20-09-2016, 02:50 PM
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Abstract
Businesses today have realized that, in order to continue thriving, they have to adopt a more holistic and inclusive business model, which has a direct co-relation with business performance. This includes a system of triple bottom-line reporting - economic, social and environmental-and a focus on transparency and accountability. The wind of transformation of the global economy has manifested new changes in the corporate initiative. Corporate Social Responsibility as an expression was used perhaps for the first time in 1953 when ‘Bowen’ raised the question “What responsibility to Society can business people be reasonably expected to assure”. This study is mainly concentrated on the best CSR practice initiatives by global leading corporate world.
Introduction
Corporate social responsibility (CSR) also called corporate responsibility, corporate citizenship, responsible business and corporate social opportunity is a concept whereby organizations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities and other stakeholders, as well as the environment.
Corporate social responsibility is a much misunderstood concept. It contradicts the corporate objectives of profit motive. But it is difficult to overlook the prime objective of the business for the purpose of 'do good activity'. According to Kotler and Lee-it is" a commitment to improve community well-being through discretionary business practices and contributions of corporate resources."The world business council on Sustainable Development has defined corporate social responsibility as the "commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life." It is the backbone of today's business sustainability. To provide support in the favor of corporate social responsibility the comment of Canadian Center of Philanthropy as –"a set of management practices that ensure the company minimized the negative impacts of its operations on society while maximizing its positive impact".
Strategically speaking, business can only flourish when the communities and ecosystems in which they operate are healthy. This broad strategic context helps explain the growing appetite among businesses worldwide for authoritative information, company examples and advice about corporate social responsibility (CSR). This guide has been developed by the International Institute for Sustainable Development (IISD) to help respond to that demand. Importantly, the guide should also be useful to the many firms that do not currently have formal CSR policies or programs in place
The Global firms with best reputations for corporate social responsibility
Many businesses recognize the importance of being socially and environmentally conscious, and will often advertise charitable initiatives, such as annual fundraisers for a cause, or a volunteer project their staff worked on. But companies that incorporate social responsibility into their business model prove that a dedication to these initiatives goes a long way, both for the cause and their reputation.
Google has landed for the second year in a row at the top of a list of companies considered to have the best reputations for corporate social responsibility in the world, says Brad Hecht, a vice president at Reputation Institution, the 18-year-old Boston and Copenhagen-based consulting firm that measures corporate reputations around the globe. In second place: BMW. The German carmaker is known for suffusing its manufacturing, research and development with efforts to make them more sustainable.
Corporate social responsibility in global health
As pharmaceutical firms experience increasing civil society pressure to act responsibly in a changing globalized world, many are expanding and/or reforming their corporate social responsibility (CSR) strategies. We sought to understand how multinational pharmaceutical companies currently engage in CSR activities in the developing world aimed at global health impact, their motivations for doing so and how their CSR strategies are evolving.. In terms of CSR strategy, firms were at different points on a spectrum ranging from philanthropic donations to integrated systemic shared value business models.
Ranbaxy benefits over 2 lakh people, in certain identified areas in the states of Punjab, Haryana, Himachal Pradesh, Madhya Pradesh and Delhi. The programme is based on an integrated approach of preventive, primitive and curative services, covering areas of maternal child health, family planning, reproductive health, adolescent health, health education including AIDS awareness.
Dr Reddy's Foundation for Health Education (DRFHE) was initiated in 2002 with the aim of providing long term value added benefits to customers in terms of meeting unfulfilled needs. DRFHE extends its social responsibility to the patient community, doctors, nurses and society at large, understanding that they are important stake holding groups. It is intended to gradually assume the role of an innovative differentiator, by constantly striving to play a meaningful role in Healthcare management to help the organization build equity
Socially and Environmentally Conscious Firms at Global Level
Cole and Parker – This Canada-based Sock Company does more than just sell colorful footwear. Through its partnership with microfinance organization Kiva, Cole and Parker donates proceeds from every sock sale to a fund that is used to provide small loans for entrepreneurs in developing countries.
