CHAPTER 5

Question 1

There is no ______ method
for pursuing a corporate social
responsibility (CSR) approach.

Answer 1

“one-size-fits-all”

Question 2

is a framework that outlines
a company’s responsibilities and commitment to conducting
business in an ethical and socially responsible manner.

Answer 2

CSR, or Corporate Social Responsibility FRAMEWORK

Question 3

It involves
considering the impact of business activities on various stakeholders,
including employees, customers, communities, and the environment.

Answer 3

CSR, or Corporate Social Responsibility FRAMEWORK

Question 4

is often seen as a way for companies to go beyond profit-making
and contribute to the betterment of society and the environment.

Answer 4

CSR FRAMEWORK

Question 5

CSR FRAMEWORK

Answer 5

1. Conduct a csr assessment
2. Develop csr strategy
3. Develop csr commitments
4. Implement csr commitments
5. Assure and report on progress
6. Evaluate and improve

Question 6

1.1 HOW TO DO AN ASSESSMENT?

Answer 6

1. Assemble a leadership team
2. Develop a working definition of csr
3. Identify legal requirement
4. Review corporate documents, processes and activities
5. Identify and engage key stakeholders

Question 7

1. Assemble a leadership team

Answer 7

Employees at all levels should be encouraged to contribute their
time, energy.

Question 8

2. Develop a working definition of csr

Answer 8

The first task of the leadership team is to develop a working
definition of CSR for the firm.

Question 9

3. Identify legal requirements

Answer 9

To ensure that the business already respects existing laws, whether
in relation to such things as governance, taxation, bribery, labor, or
government.

Question 10

4. Review corporate documents, processes and activites

Answer 10

The team should then review key corporate documents, processes
and activities for actual and potential CSR implications.

Question 11

Identify and engage key stakeholders

Answer 11

Mapping the interests and concerns of stakeholders against those of
the firm can reveal both opportunities and potential problem areas.

Question 12

is crucial for several reasons, impacting not only
the external perception of the organization but also its long-term
sustainability and success.

Answer 12

Having a well-defined and effectively implemented Corporate Social
Responsibility (CSR) strategy

Question 13

aligns business objectives with societal needs, fostering
sustainable growth, responsible business practices, and positive contributions
to society and the environment. It’s a win-win approach that benefits both
the organization and its stakeholders.

Answer 13

CSR strategy

Question 14

1.2 HOW TO DEVELOP A CSR STRATEGY?

Answer 14

1. Build support with senior management and employees
2. Research what others are doing, and existing CSR instruments.
3. Prepare the matrix of the proposed CSR actions
4. Develop options for proceeding and the business case for them.
5. Decide on direction, approach, boundaries, and focus areas.

Question 15

1. Build support on senior management and employees

Answer 15

It is important for the leadership team to continue to work to build
support among employees, given the key role they will utimately
play in CSR implementation.

Question 16

Research on what others are doing and existing CSR instruments

Answer 16

Examining vision, values, policy statements of leading competitors,
along with their codes, new CSR related product lines or approaches,
and any initiatives or programs in which they participate, can be very
useful.

Question 17

Prepare the matrix of the proposed CSR actions

Answer 17

The leadership team can plot current and possible CSR activities,
processes, products and impacts on the matrix, cross-referencing
them against the firm’s current activities and structure to see how
well they fit.

Question 18

Develop options for proceeding process and the business cases for them

Answer 18

Corporate Social Responsibility (CSR) strategy and build a business
case for each option, we’ll consider different approaches an
organization can take to implement or enhance its CSR initiatives.

Question 19

COMMON MISTAKES IN CSR

Answer 19

1. Lack of Vision
2. Scale of Change
3. Sub- strategic management
4. Risk/opportunity roles
5. Selective Hearing
6. Maintaining of structures
7. “One World” approaches
8. Uneven approach
9. Non-participative management
10. Failure to see CSR as innovation

Question 20

Decide on direction, processes, boundaries and focus areas.

Answer 20

To decide on a direction, approach, boundaries, and focus areas for
the organization’s CSR strategy, we’ll consider the organization’s
profile, industry, stakeholders, and potential impact.

