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Corporate social responsibility and society

Corporate social responsibility and society . Strategic use of Corporate Social Responsibility and sustainability . Paper Presentation by Ms Meghana Patil and Dr Mahalaxmi Krishnan. Scope of Presentation. Introduction Rationale of the Present Study Objectives of the Study

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Corporate social responsibility and society

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  1. Corporate social responsibility and society Strategic use of Corporate Social Responsibility and sustainability Paper Presentation by Ms Meghana Patil and Dr Mahalaxmi Krishnan

  2. Scope of Presentation Introduction Rationale of the Present Study Objectives of the Study Literature Review Findings of the study The 10 Principles of the UN Global Compact Strategies used by organizations for implementing CSR Strategic stakeholder partnerships Trust building through transparency & communication Full organizational participation in csr Metrics and measurement CSR in relation to Environment management Suggestions and recommendations Future of CSR Conclusion

  3. Introduction • "We need a new system of values, a system of the organic unity between humankind and nature and the ethic of global responsibility." Mikhail Gorbachev, President, Green Cross International • "Social obligation is much bigger than supporting worthy causes. It includes anything that impacts people and the quality of their lives ." William Ford Jr., Chairman, Ford Motor Co.

  4. Rationale for the Present Study • Since the last century, the world is facing serious challenges such as • rapid rise in population, • fast depletion of scare natural resources, • severe environment pollution and • damage to the fragile ecosystems due to conspicuous consumption and wastages. • These are engaging the serious attention of • governments, • manufacturers and • the people at large

  5. resulting in gradual shift in the orientation and thinking of business management towards environment • With a view to throw light on the subject from the corporate point of view a study was made to analyse the initiatives undertaken by the business organizations in the area of CSR

  6. Problem identification • Is there an opportunity for companies to do well by doing good? • Can the sustainability be achieved through the CSR ?

  7. Objective of the study • To understand the meaning and scope of CSR • To identify the various strategies of the organisation to implement CSR effectively • To study CSR in relation to environment management • Suggestions and Recommendations • Future of CSR

  8. Literature Review

  9. Research Methodology • Coverage of the Study • This research paper studies all the case studies from national and international events. It also discusses the initiatives taken by the organizations. • Sources of Data • Data and information for the research study were gathered from secondary published sources viz., books, periodicals, journals, web sites and research studies. • Data Analysis • A critical qualitative analysis of the data and information gathered from published sources were made keeping the objectives of the study in mind.

  10. Findings of the Study1. Strategies used by organizations for implementing CSR • Various strategies used for implementing CSR are • The development of strategic stakeholder partnerships • Trust building through transparency and communication • Full organizational participation in CSR • The creation of viable metrics and measurement techniques

  11. 2. CSR in relation to Environment management • International certifications such as ISO 18001 should be actively pursued as a base threshold to attain even higher environmental standards. • Continuous energy savings, waste reduction, promoting recycling, minimizing pollution and planting of trees are key pillars • Today industries need to look beyond environment management and are required to take positive steps for its rejuvenation. Companies must celebrate • the World Environment Day, • Earth Day, • Water Day, • Ozone Day, etc. • and create environmental awareness among employees and surrounding communities and schools. Companies must do research and find out innovative technologies and materials for sustainable climate protection.

  12. SUGGESTIONS & RECOMMENDATIONS • Companies should become signatories to voluntary schemes like United Nations Principles of Responsible Investments (UNPRI), United Nations Environmental Programme Finance Initiative (UNEP FI), UN Global Compact and the IFC Equator Principles, aimed at developing good practices to minimise information asymmetry in this field • Government is proposing to introduce a legislation for companies to set aside 2% of their profits for CSR related activities. They should encourage companies to take up CSR earnestly by offering some subsidies, tax benefits for such endeavors besides keeping a watch through various controlling measures.

  13. SUGGESTIONS & RECOMMENDATIONS • companies should use energy – efficient technologies • All environmental initiatives should be directed towards a long term objective of becoming water positive, carbon neutral, and conducting the maximum possible recycling and reuse of wastes. • Employees working in companies should be made sensitive to CSR so that they participate in such activities more enthusiastically. • HDFC Mutual Fund’s initiative to fight cancer by introducing “HDFC Debt Fund for Cancercure” is a classic example of involving all the stakeholders for a social cause. More companies and organizations should come out with such bold social initiatives.

  14. 4. Future of CSR • Reducing carbon emissions, improving transparency in business and labour relations will be top corporate social responsibility issues for companies in Asia-pacific over the next decade • Companies must innovate new models of production and consumption as sustainable corporate strategy to contribute to the issues of climate change, global warming, carbon emission, etc.

  15. CONCLUSION • As evidenced by our research and findings, the integration of CSR and strategy promotes and provides a structured mechanism for business to move closer to society, and hence be better able to adapt to the continuous transformations of society • Businesses can use strategic CSR, especially strategic stakeholder partnerships, to become deeply interlinked with Society

  16. Conclusion • This research has also revealed that social responsibility is regarded as an important business issue among the business community, irrespective of the size, age, sector, primary purpose or location of the enterprise. • It has clearly emerged from the study that institutionalizing the CSR in business strategy has multiple long term benefits. • When organizations partner with stakeholders, there is a convergence of the societal advantages and strategic advantages.

  17. Conclusion • The potential gains of such an evolution hold enormous benefits for the long term sustainability of both business and society. • While profit is important, social, ethical and environmental responsibilities outweigh the costs over time. Corporate social responsibility can thus create value for the organization in the long run

  18. To sum up • Positive orientation towards societal responsibility can help to create tangible gains for organizations for sustainable advantage

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