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71-439: Typical annual reports may include: Other information deemed relevant to stakeholders may be included, such as a report on operations for manufacturing firms or corporate social responsibility reports for companies with environmentally or socially sensitive operations. In the case of larger companies, it is usually a sleek, colorful, high-gloss publication. The details provided in the report are of use to investors to understand

142-577: A corporate ethic strategy similar to what is now known today as Environmental, Social, Governance (ESG); that time has passed as various companies have pledged to go beyond that or have been mandated or incentivized by governments to have a better impact on the surrounding community. In addition, national and international standards, laws, and business models have been developed to facilitate and incentivize this phenomenon. Various organizations have used their authority to push it beyond individual or industry-wide initiatives. In contrast, it has been considered

213-420: A philanthropic , activist, or charitable nature by engaging in, with, or supporting professional service volunteering through pro bono programs, community development , administering monetary grants to non-profit organizations for the public benefit , or to conduct ethically oriented business and investment practices. While once it was possible to describe CSR as an internal organizational policy or

284-418: A profit motive when participating in corporate philanthropy and community volunteering. On the other hand, the remaining corporate social initiatives can be examples of cause marketing, in which there is both a societal interest and a profit motive. CSR may be based within the human resources , business development or public relations departments of an organisation, or may be a separate unit reporting to

355-423: A CSR perspective, while critics argue that CSR distracts from businesses' economic role. A 2000 study compared existing econometric studies of the relationship between social and financial performance, concluding that the contradictory results of previous studies reporting positive, negative, and neutral financial impact were due to flawed empirical analysis and claimed when the study is properly specified, CSR has

426-416: A business enterprise that emerge from neighborhoods, environmental groups, local stakeholders, and other elements of the surrounding civil society". Social License to Operate can be determined as contractual grounds for the legitimacy of activities and projects a company is involved in. It refers to the level of support and approval of a company's activities by its stakeholders. Displaying commitment to CSR

497-427: A company's economic actions to particular interest groups within society and to society at large. Social accounting emphasizes the notion of corporate accountability . Crowther defines social accounting as "an approach to reporting a firm's activities which stresses the need for the identification of socially relevant behavior, the determination of those to whom the company is accountable for its social performance and

568-434: A correlation between social/environmental performance and financial performance. The business case for CSR within a company employs one or more of these arguments: Industry self-regulation Industry self-regulation is the process whereby members of an industry, trade or sector of the economy monitor their own adherence to legal, ethical, or safety standards, rather than have an outside, independent agency such as

639-471: A differentiation strategy. They concluded that managers could determine the appropriate level of investment in CSR by conducting a cost-benefit analysis in the same way they analyze other investments. Reinhardt (1998) found that a firm engaging in a CSR-based strategy could only sustain an abnormal return if it could prevent competitors from imitating it. The relationship between corporate social responsibility and

710-428: A firm's corporate financial performance is a phenomenon that is being explored in a variety of research studies that are being conducted across the world. Based on these research studies, including those undertaken by Sang Jun Cho, Chune Young Chung, and Jason Young, a positive relationship exists between a firm's corporate social responsibility policies and corporate financial performance. To investigate this relationship,

781-403: A form of corporate self-regulation for some time, over the last decade or so it has moved considerably from voluntary decisions at the level of individual organizations to mandatory schemes at regional, national, and international levels. Moreover, scholars and firms are using the term " creating shared value ", an extension of corporate social responsibility, to explain ways of doing business in

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852-785: A foundation for consumers to verify that their products are socially sustainable . Due to an increased awareness of the need for CSR, many industries have their verification resources. They include organizations such as the Forest Stewardship Council (paper and forest products), International Cocoa Initiative, and Kimberly Process (diamonds). The United Nations Global Compact provides frameworks not only for verification, but also for reporting human rights violations in corporate supply chains. The rise of ethics training inside corporations, some of which are required by government regulation, has helped CSR to spread. Such training aims to help employees make ethical decisions when

923-613: A healthy, educated workforce, sustainable resources, and an adept government to compete effectively. For society to thrive, profitable and competitive businesses must be developed and supported to create income, wealth, tax revenues, and philanthropy. The Harvard Business Review article "Strategy & Society: The Link between Competitive Advantage and Corporate Social Responsibility" provided examples of companies that have developed deep linkages between their business strategies and CSR. CSV acknowledges trade-offs between short-term profitability and social or environmental goals, but emphasizes

