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 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...
The legal department, particularly the general counsel, has a significant role to play in developing and implementing the corporate social responsibility (CSR) and sustainability initiatives of any organization. While CSR is often described as “going beyond the law,” a good deal of the work relating...
Rangan et al. pointed out that CSR had been subject to criticism from both sides of the ideological spectrum.[1] On the left advocates from civil society have often questioned the fundamental motivations of corporations’ actions under the umbrella of CSR, arguing that in most cases...
Sustainable entrepreneurship is based on the premise that companies need to move beyond focusing exclusively on short-term financial results for their owners and acknowledge and accept responsibilities to other stakeholders including investors, employees, regulators and society in general. In fact, at its core, sustainability really...
Community engagement and investment is a multi-faceted activity that requires formal management and planning. Working with and in the community is part of the broader corporate social responsibility (“CSR”) activities of the company and this means that management should begin at the top of the...