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Lecture 12

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Ryerson University
Law and Business
LAW 525
Gil Lan

Law 525 Lecture 12 Csr Defined • No single accepted authoritative definition of CSR • Other terms: corporate citizenship, corporate accountability, triple bottom line, responsible business • CSR generally understood to be the way organizations achieve an integration of economic, environmental and social concerns into their values, culture, decision-making, strategy and operations in a transparent manner and thereby establish better practices within the firm, create wealth and improve society while at the same time addressing stakeholder expectations and sustaining or enhancing shareholder value • CSR typically described as voluntary, non-statutorily required social responsibility commitments and activities • For CSR, compliance with laws is a necessary minimum expectation • CSR includes but is not limited to philanthropy • CSR addresses: corporate governance and ethics; health and safety; environmental stewardship; human/labour rights, human resource management; community involvement; aboriginal persons relations; fair competition; anti-bribery; supply chains; transparency, accountability and performance reporting Why Has CSR become important • Rise in importance of global supply chains • Inadequacy of public international law • Inadequacy of conventional domestic regulatory approaches • Perceived hypocrisy: Western-based corporations meeting high standards of environmental, worker, human rights in developed countries, but not in developing countries • Pressure for action from consumers, workers, investors, shareholders, lenders, governments, supply chain partners, certification bodies, civil society organizations • Rise of internet, rise in importance of transparency and accountability for all organizations • Has led to proliferation of environmental, employee, human
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