994-531: A much more limited version of an annual report, which is known as a "wrap report." A wrap report is a Form 10-K with an annual report cover wrapped around it. Statement of Directors' responsibilities for the shareholders' financial statements The Directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable Law of the Republic of Ireland , including

1065-403: A neutral impact on financial outcomes. Critics have questioned the "lofty" and sometimes "unrealistic expectations" of CSR, or observed that CSR is merely window-dressing , or an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations . In line with this critical perspective, political and sociological institutionalists became interested in CSR in

1136-595: A positive response. Somerville also found that consumers are loyal and willing to spend more on retailers that support charity. Consumers also believe that retailers selling local products will gain loyalty. Smith (2013) shares the belief that marketing local products will gain consumer trust. However, environmental efforts are receiving negative views, given the belief that this would affect customer service. Oppewal et al. (2006) found that not all CSR activities are attractive to consumers. They recommended that retailers focus on one activity. Becker-Olsen (2006) found that if

1207-421: A powerful incentive for a pro-active self-regulation [without the necessity to assume it is to hide something]. Self-regulating attempts may well fail, due to the inherent conflict of interest in asking any organization to police itself. If the public becomes aware of this failure, an external, independent organization is often given the duty of policing them, sometimes with highly punitive measures taken against

1278-493: A pyramid of responsibilities, namely, economic, legal, ethical, and philanthropic responsibilities. While Carroll was not defining CSR, but simply arguing for the classification of activities, Sheehy developed a definition differently following the philosophy of science—the branch of philosophy used for explaining phenomena. Carroll extended corporate social responsibility from the traditional economic and legal responsibility to ethical and philanthropic responsibility in response to

1349-495: A range of reporting guidelines and standards that serve as frameworks for social accounting, auditing, and reporting: Legal requirements for social accounting, auditing, and reporting exist in nations like France. However, international or national agreement on meaningful social and environmental performance measurements has not been achieved. Many companies produce externally audited annual reports that cover Sustainable Development and CSR issues ("Triple Bottom Line Reports"), but

1420-526: A risk of agency costs, a law academic may consider that discretion to be an appropriate expression of what the law demands from directors. In the 1930s, two law professors, A. A. Berle and Merrick Dodd, famously debated how directors should be made to uphold the public interest: Berle believed there had to be legally enforceable rules in favor of labor, customers and the public equal to or ahead of shareholders, while Dodd argued that powers of directors were simply held on trust. Corporate social responsibility

1491-581: A socially responsible company makes safe, high-quality products; for Germans it provides secure employment; in South Africa it makes a positive contribution to social needs such as health care and education. Even within Europe, the discussion about CSR is very heterogeneous. A more common approach to CSR is corporate philanthropy . This includes monetary donations and aid given to nonprofit organizations and communities. Donations are made in areas such as

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1562-553: A socially responsible way while making profits (see the detailed review article of Menghwar and Daood, 2021). Considered at the organisational level, CSR is generally understood as a strategic initiative that contributes to a brand's reputation. As such, social responsibility initiatives must coherently align with and be integrated into a business model to be successful. With some models, a firm's implementation of CSR goes beyond compliance with regulatory requirements and engages in "actions that appear to further some social good, beyond

1633-445: A third party entity or governmental regulator monitor and enforce those standards. Self-regulation may ease compliance and ownership of standards, but it can also give rise to conflicts of interest . If any organization, such as a corporation or government bureaucracy, is asked to eliminate unethical behavior within their own group, it may be in their interest in the short run to eliminate the appearance of unethical behavior, rather than

1704-512: A variety of outside markets, an improved reputation, and stakeholder relationships. In all cases (emerging markets vs. developed economies), implementing CSR policies into the daily activities and framework of a company has been shown to allow for a competitive advantage versus other companies, including the creation of a positive image for the company, improved stakeholder relationships, increased employee morale, and attraction of new consumers who are committed to social responsibility. Despite all of

