Archie Carroll's Pyramid Of Corporate Social Responsibility
2.1.3 Archie Carroll’s Pyramid of Corporate Social Responsibility
Though CSR was introduced since 1950s, it was adopted and even gained more importance much later. Archie Carroll’s “Pyramid of Corporate Social Responsibility” is considered to be the foundation of what we today define as CSR
According to A. Carroll (1979), with reference to a given point in time, business social responsibility covers the economical, legal, ethical and the flexibility expectations (philanthropic) a society has of an organisation. These four components of might be depicted as a pyramid shown in the figure below.
Figure 1: Carroll’s Pyramid
Ethical and philanthropic responsibilities have gained more popularity recently though all the four responsibilities
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Sustainable development has also become very familiar among the banks concerns (Jeucken, 2001).
Many banks will commit themselves to reduce energy consumption by favouring the use of recycling papers, energy saving bulbs and renewable energy. These are examples how banks show concerns about the environment. As per Giddings et al (2002), race and sex representation with regards to air travelling policies for active employees within the institution are not seen as extraordinary anymore.
Furthermore, on 29 December 2003, Kofi Annan (the former UN General) stated that most people around the world are not exposed enough to financial services be it savings, insurance or credit and the real challenge here is how to make them participate in this sector. According to him, inclusive financial sectors must be built to help people improve their lives (Patil, 2011). Today, it can be seen that banks have many branches even in rural areas to reach
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According to Godfrey et al (2009) good CSR brings goodwill. CSR issues have a direct implication on the banks’ efficiency and profitability. Evidences show that banks are now paying tremendous attention on the CSR concepts especially after the financial crisis that has hit the global financial sector. Public welfare is as important as stakeholders’ interests for the banks. Moreover banks are developing several strategies based on the needs of the society together with their day to day business. Their performance and existence are directly related to their CSR initiatives (Decker, 2004; Zappi, 2007; Joseph,
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