5003 - Corporate Social Responsibility (CSR), Sustainability, and the Circular Economy - Basics (Lecture 1) Flashcards Preview

BSc Business Management > 5003 - Corporate Social Responsibility (CSR), Sustainability, and the Circular Economy - Basics (Lecture 1) > Flashcards

Flashcards in 5003 - Corporate Social Responsibility (CSR), Sustainability, and the Circular Economy - Basics (Lecture 1) Deck (6)
Loading flashcards...
1

What are the four aspects of CSR?

- Governance
- Workers
- Community
- Environment

2

What is CSR?

‘The social responsibility of business encompasses the economic, legal, ethical, and discretionary expectations that society has of organizations at a given point in time.’ (Carroll, 1979:500)

3

EU Commission’s definition of CSR

The responsibility of enterprises for their impact on society

4

How can companies employ CSR?

• integrating social, environmental, ethical, consumer, and human rights concerns into their business strategy and operations
• following the law

5

What is a corporation?

A corporation is a legally entity with many of the same rights as those of individual people. A corporation is formed when investors exchange value (e.g., cash) for shares of the corporation becoming shareholders, which in turn creates a right to a portion of profits.

6

How did corporations develop?

Corporations have been developed over the last few hundred years following a huge boom in trade from globalisation