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Social Accountability - Literature review Example
Since the emergence of economic crisis, the concept of Corporate Social Responsibility (CSR) and social accountability has emerged as an important consideration amongst the corporate member and regulators around the world.
Corporate Social Responsibility (CSR) is “a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis” (ECCJ 2006).
This paper aims at providing an overview of the theoretical and conceptual developments in relation to the increased emphasis on social accountability of those who are responsible for managing businesses and Corporate Social Responsibility, which in turn assists the businesses to establish corporate policies and practices which are meant to pose a positive impact on the social environment. In the modern business world of today, each industry and business plays the role of bringing stability by satisfying the needs of the customers. As the businesses all around the world are growing and developing, every interested individual or organization, whether he is a consumer or investor is asking corporations to conduct their operations in a more efficient and accountable way, which conforms to the ethical requirements. This emerging demand from the elements within the society has forced the organizations to adopt a modern concept named CSR. This paper generally focuses on the theoretical framework related to CSR and developments related to CSR in the world so as to analyze the businesses and their operations on these identified parameters.
What is Corporate Social Responsibility