Sustainability and Corporate Responsibility: Changing the Corporate Landscape

The idea that companies are socially responsible and impactful is called Corporate Social Responsibility (CSR). Here are the key concepts of this week’s article.

Evolution of Business Goals: Traditionally focused on maximizing profits, businesses now recognize the importance of social responsibility and sustainability.

Corporate Social Responsibility (CSR): A self-regulation strategy where companies consider their impact on society and the planet, being accountable to stakeholders and the public.

Triple Bottom Line: A shift from purely financial goals to a triple bottom line approach, considering profit, people, and planet in business strategies.

Sustainability and Corporate Responsibility: Closely related concepts focusing on responsible business practices, where sustainability involves balancing economic, social, and environmental considerations.

ESG Criteria: Environmental, Social, and Governance (ESG) criteria are used to evaluate a company's performance in sustainability, social responsibility, and corporate governance.

Types of CSR: Environmental, philanthropic, financial, and ethical responsibilities are the four traditional categories of corporate social responsibility.

Socially Responsible Businesses: Companies that actively contribute to society and the environment, going beyond profit-driven motives, fostering inclusivity and ethical practices.

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