Page 47 - E1 Integrated Workbook STUDENT 2018

Govvernancee, regulation, ethics and ccorporatte social responssibility

Corrporate social ressponsiibility ((CSR)

This follows on from our disscussion off stakeholdders and etthics.

CSSR meanss that the ccompany iss sensitive to the neeeds of all
stakeholderss and not just sharehholders. As such, ethhics is just one
dimension oof CSR.

Beneffits includee:
 Method off differentiaation.

 Attract and retain higgh calibre staff.
 Brand streengtheningg.

 Lower cossts, e.g. duue to less eenergy usaage.
 Identificattion of neww market oppportunities and channging sociaal expectations.

An ovverall increease in proofitability ass a result oof the abovve.

An orgaanisation mmay take oone of fourr stances on CSR:

Increasiing sense of CSR

Laissezz faire Enlighteened self- Multiplee Shaper of

inteerest
stakeholdder s society
obligations

35