1) Understand and meaning of social responsibility

• Key concepts

  • Initiative - implementing solutions to new plans that have been undertaken by the business.
  • Stakeholders - any person that has direct or indirect interest in the business and its activities.
  • Wellbeing - the degree of happiness/ positive morale of employees/ society.
• Key concepts

  • Emissions - harmful substances that are released during production processes.
  • Corporate social responsibility (CSR) - how business manages its processes, including time and effort, to affect all the stakeholders of the business positively.
  • Social responsibility - an ethical viewpoint that says every individual/ organisation must benefit society as a whole.
• Key concepts

  • Corporate social investment (CSI) - the investment of corporate funds/ other assets for primary purpose of achieving social outcomes.
  • Social responsibility index - allows for benchmarking of CSR/ CSI compliance of companies which assists managers to improve their CSR/ CSI performance. This is an index used by the JSE to inform investors about the corporate sustainability policies and practices of businesses.
• Understanding social responsibility

  • Businesses have an obligation towards all their stakeholders, and also towards the community.
  • Business must always keep the laws and legal requirements of the government in mind during their operations.
  • They must also be careful not to exploit natural resources.
• The meaning of social responsibility

  This responsibility can take the form of:

  • avoiding any actions that could harm the environment, for example, exploiting natural resources.
  • implementing initiatives that can benefit the society.