Question

answer these questions in very short essays

1)Explain the concept of corporate social responsibility.

2)Explain the relationship between CSR and a company’s various stakeholders.

Answer 1

1)

Corporate Social Responsibility often referred to as ‘CSR’ are the activities taken by a corporation to rectify the harm it has caused to the environment and social well being. The responsibility of a corporation goes beyond making profits and increasing the value of shares to its owners and shareholders.

2) The ultimate stakeholder is the community. CSR activities can take several forms. It can take the form of building schools and/or hospitals, planting trees, providing nutrition to vulnerable groups, donating medicines and food to areas devastated by natural calamities, etc. Corporations also indulge in activities for their staff by providing extended maternity leave, flexible working hours to new moms, paternity leave and child care. In recent times, corporate social responsibilities have become popular and corporations are eager to participate in community activities. The triple bottom line – people, planet and profit – seems to have become the motto of many corporations.