(From Business Recorder)
Byline: M. SHABAN UPPAL
Today, more people are becoming aware that we are all interconnected through globalisation. Problems like poverty, exploitation and the growing population rate in one part of the world will spread as things do not stay isolated geographically. The recent corruption in the corporate sector has also brought into focus the relationship between the commercial entities and the communities they operate in.
Not surprisingly, Corporate Social Responsibility (CSR) is now being debated everywhere. However, there is still little agreement on what it means to be a sustainable company and specifically what the definition of CSR is. At the same time, consumers require more information about corporations and multinational companies' contributions to society in the light of their new stakeholder power, but the increase in information from the companies on CSR does not necessarily mean that companies have become more transparent today.
THE FOLLOWING OBSERVATIONS HOWEVER NEED TO BE ANSWERED:
-- What does the concept Corporate Social Responsibility mean?
-- Why do multinational companies report and communicate about Corporate Social Responsibility?
-- What is the problem today - any - when multinational companies communicate and report about Corporate Social Responsibility?
CORPORATE SOCIAL RESPONSIBILITY: Today, Corporate Social Responsibility, CSR, is a current issue discussed in the industry, and the concept has many definitions. Bloom and Gundlach define CSR as the obligation a company has to its stakeholders who can affect public relation's corporate policies and practices.
These obligations go beyond the law and the company's shareholder duties, and fulfilment of them are intended to minimise any harm and maximise the long-term beneficial impact of the company on society. Lantos defines CSR as "the …