CSR: Corporate Social Responsibility. Your Views?

November 2, 2006 1:43pm CST
"Corporate social responsibility (CSR) refers to the idea that a company ought to be sensitive to the needs of all of the stakeholders in its business operations. A company’s stakeholders are all those who are influenced by, or can influence, a company’s decisions and actions. These can include (but are not limited to): employees, customers, suppliers, community organizations, subsidiaries and affiliates, joint venture partners, local neighborhoods, investors, and shareholders (or a sole owner). CSR is also about how businesses account for their economic, social and environmental impacts. It can be seen as the voluntary actions that businesses take, over and above compliance with minimum legal requirements, to address both competitive interests and the interests of wider society. Its goes beyond simple philanthropy. CSR is closely linked with the principles of Sustainable Development in proposing that enterprises should be obliged to make decisions based not only on the financial/economic factors but also on the social and environmental consequences of their activities." That is how wiki describes CSR. I want to know what your understanding of CSR is. Do you think corporates really need to commit to CSR?
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