Corporate social responsibility (CSR)

Definition

Corporate Social Responsibility is a self-regulating business model that helps a company be socially accountable to itself, its stakeholders, and the public. By practicing CSR, companies can be conscious of the kind of impact they are having on all aspects of society including economic, social, and environmental.

Related terms

Sustainability:

The practice of conducting business in a way that ensures long-term preservation and minimal impact on the environment.

Stakeholder Engagement:

The process by which an organization involves people who may be affected by the decisions it makes or can influence the implementation of its decisions.

Ethical Sourcing: The process of ensuring that products are obtained in a responsible and sustainable way, respecting the workers' rights and with minimal harm to environmental or social standards