South China Morning Post famously said in 2002 that, “the notion of companies looking beyond profits to their role in society is generally termed corporate social responsibility (CSR)….It refers to a company linking itself with ethical values, transparency, employee relations, compliance with legal requirements and overall respect for the communities in which they operate. It goes beyond the occasional community service action, however, as CSR is a corporate philosophy that drives strategic decision-making, partner selection, hiring practices and, ultimately, brand development.”
What this elucidates is that CSR is comprised of three critical aspects – Social, Economic and Environmental and any business that takes these three elements into account and conducts itself accordingly can be deemed as ethically and socially responsible.
The domain of business began to expand in the late 1990s with an increase in focus on the social, moral and ethical responsibilities of corporations. However, despite the almost blinding focus on CSR these days, a large number of companies are still conducting their businesses in a manner that can only be termed socially and environmentally damaging. Such businesses contribute to the global economy but at the cost of decreasing the overall quality of life of millions of people across the globe.
