CORPORATE SOCIAL REPORTING PRACTICES IN INDIA: AN OVERVIEW
Introduction:
Corporate social responsibility (CSR) assumes the responsibility of the corporations towards the community and society. CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. CSR is a process with the aim to embrace responsibility for the company 's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities and all other stakeholders.
The World Business Council for Sustainable Development defines “Corporate Social Responsibility as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.”
The CSR definition used by Business for Social Responsibility is:
“Operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business”
On the other hand, the European Commission hedges its bets with two definitions wrapped into one:
“A concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment.A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.”
All in all, the definitions of the CSR are focused on the Triple Bottom Line (TBL)approach. This concept captures an expanded spectrum of values and criteriafor measuring organizational (and societal) success - economic, environmentaland social. The TBL approach means expanding the traditional companyreporting framework to take into account not just financial outcomes but alsoenvironmental and social performance starting from the base (bottom) andfollowing three objectives (triple-line) that are:
• Social justice.
Corporate social responsibility (CSR) assumes the responsibility of the corporations towards the community and society. CSR policy functions as a built-in, self-regulating mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards, and international norms. CSR is a process with the aim to embrace responsibility for the company 's actions and encourage a positive impact through its activities on the environment, consumers, employees, communities and all other stakeholders.
The World Business Council for Sustainable Development defines “Corporate Social Responsibility as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.”
The CSR definition used by Business for Social Responsibility is:
“Operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business”
On the other hand, the European Commission hedges its bets with two definitions wrapped into one:
“A concept whereby companies decide voluntarily to contribute to a better society and a cleaner environment.A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.”
All in all, the definitions of the CSR are focused on the Triple Bottom Line (TBL)approach. This concept captures an expanded spectrum of values and criteriafor measuring organizational (and societal) success - economic, environmentaland social. The TBL approach means expanding the traditional companyreporting framework to take into account not just financial outcomes but alsoenvironmental and social performance starting from the base (bottom) andfollowing three objectives (triple-line) that are:
• Social justice.
References: • Shankar, A. N. and Panda, N. M.: Corporate Social Reporting In India: An Explorative Study of CEO Messages To the Stakeholders. Zenith International Journal of Business Economics & Management Research (2011). • Misra, N. and Agarwal, R.: Corporate Social Reporting: An analysis of Current Reporting. IPCSIT, Vol.20 (2011). • Reynolds, M. A. and Yuthas, K.: Moral Discourse and Corporate Social Responsibility Reporting. Journal of Business Ethics, Vol.78 (2008). • Gond, J. P. and Herrbach, O.: Social Reporting as an Organisational Learning Tool? A Theoretical Framework. Journal of Business Ethics, Vol.65 (2006). • Lunga, C. I. and et al: Research on Corporate Social Responsibility Reporting. Amfiteatru Economic, Vol.13 (2011). • Murthy, V. and Abeysekera, I.: Corporate social reporting practices of top Indian software firms.Australasian Accounting Business and Finance Journal, Vol.2 (2008). • Gray, R. and et al: Corporate Social Reporting: Emerging Trends in Accountability and the Social Contract.Accounting, Auditing & Accountability Journal, Vol. 1 (2005). • Raman, S. R.: Corporate Social Reporting in India--A View from the Top.Global Business Review (2006).