Corporate social responsibility (CSR) is a type of corporate self-regulation in which businesses monitor and ensure their active compliance with the spirit of the law, ethical standards, and international norms. The goal of CSR programs is to foster a more sustainable world.
The term corporate social responsibility came into common use in the early 1970s, and it has been used ever since by business leaders, academics, politicians, and others to describe how companies should manage their relationships with key stakeholders for the greater good.
There is no one universally accepted definition of CSR, but most scholars agree that it encompasses three main pillars: environmental protection, social justice, and economic development.
Environmental protection refers to a company's efforts to minimize its negative impact on the environment. This includes reducing greenhouse gas emissions, conserving water resources, and reducing waste production.
Social justice refers to a company's efforts to improve the well-being of employees, customers, and other members of society. This includes promoting diversity & inclusion initiatives, ensuring fair treatment of workers throughout the supply chain, and providing access to essential goods & services.
Economic development refers to a company's efforts to create economic opportunities for disadvantaged groups within society. This includes investing in communities through job creation or supplier diversity programs