D. What is corporate social responsibility?

Although the formal definition of Corporate Social Responsibility (CSR) has been discussed many times in domestic and foreign forums, there is still no consensus. At present, the concept of CSR is generally recognized in the world: while creating profits and being responsible for the interests of shareholders, enterprises must also undertake social responsibilities to employees, society and the environment, including compliance with business ethics, production safety, occupational health, and protection of the legality of workers. rights, saving resources, etc.

The World Bank defines corporate social responsibility as a collection of policies and practices related to a company's relationships with key stakeholders, its values, compliance with laws, and respect for people, communities and the environment. It is a commitment by a business to contribute to sustainable development to improve the quality of life of its stakeholders.

In addition, there is also a view that the so-called "corporate social responsibility" means that under the market economy system, in addition to pursuing profits for shareholders, the responsibility of enterprises should also consider relevant stakeholders (stakeholders), that is, influence and suffer. The interests of all parties that affect the conduct of the enterprise. Among them, the interests of employees are the most direct and most important content in corporate social responsibility.

While there is no single definition of CSR, in essence, companies pursuing this approach need to do three important things:

First, the company recognizes that its business activities will have a great impact on the society in which it operates; and social development will also affect the company's ability to pursue business success;

Second, in response, the company actively manages the economic, social, and environmental impacts of its worldwide operations, not only for the benefit of the company's business operations and corporate reputation, but also for the local social groups;

Third, companies achieve these interests by working closely with other groups and organizations, local groups, society and government departments.