Question 21

1. Lack of vision

Answer 21

Instead of asking “where are we now?” think about asking “where do
we want to be in 10 years?”;

Question 22

2. Scale of Change

Answer 22

Some of the biggest business and sustainability opportunities will
not be achieved by “bolt-on” approaches. Firms should remain open
to radically new approaches and major change;

Question 23

3. Sub-strategic management

Answer 23

CSR managed at a staff level may fail to address key issues such as
new business opportunities and the structure of incentives systems;

Question 24

4. risk/opportunity goals

Answer 24

By bundling these two issues together, companies can fail to
optimize the opportunities that a separate approach might offer;

Question 25

Selective hearing

Answer 25

Most organizations do not like criticisms, and tend to listen to some stakeholders more than others. It is necessary to engage in what some academics have described as “deep listening”.

Question 26

Maintaining of structures

Answer 26

Understanding and responding to the demands and opportunities of the future will not always be possible within old management structures;

Question 27

One world approaches

Answer 27

Real differences exist across a firm’s activities, supply chains and customers.

Question 28

Uneven approach

Answer 28

Some firms have good policies in one sector or country, which are not being best used in other sector and regions.

Question 29

Non participative management

Answer 29

"Top-down” CSR processes do not harness the skills and potential of employees.

Question 30

Failure to see csr as innovativation

Answer 30

Good CSR involves continuous innovation that links CSR to the business model.

Question 31

are policies or instruments a firm develops or signs on to that indicate what the firm intends to do to address its social and environmental impacts.

Answer 31

CSR Commitments

Question 32

CSR COMMITMENTS

Answer 32

-They ensure that the firm’s corporate culture is consistent with CSR values; -They help align and integrate the firm’s business strategy, objectives and goals; -They provide guidance to employees about how they should conduct themselves; and; -They communicate the firm’s CSR approach to business partners, suppliers, communities, governments, the general public and others.

Question 33

align with the broader societal shift towards responsible business practices. They drive organizations to consider the broader impact of their operations and decisions, aiming for a more sustainable, equitable, and ethical future.

Answer 33

CSR commitments

Question 34

promote a harmonious balance between profit-making and societal welfare, reflecting the broader role of businesses in society

Answer 34

CSR commitments

Question 35

CSR COMMITMENTS ENU

Answer 35

1.Do a scan of CSR Commitments 2. Hold discussions with major stockholders 3. Create a working group to develop the commitments 4. Prepare a preliminary draft 5. Consult with affected stakeholders 6. Revise and publish the commitments.

Question 36

1. Do a scan of csr commitments

Answer 36

Conducting a scan of CSR commitments allows organizations to stay informed, inspired, and aligned with industry trends, stakeholder expectations, and global sustainability goals.

Question 37

2. Hold Discussions with major stakeholders

Answer 37

Holding discussions with major stockholders is an integral part of responsible corporate governance. It ensures transparency, fosters trust, aligns strategies, mitigates risks, and supports the long-term sustainability and growth of the company.

Question 38

3. Create a working group to develop the commitments

Answer 38

Creating a working group to develop CSR commitments is a collaborative effort involving individuals with diverse expertise and perspectives.

Question 39

4. Prepare a preliminary draft

Answer 39

Creating a preliminary draft of CSR commitments involves outlining key focus areas, goals, and initiatives that align with the organization's values and strategic objectives.

Question 40

5. Consult with affected stakeholders

Answer 40

These stakeholders may include employees, local communities, customers, suppliers, and any other group directly impacted by the organization's operations or initiatives.

Question 41

6. Revise and publish the commitments

Answer 41

This published version of the CSR commitments reflects a comprehensive, clear, and actionable plan. It communicates the organization's dedication to responsible practices, ensuring alignment with the vision and goals.

Question 42

involves putting the outlined CSR commitments into action by integrating sustainable and socially responsible practices into the core operations and culture of the organization. It's about executing the strategies and initiatives identified in the CSR commitments to create a positive impact on society, the environment, and stakeholders.

Answer 42

CSR (Corporate Social Responsibility) commitment implementation

Question 43

is a dynamic and ongoing process that requires a dedicated and sustained effort. It involves aligning actions with values, engaging stakeholders, measuring progress, and adapting strategies to create a lasting positive impact on society, the environment, and the organization itself.