1775-517: Is achieved within and given by communities, which is defined as "a social unit of any size that shares common values, or that is situated in a given geographical area". Lacey suggested that social license can take a long time for a corporation or industry to achieve, but social license can be lost very quickly for a variety of factors, including changes in stakeholder expectations, technology, or other disturbances. Gunningham et al. stated that meeting and exceeding regulations to build reputational capital

1846-591: Is an example in the United States government, while various police departments employ an Internal Affairs division to perform a similar function. Self-regulation is the process whereby an organization is asked, or volunteers, to monitor its own adherence to legal, ethical, or safety standards, rather than have an outside, independent agency such as a governmental entity monitor and enforce those standards. Self-regulation can have an effect on specifying existing guidelines or laws in certain contexts, foremost in

1917-427: Is economically vital, saying: "in certain circumstances, [natural resource-based industries] cannot afford to do otherwise". In communities with a diverse economy, achieving social license is often much more complex than in local communities, which depend economically on the natural resource industry. In research undertaken by Ketola et al. , the writers believed that the forest products industry in rural Michigan in

1988-407: Is not directly undertaken by the companies, they become accountable to the stakeholders. These surrounding issues have prompted supply chain management to consider the corporate social responsibility context. Wieland and Handfield (2013) suggested that companies must include social responsibility in their reviews of component quality. They highlighted the use of technology to improve visibility across

2059-568: Is one way to achieve a social license, by enhancing a company's reputation. As stated in Enduring value: the Australian minerals industry framework for sustainable development the concept of the 'social license to operate', then defined simply as obtaining and maintaining broad community support and acceptance. Unless a company earns and maintains that license, social license holders may intend to block project developments; employees may leave

2130-484: Is the process by which several organizations, including suppliers, customers, and logistics providers, work together to provide a value package of products and services to the end-user, who is the customer. Corporate social irresponsibility in the supply chain has greatly affected the reputation of companies, leading to many costs to solve the problems. For instance, incidents like the 2013 Savar building collapse , which killed over 1000 people, pushed companies to consider

2201-462: The CEO or the board of directors . An engagement plan can assist in reaching the desired audience. A corporate social responsibility individual or team plans the goals and objectives of the organization. As with any corporate activity, a defined budget demonstrates commitment and scales the program's relative importance. Social accounting is the communication of social and environmental effects of

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2272-408: The United States may have received a social license through the channels that mining corporations initially established and the long history of logging and copper mining in the area continued to shape the attitudes and identities of industry participants to present day. They found that local stakeholders and local industry operators have shared history and experience as having limited power to control

2343-477: The supply chain . Corporate social responsibility includes six types of corporate social initiatives: All six of the corporate initiatives are forms of corporate citizenship. However, only some of these CSR activities rise to the level of cause marketing , defined as "a type of corporate social responsibility (CSR) in which a company's promotional campaign has the dual purpose of increasing profitability while bettering society." Companies generally do not have

2414-583: The Hungarian Association for Environmentally Aware Management (KÖVET) refers to "Deep CSR" and the role of a "Truly Responsible Enterprise". Gergely's definition of "Deep CSR" is the behaviour displayed by a "Truly Responsible Enterprise" (TRE), which: The five principles of the TRE are: In competitive markets, the cost-benefit analysis of CSR initiatives can be examined using a resource-based view (RBV). According to Barney (1990), "formulation of

2485-806: The RBV, sustainable competitive advantage requires that resources be valuable (V), rare (R), inimitable (I) and non-substitutable (S)". A firm introducing a CSR-based strategy might only sustain high returns on their investment if their CSR-based strategy could not be copied (I). However, should competitors imitate such a strategy that might increase overall social benefits? Firms that choose CSR for strategic financial gain are also acting responsibly. RBV presumes that firms are bundles of heterogeneous resources and capabilities that are imperfectly mobile across firms. This imperfect mobility can produce competitive advantages for firms that acquire immobile resources. McWilliams and Siegel (2001) examined CSR activities and attributes as

2556-535: The UK, the House of Commons Public Accounts Committee in 2015 investigated the role of large accountancy firms in relation to tax avoidance and argued that "Government needs to take a more active role in regulating the tax industry, as it evidently cannot be trusted to regulate itself". When directly self-regulating, the organization directly monitors and punishes its own members. For example, many small organizations have

