What is corporate social responsibility (CSR)?
The World Business Council for
Sustainable Development (WBCSD) in its publication
"Making Good Business Sense" by Lord Holme and Richard
Watts, used the following definition.
"Corporate Social Responsibility is the
continuing commitment by business to behave ethically and
contribute to economic development while improving the quality of
life of the workforce and their families as well as of the local
community and society at large."
Other terms for CSR include corporate responsibility, corporate
citizenship, responsible business and corporate social opportunity.
The role of business
"Our commitment to sustainable
development has little weight unless our employees are on board.
Chronos is an excellent tool for communicating sustainable
development goals throughout the company."
Lise Kingo, Executive Vice President
Stakeholder Relations, Novo Nordisk
CSR can be seen as the business contribution
to sustainable development. It is about how business takes account
of its economic, social and environmental impacts in the way it
operates – maximising the benefits and minimising the
Specifically, CSR is the voluntary
actions that business can take, over and above compliance with
minimum legal requirements, to address both its own competitive
interests and the interests of wider society.
Society now expects businesses to be
responsible corporate citizens, and to be part of the solution to
issues like poverty alleviation, environmental protection, health
and security. And business leaders increasingly recognise that
their company’s future success depends on how well they address
these challenges. Understanding sustainable development is
essential to protecting, improving and growing businesses in the
21st century and many companies today publish a report on corporate
social responsibility or sustainable development. But even
committed and forward-thinking companies risk failing to grasp
these opportunities if they do not integrate awareness of
sustainability issues into everyday thinking across their
Read how Chronos can help your company
learn about CSR and sustainable development.