Answer 43

Implementing CSR commitments

Question 44

As all businesses know, living up to promises-whether business or performance targets- is essential to success. Failing to meet CSR Commitments, in the absence of satisfactory explanations, can also lead to problems, including disgruntled employees, shareholders, business partners, customers, communities and others. CSR commitment implementation is not only an ethical obligation but a strategic imperative that positively impacts society, the environment, and the organization. It goes beyond words and signifies a genuine commitment to creating a better world while ensuring the organization's long-term success and relevance.

Answer 44

Why does CSR Commitment Implementation matter?

Question 45

How to implement CSR Commitments?

Answer 45

1. Develop an integrated CSR decision-making structure 2. Prepare and implement a CSR business plan 3. Set measurable targets and identify performance measures 4. Engage employees and others to whom CSR commitments apply 5. Design and conduct CSR Training 6. Establish mechanisms for addressing problematic behavior 7. Create internal and external communication plans 8. Make commitments public

Question 46

CSR (Corporate Social Responsibility) reporting

Answer 46

, also known as sustainability reporting or corporate responsibility reporting,

Question 47

involves the disclosure of an organization's economic, environmental, and social performance. It provides stakeholders, including investors, employees, customers, communities, and regulators, with information about the organization's impact on society and the environment.

Answer 47

CSR (Corporate Social Responsibility) reporting

Question 48

outline the organization's efforts, achievements, goals, and future strategies related to sustainability and responsible business practices.

Answer 48

CSR reports

Question 49

is often voluntary, but some regulatory bodies may mandate certain levels of reporting, especially for publicly traded companies. Common reporting frameworks include the Global Reporting Initiative (GRI) Standards, Sustainability Accounting Standards Board (SASB) standards, and the Integrated Reporting Framework.

Answer 49

CSR reporting

Question 50

involves an independent review or assessment of a company's CSR performance, initiatives, and reporting. The goal is to ensure the accuracy, credibility, and transparency of the information presented in CSR reports. This process is conducted by third-party assurance providers or internal audit teams.

Answer 50

CSR verification

Question 51

The verification process helps in building credibility and trust with stakeholders by providing assurance that the reported CSR information is accurate, reliable, and adheres to established standards. Many organizations opt for external verification to demonstrate a higher level of transparency and credibility in their CSR reporting efforts.

Question 52

tracks the overall progress of a firm’s CSR approach and forms the basis for improvement and modification. With the information derived from verification and reporting, a firm is in a good position to rethink its current approaches and make adjustments.

Answer 52

An evaluation

Question 53

They do not simply attempt to achieve objectives; they are constantly on the alert to adapt to changing circumstances to find ways for improving their approaches. An evaluation should involve stakeholder engagement, including comments and suggestions from management,CSR coordinators,managers and committees, employees and outside stakeholders.

Answer 53

evaluation

Question 54

The art of business has analogies to sailing. It is about setting a course, steering to make best use of the prevailing winds, and constantly checking to see if the sails need to be adjusted. In similar fashion, an evaluation allows a firm to see whether it is on course, and what it needs to do to be more effective. It enables the firm to:

Answer 54

--determine what is working well, why and how to ensure that it continues to do so; --investigate what is not working well and why not, to explore the barriers to success and what can be changed to overcome the barriers; --assess what competitors and others in the sector are doing and have achieved; and --revisit original goals and make new ones as necessary.

Question 55

How to do an Evaluation Drawing on the CSR objectives and indicators, and the information obtained through the verification and reporting process, firms should consider and respond to the following questions:

Answer 55

--What worked well? In what areas did the firm meet or exceed targets? --Why did it work well? Were there factors within or outside the firm that helped it meet its targets? --What did not work well? In what areas did the firm not meet its targets? --Why were these areas problematic? Were there factors within or outside the firm that made the process more difficult or created obstacles? --What did the firm learn from this experience? What should continue and what should be done differently? --Drawing on this knowledge, and information concerning new trends,what are the CSR priorities for the firm in the coming year? Are there new CSR objectives? Finally, it is important that firms celebrate theirsuccesses.When goals are met and progress is achieved all parties concerned need to give each other a pat on the back for a job well done.