Corporate Responsibility Abstract

Corporate responsiblity is a form of corporate self-regulation integrated into a business model. Ideally, corporate responsibility policy would function as a built-in, self-regulating mechanism whereby business would monitor and ensure its adherence to law, ethical standards, and international norms. Business would embrace responsibility for the impact of their activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere. Furthermore, business would proactively promote the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality. Essentially, CSR is the deliberate inclusion of public interest into corporate decision making.

The practice of corporate responsibility is subject to much debate and criticism. Those who support argue that there is a strong business case for corporate responsibility in that corporations benefit in multiple ways by operating with a perspective broader and longer than their own immediate, short-term profits. Opponents argue that CSR distracts from the fundamental economic role of businesses; others argue that it is an attempt to pre-empt the role of governments as a watchdog over powerful multinational corporations.

Source: http://en.wikipedia.org/wiki/Corporate_social_responsibility