Corporate Social Responsibility Study
‘Corporate social responsibility is 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 of the local community and society at large’. World Business Council for Sustainable Development (2000). Simply, it describes how business decisions and activities are impacted to operate in an economic, environmental and social manner.
‘Recent years have witnessed a growing interest in corporate social responsibility and in calling corporations to account for their impact on the environment and on non-shareholding stakeholders’ Solomon (2013). However with this growing interest, there has also been an increase in the issues facing
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When companies have numerous resources and working with a profit in a good economic climate, they are more incline to participate in a socially responsibility manner. Obviously customers look positively at companies who engage in CSR and companies want to be working with the best interests of the community and environment. However when these economic conditions worsen, environment and community projects are usually less prioritised and in some cases they are completely disregarded.
The final concern I will introduce is that many companies increase the implementation of corporate social responsibility however these ‘responsible businesses may not necessarily be able to measure the positive impact their behaviour has on their performance. Irresponsible businesses are likely to notice the negative impact their decisions have on their bottom line’. Fáilte Ireland (2013). Henceforth, I think businesses need to determine what the advantages and disadvantages of CSR are for their companies and from there develop the best sustainability.
Each of the individual issues I have uncovered are all of tremendous importance. Today and for the future, business sustainability is influenced by the social and environmental consequences of their decisions and
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Throughout this essay I have discussed many important issues facing companies today with regards to corporate social responsibility, highlighting four key concerns. These include the conflict between the purpose of business and the concept of social responsibility, the idea of winning over consumers, the notion of CSR being disposable or reversible and finally the implementation of corporate social responsibility for the business. I have also examined the importance of accountants, highlighting their job to understand in depth the company, its stakeholders and the society, to have continuous commitment to corporate social responsibility and the interests of the financial accountant, management accountant and the auditor regarding corporate social
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