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Corporate Social Responsibility (CSR) Elements
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Environmental Sustainability
Environmental Sustainability in CSR refers to a company's commitment to engaging in environmentally friendly practices and reducing its carbon footprint. Examples include using renewable energy resources, reducing emissions, and engaging in reforestation projects.
Ethical Business Practices
This CSR element is about conducting business with integrity and in a manner that is fair and ethical to all stakeholders, including employees, customers, and suppliers. Examples are adhering to fair trade principles, avoiding corruption, and ensuring products are made without exploitation.
Philanthropy
Philanthropy in CSR involves companies donating resources, such as money, time, or products, to charitable causes. Examples include corporate sponsorships, employee volunteer programs, and in-kind donations.
Economic Responsibility
This element of CSR emphasizes a firm's obligation to be economically viable and to provide value to shareholders while also fostering economic development within the community. Examples include creating jobs, engaging in fair financial practices, and investing in local economies.
Stakeholder Engagement
Stakeholder Engagement is the process of involving all parties impacted by the company's operations in its decision-making processes. This includes actively listening to and considering the interests and concerns of customers, employees, suppliers, and the local community. Examples include public forums, feedback surveys, and stakeholder meetings.
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