Corporate social responsibility

15
ENVIRONMENTAL ECONOMICS 06/06/22 1 Javaid Dar....LPU

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Transcript of Corporate social responsibility

Page 1: Corporate social responsibility

ENVIRONMENTAL ECONOMICS

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CORPORATE SOCIAL RESPONSIBILITY

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Corporate Social ResponsibilityDefinition

What is Corporate Social Responsibility?

The responsibility of businessmen towards the society

Corporate Social Responsibility

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DEFINITION

A voluntary initiative on the part of a business to contribute to a better society and a greener and

cleaner environment.

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PPP APPROACH

The triple bottom line approach for CSR:

People, Planet and Profit. Economic Concerns Social Concerns Environment Concerns

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CORE ELEMENTS

Care for stakeholders

Ethical functioning

Respect for worker's rights and welfare

Respect for environment

Activities for social and inclusive development

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Drivers of CSR

The shrinking role of government

Competitive labor markets

Growing investor pressure

Competitive markets

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Benefits of CSR… Strengthened brand positioning.

Enhanced corporate image. Increased ability to attract, motivate, and retain employees.

Increased sales and market share.

Increased appeal to investors and financial analysts.

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GLOBAL SCENARIO

The World Business Council for Sustainable Development is an organization with 160 international companies, having a shared commitment to sustainable development via economic growth, ecological balance and social progress. They are working in a number of areas including “ building a low carbon future”

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CONT..

• By 1990, 90 % of fortune 500 firms embraced CSR and are actively promoting their CSR activities.

• Deutsche Bank spends 3% of its net income on CSR efforts.

BMW spends more than 1% of its net income on CSR projects.

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INDIAN SCINARIO

Companies which have adopted and followed the CSR in India are: Tata Group, BHEL, Wipro, Bajaj Auto Ltd., Larsen & Toubro, Sriram Investments, Otis Elevator Co. India, ACC, Asian Paints, Brook Bond, Colgate Palmolive, Escorts, SAIL, ITC, Ashoka Leyland etc.

The contribution of these companies towards CSR encompasses various initiatives like:

Starting social trusts Anti pollution measures Adopting villages Family planning clinics Training unemployed youth Community development activities04/08/23 11Javaid Dar....LPU

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EXAMPLES FROM INDIA

CASSMATE (child literacy) DABUR INDIA (child literacy) L & T (construction skills training institute

CHENNAI) INDIA ALUMINIUM COMPANY

JARKHAND (women empowerment) MAHINDRA & MAHINDRA (micro

finance)

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CHALLENGES

Lack of Community Participation in CSR Activities:

Visibility Factor:

Non-availability of Well Organized Non-governmental Organizations (NGO,s):

Narrow Perception towards CSR Initiatives:

Non-availability of Clear CSR Guidelines:

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RECOMENDATIONS

CSR initiatives should be highlighted in the media

SME,s should be encouraged to participate in CSR projects

More CSR projects should be directed towards rural areas.

CSR management should be made a compulsory subject in all business schools

People should be educated about the importance of CSR projects and should be encouraged to participate.

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CONCLUSION

[email protected]

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