As the company goes through the process of identifying, vetting and approving the CSR objectives and commitments, attention also needs to be paid to translating the policy and the accompanying objectives into operational terms, a process that requires the development of an implementation plan. The...
Companies often announce their corporate social responsibility (“CSR”) mission statements and commitments with great public fanfare, pledging to proactively contribute to improving social conditions and protecting the environment. While putting the company’s brand and reputation on the line in this way is important, the reality...
Woothiff noted that the emergence of sustainability reporting as a common practice of business organizations around the world had led to a focus on the process of setting appropriate sustainability goals and targets upon which the reports could be based. Goals and targets are also...
The first step in bringing a corporate social responsibility (“CSR”) strategy to life is the development and formal adoption of CSR commitments, which are the policies or instruments of a company that indicate what it intends to do to address its social and environmental impacts. ...
Traditionally, performance measurement systems relied almost exclusively on management and cost accounting principles, often resulting in an emphasis on short-term results and efficient management of tangible resources (i.e., fixed assets and inventory), which were easier to measure using financial metrics, and failed to pay appropriate...
While corporate social responsibility (“CSR”) is grounded in the fundamental proposition that companies should look beyond economic performance to take into account the social and environmental impact of their activities, the reality is that “doing the right thing” is not a sufficient argument and CSR...
The assessment of the company’s current and potential corporate social responsibility (“CSR”) activities, combined with the survey of practices of other companies and guidelines included in CSR instruments, should allow the leadership team to start putting together a list of proposed CSR actions that can...
Companies should begin the process of developing a corporate social responsibility (“CSR”) strategy by collecting and analyzing information to assess the potential role of social responsibility in the company’s business activities, benchmark their CSR profile against the efforts of competitors, learn more about the needs...
While frameworks and suggestions for implementation of corporate social responsibility (“CSR”) do vary, there is almost no controversy that in order to make informed decisions about the content of a new CSR initiative, or changes to an existing program, the board of directors and members...
Becoming a sustainable business, or improving a company’s current performance with respect to acting in an environmentally and socially responsible manner, requires the same sort of strategic approach as any other major corporate initiative. However, while strategic planning for sustainability has become a recognized discipline,...