2627-417: The ability to remove any member by a vote of all members. Another common form is where the organization establishes an external policing organization. This organization is established, and controlled by, the parent organization, so cannot be considered independent, however. In another form, the organization sets up a committee or division for policing the remainder of the organization. The House Ethics Committee

2698-590: The above requirements in preparing the financial statements. The directors are responsible for keeping proper books of account that disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements are prepared in accordance with accounting standards generally accepted in Ireland and with Irish statute comprising the Companies Acts 1963 to 2009... Failing to submit an annual report within

2769-614: The accounting standards issued by the Accounting Standards Board and published by The Institute of Chartered Accountants. Irish company law requires the directors to prepare financial statements for each financial period which give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the Directors are required to: The directors confirm that they have complied with

2840-862: The answers are unclear. The most direct benefit is reducing the likelihood of "dirty hands", fines, and damaged reputations for breaching laws or moral norms. Organizations see increased employee loyalty and pride in the organization. Common CSR actions include: The term "social license" was introduced in 1997 and has since been applied in multiple resource extraction industries to describe changes in company-community interactions. This use of social license has included an understanding of how acceptance levels impact resource development operations within these industries. Gunningham et al. state corporations comply with their social license by operating within societal expectations and avoiding activities (or influential elements within them) considered unacceptable, and define social license it as "the demands on and expectations for

2911-436: The arts, education, housing, health, social welfare, and the environment, among others, but excluding political contributions and commercial event sponsorship. Another approach to CSR is to incorporate the CSR strategy directly into operations, such as procurement of Fair Trade tea and coffee. Creating shared value , or CSV, is based on the idea that corporate success and social welfare are interdependent. A business needs

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2982-480: The behavior itself, by keeping any ethical breaches hidden, instead of exposing and correcting them. An exception occurs when the ethical breach is already known by the public. In that case, it could be in the group's interest to end the ethical problem to which the public has knowledge, but keep remaining breaches hidden. Another exception would occur in industry sectors with varied membership, such as international brands together with small and medium size companies where

3053-533: The benefits, it is important to note that several drawbacks exist, including possible accusations of hypocrisy, the difficulty of measuring the social impact of CSR policies, and oftentimes placing companies at a disadvantage against competitors when prioritizing CSR ahead of advancing a company's R&D. A large body of literature urges businesses to adopt non-financial measures of success (e.g., Deming 's Fourteen Points, balanced scorecards ). While CSR benefits are hard to quantify, Orlitzky, Schmidt and Rynes found

3124-453: The brand owners would have an interest to protect the joint sector reputation by issuing together self-regulation so as to avoid smaller companies with less resources causing damage out of ignorance. Similarly, the reliability of a professional group such as lawyers and journalists could make ethical rules work satisfactorily as a self-regulation if they were a pre-condition for adherence of new members. An organization can maintain control over

3195-718: The companies is to obtain and maintain the Social License to Operate. Based on the Requisite Organization , to achieve this goal, a company needs to: A positive relationship has been shown to exist between CSR and a firm's corporate financial performance. However, results from these analyses may need to be examined under different lenses for emerging and developed economies, especially since firms based in emerging economies oftentimes have weak firm-level governance. For companies operating in emerging markets, engaging in CSR practices enables widespread reach into

3266-407: The company as the social contract the company has with the social license holders (employees, trade unions, communities, government) for them to manifest positive intention to support the business short- and long-term objectives by "providing managerial leadership that nurtures the social good and also gives the foundation for sustainable growth in organizational results." The primary objective for

3337-459: The company for a company that is a better corporate citizen: and companies may be under ongoing legal challenge. Issues related to the government's measurement of corporations' social license include its role in licensure processes, the penalties for non-compliance, or the community's ability to halt a project if a corporation is not responsive to their concerns, are still subject to global concern. Regardless of government involvement, social license

3408-545: The company to make a positive impact on the environment and stakeholders including consumers, employees, investors, communities, and others. From an ethical perspective, some businesses will adopt CSR policies and practices because of the ethical beliefs of senior management: for example, the CEO of outdoor-apparel company Patagonia, Inc. argues that harming the environment is ethically objectionable. Proponents argue that corporations increase long-term profits by operating with

