What is CSR?
What is Corporate Social Responsibility (CSR)?
Corporate social responsibility (CSR) refers to how companies integrate social, environmental, and economic concerns into their values and operations. CSR goes beyond corporate charitable donations, it is about companies taking responsibility for their impact on society, but it does not refer to charity. CSR emphasizes sustainable aims, engaging with stakeholders, and respecting international norms. The Harvard Business Program’s terms of reference state that CSR “encompasses not only what companies do with their profits, but also how they make them.”
CSR and the Commercial Sexual Exploitation of Children
CSR is linked to the commercial sexual exploitation of children (CSEC) through four areas: travel / tourism, media industries, new technology, and the financial sector. Corporate actions can affect children in various ways. Children can be affected as employees, family members of employees, consumers, or viewers. These sectors have tried to address CSEC through initiatives such as codes of conduct, training programs, and the development of new technologies such as filtering and rating systems.
Benefits of CSR
Both public policy and business potential drive CSR. Benefits of incorporating CSR include an improved management reputation, building ‘social capital,’ and an enhanced ability to affect change. The International Institute for Sustainable Development believes that “firms can contribute to their own wealth and to overall societal wealth by considering the effect they have on the world at large when making decisions.”
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