Chapter 5

• CSR is also known as Corporate Citizenship.
• Corporate Social Responsibilty (CSR) is a self regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public.
• Practicing CSR, companies make a concerted effort to operate in ways that enhance society and the environment instead of contributing negatively to them.
• Companies can be conscious of their impact on all aspects of society, including economic, social, and environmental.
• Through CSR programs, philanthropy, and volunteer efforts, businesses can benefit society while boosting their brands
• CSR is Voluntary.
• CSR held you accountable.
• Environmental Responsibility - the pillar of corporate social responsibility rooted in preserving mother nature. Through optimal operations and support of related causes.
• Ethical Responsibility - rooted acting in a fair and ethical manner.
• In ethical responsibilities, it includes: fair and positive treatment across all types of costumers and employees; and honest disclosure of operating concerns to investors in a timely and respectful manner.
• Philanthropic Responsibilty - refers to how company spends its resources to make the world a better place.
• Financial Responsibility - It ties together the first three pillars.
• In financial responsibility, the company must back these plans through financial investments of programs, donation, or product research.
• Benefits of the CSR are Brand Recognition, Investor Relations, Employee Engagement, and Risk Mitigation.
• The Pillars of CSR are Environmental Responsibility, Ethical Responsibility, Philanthropical Responsibility, and Financial Responsibility
• CSR is the competitive advantage towards other companies.