Over the past few years CSR, as a concept, has been thefocus of many deliberations and research. It has grown in importance bothacademically as well as in the business sense. It captures a spectrum of valuesand criteria for measuring a company’s contribution to social development. Asthe term “CSR” is used continually, many complementary and overlappingconcepts, such as corporate citizenship, business ethics, stakeholdermanagement and sustainability, have emerged.
These extensive ranges ofsynonymously used terms indicate that multiple definitions has been devised forCSR, mostly different perspectives and by those in facilitating roles such asthe corporate sector, government agencies, academics and the public sector. A Widely cited definition of CSR in the business and social contexthas been given by the European Union (EU). It describes CSR as “the conceptthat an enterprise is accountable for its impact on all relevant stakeholders.It is the continuing commitment by business to behave fairly and responsibly,and contribute to economic development while improving the quality of life ofthe work force and their families as well as of the local community and societyat large…In other words, CSR refers to ensuring the success of thebusiness by inclusion of social and environmental considerations into acompany’s operations. It means satisfying your shareholders’ and customers’demands while also managing the expectation of other stakeholders such asemployees, suppliers and the community at large.
It also means contributingpositively to society and managing your organization’s environmental impact.Hence, CSR is a contribution to sustainable development, implying the way acompany balances its economic, environmental and social objectives whileaddressing stakeholder expectations and enhancing shareholder value.CSR not only includesthe activities that a company undertakes in order to utilize their profits toenable social and envirnomental development, but also includes the methods thata company