What is the meaning of the concept of Corporate Responsibility (CR)?
Corporate Responsibility is an overarching agenda or umbrella that encompasses three key elements: Corporate Social Responsibility, Business Ethics and Corporate Governance. Corporate Responsibility (CR) is the willingness of companies to look beyond the traditionally perceived capitalist mandate of solely making a return on investment for the firm’s owners or shareholders, to managing its social, environmental and economic impact, often referred to as the ‘triple bottom line’. It is a stakeholder focused approach to business that enables companies to explore and respond to the pressures it faces as a result of the changing global economy. It is the function of CR to look to the long term sustainability of the firm, mitigating the risk of mismanagement by promoting transparency, introducing mechanisms of accountability, responding to stakeholder expectations and benchmarking and evaluating performance to ensure continuous improvement.
