Social and Environmental Issues - Corporate Social Responsibility, Sustainable Development- Performance Measures and Indicators

Abstract

Corporate Social Responsibility is a concept whereby companies integrate social and environmental concerns into their business operations and in their interaction with their stakeholders on a voluntary basis. CSR is also closely linked with the principle of Sustainability, which argues that enterprises should make decisions based not only on financial factors such as profits or dividends, but also based on the immediate and longterm social and environmental consequences of their activities. CSR pillars are Sustainable Banking, Environment Protection, Social Commitment, Human Resource Development, and Stakeholders Engagement. The term is often used interchangeably for other terms such as Corporate Citizenship and is also linked to the concept of Triple Bottom Line Reporting (TBL). It goes beyond charity and requires the company to act beyond its legal obligations and to integrate social, environmental and ethical concerns to its business process. Some areas where CSR can play a vital role are Community, Health and Safety, Employment, Training and education, Charitable Donations, Ethics, Supply Chain, Human Rights, Socially Responsible Investment, Child Labour, Environment Issues like global warming, deforestation, potable water scarcity etc. CSR practised by companies can become one of the important drivers of inclusive development. Need is refocusing CSR as a strategy to promote overall human development. This paper is an effort to understand the symbiotic relationship between economic and social performance. It also presents the challenges associated with it and the benefits of the CSR along with sustainable development measures being undertaken by corporate sector.