The Imperative of Corporate Social Responsibility in the Present-Day Governance

N. Kaushal
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Abstract

There is a surging demand on the corporate sector to conduct sustainable business practices and this has led to the emergence of a new consciousness, which has come to be known as Corporate Social Responsibility (CSR). It is a sort of built-in and self-regulating mechanism by which a company monitors and ensures its dedication and commitment for complying with the spirit of law, ethical standards, and national and international norms. It enables the integration of business interests with that of the communities. Its ultimate aim is to contribute to sustainable development. The key drivers for CSR are enlightened self-interest, social investment, transparency and trust, and increased public expectations of business. An organisation's performance in a socially responsible manner can influence its competitive advantage; reputation; capability to attract and keep hold of workers, members, customers, clients, users; maintenance of morale, commitment and productivity of employees; view of investors, owners, donors, sponsors and the financial community; and relationship with companies, governments, media, suppliers, customers and the community in which it operates. Numerous CSR initiatives have been taken up at global and national levels. These include United Nations Global Compact, Principles for Responsible Investment, Global Corporate Citizen Initiative, ISO 26000: 2010 – Guidance on Social Responsibility, SA 8000 Standard, Global Business Coalition on Health, Roundtable on Sustainable Development, Global Reporting Initiative, Corporate Social Responsibility Voluntary Guidelines 2009, and National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business. However, it has been argued that the corporate sector is still not doing enough in this direction and due to which gaps are being observed in the fulfillment of the promises being made by the companies in their corporate social responsibility policies.
企业社会责任在当今治理中的必要性
企业部门开展可持续商业实践的需求激增,这导致了一种新意识的出现,这种新意识被称为企业社会责任(CSR)。这是一种内在的自我调节机制,公司通过这种机制来监督和确保自己的奉献精神和承诺遵守法律精神、道德标准以及国家和国际规范。它使商业利益与社区利益相结合成为可能。其最终目标是促进可持续发展。企业社会责任的关键驱动力是开明的自利、社会投资、透明度和信任,以及公众对企业的期望。一个组织在社会责任方面的表现会影响其竞争优势;声誉;吸引和保持工人、会员、顾客、客户、用户的能力;保持员工的士气、敬业精神和生产力;投资者、业主、捐助者、赞助者和金融界的看法;以及与公司、政府、媒体、供应商、客户和运营所在社区的关系。在全球和国家层面已经采取了许多企业社会责任倡议。其中包括联合国全球契约、负责任投资原则、全球企业公民倡议、ISO 26000: 2010 -社会责任指南、SA 8000标准、全球健康商业联盟、可持续发展圆桌会议、全球报告倡议、2009年企业社会责任自愿准则和企业社会、环境和经济责任国家自愿准则。然而,有人认为,企业部门在这方面做得还不够,因此,在履行公司在企业社会责任政策中做出的承诺方面存在差距。
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