3479-453: The company's financial position and future direction. The financial statements are usually compiled in compliance with IFRS and/or the domestic GAAP , as well as domestic legislation (e.g. the SOX in the U.S.). In the United States , a more-detailed version of the report, called a Form 10-K , is submitted to the U.S. Securities and Exchange Commission . A publicly held company may also issue

3550-550: The context of theories of globalization , neoliberalism , and late capitalism . Since the 1960s, corporate social responsibility has attracted attention from a range of businesses, academics and stakeholders and been referred to by a number of other terms, including "corporate sustainability", "sustainable business", "corporate conscience", "corporate citizenship", "purpose", "social impact", "conscious capitalism ", and "responsible business". A wide variety of definitions have been developed, but with little consensus. Part of

3621-449: The definition problem has arisen because of the different interests represented. A business person may define CSR as a business strategy, an NGO activist may see it as ' greenwash ' while a government official may see it as voluntary regulation. "In addition, disagreement about the definition will arise from the disciplinary approach." For example, while an economist might consider the director's discretion necessary for CSR to be implemented

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3692-465: The designated deadline can result in serious legal and financial consequences for a company. For example, in Estonia, failing to meet this deadline can lead to penalties, including fines and, in more severe cases, the potential removal of the company from the register. In 1903, US Steel published an annual report whose financial accuracy was certified by Price, Waterhouse & Co in what is known as

3763-428: The development of appropriate measures and reporting techniques." Modern CSR has a wide range of different standards, frameworks and metrics for reporting and disclosing the social, environmental and economic issues. However, there is no single, fixed standard and the complex, dynamic and contextual nature of CSR means different companies and stakeholders adopt different approaches depending on their needs. There are

3834-491: The earliest modern corporate annual report. Certain groups such as The True Cost Of Chevron Network have released 'alternative' annual reports as a way to highlight ongoing environmental destruction and/or human rights abuses committed by a particular company. Corporate social responsibility Corporate social responsibility ( CSR ) or corporate social impact is a form of international private business self-regulation which aims to contribute to societal goals of

3905-455: The employed resources." Businesses have changed when the public came to expect and require different behavior [...] I predict that in the future, just as in the past, changes in public attitudes will be essential for changes in businesses' environmental practices. Most consumers agree that while achieving business targets, companies should engage in CSR efforts at the same time. Most consumers believe companies doing charity work will receive

3976-563: The environment, and how others perceive competitor CSR strategy. Meehan, Meehan and Richard developed a model known as the 3C-SR model, published in a frequently cited article in 2006, which aimed to offer "a new strategic approach to corporate responsibility". Their model sought to fill the gap between corporate social responsibility definitions and strategy, which the authors perceived to be an issue, and to provide guidance to managers on connecting businesses with ethically-aware consumers. An approach described by Tóth Gergely and published by

4047-415: The identifiable behaviour of individual businesses risks not including what he calls " unincorporated market behaviour" within the scope of CSR - actions attributable to market processes, and also calls for other factors including "brand citizenship" and "illegitimate, informal or illegal activity" to be considered as part of a more complete picture. The term "brand citizenship" has been put forward because

4118-495: The impacts of their operations on society and the environment. On the other hand, the horsemeat scandal of 2013 in Europe affected many food retailers, including Tesco, the largest retailer in the United Kingdom, leading to the dismissal of the supplier. Corporate social irresponsibility from suppliers and retailers has greatly affected the stakeholders who lost trust in the affected business entities. Although sometimes it

4189-520: The interests of the firm and that which is required by law". Furthermore, businesses may engage in CSR for strategic or ethical purposes. From a strategic perspective, CSR can contribute to firm profits, particularly if brands voluntarily self-report both the positive and negative outcomes of their endeavors. In part, these benefits accrue by increasing positive public relations and high ethical standards to reduce business and legal risk by taking responsibility for corporate actions. CSR strategies encourage

4260-438: The larger economic forces acting upon them. Local actors are more likely to have values similar to those of stakeholders, have established some history in the area, and have had the time to develop meaningful relationships within the community. This shared experience shaped the process of acquiring a social license. Nonlocal actors are likely to experience a much lesser degree of social license than local actors. Furthermore, many of

