Overtime, there have been various perspectives on the meaning and application of the concept of Corporate Social responsibility (CSR). To some, CSR has become a religion with too many prophets, while to others it is an important phenomenon. In the process of the implementation of this concept, CSR has evolved through many names such as ‘Corporate Philanthropy’, ‘Corporate Citizenship’, ‘Corporate Sustainability’, ‘Socially Responsible Investing’, Sustainable Responsible Business among others.
Through all this evolution, one clear point is that, CSR is about policies, strategies, practices and programmes aimed at giving something back to the society. It is usually part of a company’s routine operations with its economic profit, serving the long term goal of contributing to social welfare. However, this is not synonymous to ‘Corporate Philanthropy’ neither are they alternatives to each other.
On the other hand, the central tenet of ‘Corporate Citizenship’ focuses on the extent to which businesses assume the economic, legal, ethical and discretionary responsibilities imposed on them by their stakeholders.
Michael Rosen, the President of ML Innovations says that ‘Corporate Philanthropy’ does not, or at least should not, exist. According to him, the idea of corporate giving is sometimes an investment disguised as charity. That’s what Michael Rosen says… What do you say?
To read more see CSRFilesTM Volume 1 Issue 4 2012