Corporate Social Responsibility - the Case of de Beers Essay Example
ABSTRACT
Corporate Social Responsibility, a theory that has evolved since the 1990s, seeks to see businesses be responsible for their actions socially and environmentally. There is an increasing trend by businesses to adopt Corporate Social Responsibility Practices. This paper attempts to define the reasons why this is so, and what strategic issues are faced by companies who adopt these practices. The issue of Corporate Social Responsibility will then be highlighted in a case study of De Beers, the world's leading diamond producer.
CORPORATE SOCIAL RESPONSIBILITY AN INTRODUCTION
Research into the topic of Corporate Social Responsibility (CSR), has shown that there is no single universally accepted definition. CSR has many areas including employee rights, consumer rights, the environment, codes of conduct, ethics, community engagement, and corporate philanthropy. The World Business Council on Sustainable Development (WBCSD) states that CSR is "the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life" (HKTDC, 2005) Business for Social Responsibility (BSR) believes CSR to be "operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business" (HKTDC, 2005). A definition that is from The Northern Miner, a Canadian journal for the mining industry states that "CSR is a concept of corporate behaviour that recognizes that companies have a duty of care to all their stakeholders, including employees, customers, local communities, and shareholders. Its holistic approach requires that businesses account for and measure the actual or potential economic, social and environmental consequences of their actions" (Purden, 2007). And finally, the text Business, Government, and Society defines CSR as "the duty of a corporation to create wealth in ways that avoid
Corporate Social Responsibility, a theory that has evolved since the 1990s, seeks to see businesses be responsible for their actions socially and environmentally. There is an increasing trend by businesses to adopt Corporate Social Responsibility Practices. This paper attempts to define the reasons why this is so, and what strategic issues are faced by companies who adopt these practices. The issue of Corporate Social Responsibility will then be highlighted in a case study of De Beers, the world's leading diamond producer.
CORPORATE SOCIAL RESPONSIBILITY AN INTRODUCTION
Research into the topic of Corporate Social Responsibility (CSR), has shown that there is no single universally accepted definition. CSR has many areas including employee rights, consumer rights, the environment, codes of conduct, ethics, community engagement, and corporate philanthropy. The World Business Council on Sustainable Development (WBCSD) states that CSR is "the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life" (HKTDC, 2005) Business for Social Responsibility (BSR) believes CSR to be "operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that society has of business" (HKTDC, 2005). A definition that is from The Northern Miner, a Canadian journal for the mining industry states that "CSR is a concept of corporate behaviour that recognizes that companies have a duty of care to all their stakeholders, including employees, customers, local communities, and shareholders. Its holistic approach requires that businesses account for and measure the actual or potential economic, social and environmental consequences of their actions" (Purden, 2007). And finally, the text Business, Government, and Society defines CSR as "the duty of a corporation to create wealth in ways that avoid