4331-434: The opportunities for competitive advantage from building a social value proposition into corporate strategy. CSV gives the impression that only two stakeholders are essential – shareholders and consumers. Many companies employ benchmarking to assess their CSR policy, implementation, and effectiveness. Benchmarking involves reviewing competitor initiatives, measuring and evaluating the impact those policies have on society and

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4402-480: The organization. The results can be disastrous, such as a military with no external, independent oversight, which may commit human rights violations against the public. Not all businesses will voluntarily meet best practice standards, leaving some users exposed. Governments may prefer to allow an industry to regulate itself but maintain a watching brief over the effectiveness of self-regulation and be willing to introduce external regulation if necessary. For example, in

4473-480: The public perception of an organisation may be associated with its branding rather than its corporate identity: McIntosh uses Virgin as an example. Similarly, Anne Bahr Thompson uses the same term and observes that companies adopting socially responsible behaviours are primarily investing in their reputations . In the 21st century, corporate social responsibility in the supply chain has attracted attention from businesses and stakeholders. A corporation's supply chain

4544-694: The reports vary widely in format, style, and evaluation methodology (even within the same industry). Critics dismiss these reports as lip service, citing examples such as Enron 's yearly "Corporate Responsibility Annual Report" and tobacco companies' social reports. In South Africa, as of June 2010, all companies listed on the Johannesburg Stock Exchange (JSE) were required to produce an integrated report in place of an annual financial report and sustainability report. An integrated report reviews environmental, social, and economic performance alongside financial performance. This requirement

4615-516: The researchers conducted a regression analysis and preceded the analysis with the provision of several measures that they utilized to serve as proxies for key financial performance indicators (i.e. return on assets serves as a proxy for profitability). Initially, CSR emphasized the official behaviour of individual firms. Later, it expanded to include supplier behaviour, the uses to which products were put, and how articles were disposed of after they lost value. Malcolm McIntosh notes also that focussing on

4686-899: The resources affected by forest management are held in the public trust, so it is essential for both industry actors and community stakeholders to feel engaged and involved in decisions regarding local natural resource management. Baines and Edwards shared similar findings in New Zealand's aquaculture sector regarding the importance of relationships and communication between industry and local stakeholders. They find that social license depends on relationships and building trust. Smaller, local companies tend towards relationships that are relational as opposed to transactional, possibly due to their ongoing community presences and communication abilities, which are better for fostering these relationships and trust building. In research of Requisite Organization , Elliott Jaques defines Social License to Operate for

4757-639: The rising concerns on ethical issues in businesses. A review of 14,523 articles found that stakeholder perspective is the most prevalent dimension of corporate social responsibility. This view is reflected in the Business Dictionary that defines CSR as "a company's sense of responsibility towards the community and environment (both ecological and social) in which it operates. Companies express this citizenship (1) through their waste and pollution reduction processes, (2) by contributing educational and social programs, and (3) by earning adequate returns on

4828-615: The social initiative done by the company is not aligned with other company goals it will have a negative impact. Mohr et al. (2001) and Groza et al. (2011) also emphasise the importance of reaching the consumer. Some commentators have identified a difference between the Canadian (Montreal school of CSR), the Continental European , and the Anglo-Saxon approaches to CSR. It has been described that for Chinese consumers

4899-412: The standards to which they are held by successfully self-regulating. If they can keep the public from becoming aware of their internal problems, this also serves in place of a public relations campaign to repair such damage. The cost of setting up an external enforcement mechanism is avoided. If the self-regulation can avoid reputational damage and related risks to all actors in the industry, this would be

4970-459: Was defined by Sheehy as "international private business self-regulation". Sheehy examined a range of different disciplinary approaches to defining CSR. The definitions reviewed included the economic definition of "sacrificing profits", a management definition of "beyond compliance", institutionalist views of CSR as a "socio-political movement," and the law's focus on directors' duties. Further, Sheehy considered Archie B. Carroll's description of CSR as

5041-557: Was implemented in the absence of formal or legal standards. An Integrated Reporting Committee (IRC) was established to issue guidelines for good practice. One of the reputable institutions that capital markets turn to for credible sustainability reports is the Carbon Disclosure Project , or CDP. Consumers of goods and services should verify corporate social responsibility and the results of reports and efforts. The accounting, auditing, and reporting resources provide

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