Corporate Social Responsibility Quiz

Main Goal of Corporate Social Responsibility (CSR)

• Promote ethical behavior and accountability in business practices.
• Enhance positive social, economic, and environmental impacts on communities.
• Foster long-term sustainability and stakeholder trust.

Activities Associated with CSR

• Implementing environmentally sustainable practices, such as reducing carbon footprints.
• Engaging in philanthropy through donations and community service programs.
• Supporting fair labor practices and employee welfare initiatives.
• Encouraging diversity and inclusion in the workplace.
• Developing transparent communication channels with stakeholders.

Standards and Laws Developed to Promote CSR

• International guidelines such as the UN Global Compact, which encourages businesses to adopt sustainable and socially responsible policies.
• The ISO 26000 standard offering guidance on social responsibility for organizations.
• Various national regulations focused on corporate disclosures related to social and environmental impacts.

Evolution of CSR Over Time

• Emerged in the 1950s as a response to increasing corporate influence on society.
• Gained traction in the 1970s with heightened awareness of social and environmental issues.
• Expanded in the 1990s with formal frameworks and voluntary guidelines for businesses.
• Currently, CSR is integrated into core business strategies and stakeholder expectations.

Difference Between CSR and Environmental, Social, Governance (ESG)

• CSR focuses on a company’s initiatives and responsibilities toward society.
• ESG refers to specific criteria used to evaluate a company’s performance in those areas.
• CSR is often seen as voluntary, while ESG incorporates measurable metrics that can affect investment decisions.
• ESG provides a framework for assessing risks and opportunities related to sustainability and ethical practices in business.