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Corporate Social Responsibility & Your Business

Date:
By Michael Barwell

What is Business Social Responsibility?

Businesses have a responsibility to individuals, to stakeholders, and to society. The trend toward greater social responsibility beyond a businesses’ commercial purpose has entered a popular discussion of corporate social responsibility and debates about sustainability in business.  

In short, business responsibility consists of earning a licence to operate by creating value for stakeholders, including shareholders, customers, community, and society. 

Business responsibility refers to a consistency of applied ethical principles and business conduct such as honesty, integrity and respect for people of all genders, cultures, ethnicities, and affiliations. Businesses that accept responsibility for their actions earn their licence to operate in society.

Background of Social Responsibility for Business

In the wake of HIH, Australia's biggest corporate collapse, and the controversy surrounding James Hardie Industries’ asbestos compensation, organisations are grappling with the business failures that have accompanied the scale, impact, and power of modern corporations. 

Businesses work with specialist business organisations such as the Global Reporting Initiative, the UN Global Compact, and the World Business Council for Sustainable Development. 

Greening Business as a Key Aspect of Business and Corporate Social Responsibility

Of course, at AusTiger, we’re very committed to the ideals behind the Rio Declaration on Environment and Development and the Environmental Principles of the UN Global Compact: 

  • Businesses should support a precautionary approach to environmental challenges 
  • undertake initiatives to promote greater environmental responsibility; and
  • encourage the development and diffusion of environmentally friendly technologies.