Children Inspire Design – Artist and mother Rebecca Peregrine began selling her whimsical wall art, cards and posters to promote environmental education for children. In addition to using recycled materials, eco-friendly inks and biodegradable packaging for Peregrine’s original designs, Children Inspire Design sells handcrafted paper ornaments made by a women's cooperative in Mexico, and a special poster whose full proceeds go to Future Fortified. –
Nicklaus Companies – Legendary golfer Jack Nicklaus founded Nicklaus Companies, a global business that focuses on marketing, licensing and the design of golf courses worldwide. Recently, Nicklaus and business partner Howard Milstein released a line of golf balls to be sold online and at Nicklaus Design courses, with a percentage of all proceeds going to benefit the Nicklaus Children's Health Care Foundation. Customers receive a discount for purchasing online but have the option to make up the difference from the retail price by donating to the foundation.
People Water – You might be wondering how buying bottled water in the U.S. can provide clean water in impoverished nations around the world. Thanks to People Water's "Drop for Drop" initiative, every bottle the company sells helps to fund one of its global clean water projects, whether it's building a new well, repairing a broken one or establishing a water purification system in an area suffering from poor water quality. To date, People Water has helped bring more than 5.7 million gallons (21.6 million liters) of clean water to people in need.
Rainbow Light – Founded in 1981, Rainbow Light started out selling spirulina nutritional supplements to health-conscious consumers. In addition to expanding its line of natural supplements, the company has been committed to improving the health of its customers, trade partners, global community and the planet. As part of its Circle of Care initiative, Rainbow Light helps fight global malnutrition with its supplements through Vitamin Angels, a nonprofit that delivers vitamins to at-risk mothers and babies, and uses 100 percent recycled and recyclable BPA-free packaging.
Infosys Technologies has been named as the best company in India in terms of Corporate Governance. InInfosys, its basis for corporate governance standards is the Combined Code Principles of Good Governance and Code of Best Practice derived by the committee on its final report and from the Cadbury Report. Besides, the White Paper on Corporate Governance in Asia produced by the Organization for Economic Cooperation and Development (OECD) has also been a base for the initiatives.
Nissan's CSR Vision
Guided by the corporate vision of Enriching People's Lives, Nissan seeks to contribute to sustainable social development through all its global activities. Their mission is to provide unique and innovative automotive products and services that deliver superior values to all stakeholders in alliance with Renault. As a leading global automaker, it also views as its mission to contribute solutions to the issues facing humanity. They are committed to all of their stakeholders-including customers, shareholders, employees and the communities where they do business-to deliver engaging, valuable and sustainable mobility for all. Through their business activities, they aim to create economic value and to actively contribute toward the development of a sustainable society. At Nissan, they call thisapproach to corporate social responsibility "Blue Citizenship." Through Blue Citizenship, they aim to be a company the Social contribution symbol and slogan as a slogan that summarizes the Company’s entire social contribution.
Hyundai’sCorporate Social Responsibility Philosophy
Hyundai’s CSRs can be divided among economic, social, and environmental responsibilities. The economic responsibilities, touching the fundamental basis of any profit making organization and including the needs to create jobs and to receive investments, are fulfilled by ensuring trustworthy management. Hyundai, as an active corporate citizen, also fulfills its social responsibilities through its various CSR campaigns, projects, and programs catering to the needs of its stakeholders, including the marginalized of society at large, employees, customers, partner businesses, and local communities. The company also implements systems of environmental management in order to fulfill the environmental responsibilities Philosophy, “Moving the World Together” expresses Hyundai Motor Company’s desire to make changes for the better together with its neighbors through love and actions. “Moving” represents the desire for continuous change and development; “World” represents the hopes and dreams of the world, and “Together” represents the harmonious partnership with society. To strengthen the company’s resolve to make “Moving the World Together” a reality, the slogan has been translated into 23 languages.
Conclusion
Business sustainability is all about serving the needs of one’s customers, clients, and stakeholders across the globe in a socially responsible and, thus, concomitantly an economic efficacious manner. Business is expected to achieve its core economic value in conformity with the values of morality and legality. That is, business must act in a profitable, legal, and moral manner. Today, moreover, above and beyond the responsibility to act legally and morally in the pursuit of profit is the notion of social responsibility, which typically is called “corporate social responsibility” (CSR). The law defines legal accountability; ethics determines moral accountability, but ascertaining the definition, nature, extent of, and rationales for the value of social responsibility emerges as an even more challenging task. Several foundations run by corporate houses plan to devise a common strategy to ensure transparency in their social and community development operations, such as tracking spending in and progress of such projects in their annual reports. The effort is significant because it brings together a wide range of Indian companies to share ideas on innovating sustainable programmes and building a positive image and encouraging social involvement of employees, which in turn develops a sense of loyalty for the organization.