making processes and the taking of actual decisions. Corporate social responsibility (CSR) has been one of the instruments used to reach the goal of global corporate environmental governance. ‘Many companies aim to have a positive impact on stakeholders, including public, and the environment through corporate social responsibility (CSR) programs…’
TABLE OF CONTENTS TITLE PAGE NUMBER Introduction to corporate sustainability reporting Criticism of traditional financial reporting Theories behind corporate sustainability reporting Cost and benefits of CSR Opinion and conclusion Bibliography Corporate sustainability is a business approach that recognises the importance of corporate growth and profitability, but with that the corporation must also pursue societal goals, specifically those relating to sustainable development — environmental protection, social justice and equity, and economic development. It also formulates strategies to build a company that fosters longevity through transparency and proper employee development. Corporate sustainability has become an economic and strategic imperative
In FY2015/3, we had formulated the Sustainable Value Plan 2016 which known as SVP2016. The medium-term CSR plan of our company are covering periods from FY2015/3 to FY2017/3, it has a slogan “Value from Innovation” There are four priority fields which are the environment health, daily life and working fields, those are the fields that we can help solve social issues. By using the Group’s strengths, plan will works on solving 11 issues which will includes the responses to energy issues and improving accessibility to medical services which through innovative products, technologies, and
Corporate governance also includes the relationship between the involved stakeholders and the company 's management objectives.. There is also another side that is the subject of corporate governance, such as a stakeholder point of view that points attention and accountability to other parties other than shareholders, such as employees or the environment (Haidar, 2009). The essence of corporate governance policy is that the parties who play a role in running the company understand and perform functions and roles according to authority and responsibility. Parties that act include shareholders, boards of commissioners, committees, directors, heads of units and employees. Principles in Good Corporate Governance (GCG) In Act No.