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Corporate Social Responsibility (CSR)
Corporate
Governance and Sustainability Center (CGS Center) believes that
there is a fine line between corporate governance and
responsible business conduct. Responsible behavior is the
linchpin of corporate credibility, and corporate credibility is
closely linked to corporate responsibility. Corporate
responsibility is the core of the issue. It is also referred to
as social responsibility, responsible business conduct and
corporate citizenship.
Corporate
responsibility can be achieved by regulation, by voluntary
approach, or by a combination of the two. While regulatory
approach involves abiding by national laws and regulations,
voluntary compliance generally aims to set higher standards.
Recently more businesses engaged in voluntary initiatives to
improve their compliance with the law and with the "softer"
social constraints on their behavior. These initiatives involve
first the issuance of codes of corporate conduct setting forth
commitments to transparency, disclosure and accountability in
areas such as:
- Employment, labor relations,
- Environmental management
- Social issues such as human rights, consumer protection, and
- Ethical issues such as fighting bribery and corruption
CGS Center widely accepts the role of CSR in the promotional
activities; however is of the belief that, CSR has a great impact
on the company value if its embedded in the company activities
directly. With this in mind CGS Center assists companies to;
- Set their CSR policies and strategies
- Increase the value of their companies through well defined
CSR strategies and implementation
- Prepare their CSR compliance reports under different
regulatory schemes
- Comply with key CSR reporting guidelines such as GRI, UN
Global Compact
- Communicate their CSR strategy and report to their stakeholders
Nations Global Compact's ten principles in the areas of human
rights, labor, the environment and anti-corruption enjoy
universal consensus and are derived from:
The International
Labor Organization's Declaration on Fundamental Principles and
Rights at Work The Rio
Declaration on Environment and Development.
The United Nations
Convention Against Corruption Since its official launch on 26
July 2000, the initiative has now grown to over 3,800
participants, including over 2,900 businesses in 100 countries
around the world.
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Every company like it or not, has
corporate social responsibility policy.
The first issue is whether they
recognize the fact,
and the second is how far they are alert to changes in
what society expects of them in this field.”
Sir Adrian Cadbury,
Chairman, Cadbury Committe
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Corporate
