What is corporate social responsibility (CSR)?
● CSR is about how business takes account of its economic, social and environmental impacts
in the way it operates – maximizing the benefits and minimizing the downsides. It is the
voluntary actions that business can take, over and above compliance with minimum legal
requirements, to address both its own competitive interests and the interests of wider society.
● Although there are many definitions of CSR, they usually include five ‘dimensions’:
– The environmental dimension
– The social dimension
– The economic dimension
– The stakeholder dimension
– The voluntariness dimension.