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Assignment 4

This document discusses corporate social responsibility (CSR) in the context of a business course. It provides examples of how both government and private interests can oversee CSR through legislation, regulations, and voluntary initiatives. The document outlines reasons for CSR auditing and reporting, including compliance, reputation management, risk management, and transparency. It also discusses how integrating CSR, sustainability, corporate governance, and social responsibility principles into decision-making can help balance economic, environmental and social impacts. Key criteria for CSR measurement include impact on environment, organizational culture, finance, and societal influence.

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51 views

Assignment 4

This document discusses corporate social responsibility (CSR) in the context of a business course. It provides examples of how both government and private interests can oversee CSR through legislation, regulations, and voluntary initiatives. The document outlines reasons for CSR auditing and reporting, including compliance, reputation management, risk management, and transparency. It also discusses how integrating CSR, sustainability, corporate governance, and social responsibility principles into decision-making can help balance economic, environmental and social impacts. Key criteria for CSR measurement include impact on environment, organizational culture, finance, and societal influence.

Uploaded by

gagan
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Professor’s Name: Dr.

Iram Asif

Course: BUS245-203 Corp. Social Responsibility

Student’s Name: Tanvir Singh (A00130654)

Gagandeep Singh (A00129450)

Jaskaran Singh Saini (A00130741)

Jobanpreet Singh Mutti (A00127789)

Gautam Puri (A00129362)

Due Date: 16 March 2023


1. Compare/contrast government and private interests in overseeing CSR. Give examples
The implementation of various quality assurance for the environmental conditions pollution and
other such conditions to be maintained and there by the government and private interest in
corporate social responsibility can be done to satisfy private interest in overseeing CSR in such a
way that all considerations had been made on the industrial activities of the private sector and
government sector.

The government can create and enforce laws that set standards for environmental protection and
pollution control. Private companies can also take on their own CSR initiatives to ensure that
their industrial activities are environmentally sustainable and socially responsible. For example,
a needle factory can implement measures to reduce its carbon footprint, use sustainable
materials, and minimize waste production.

In addition, the statement suggests that companies can also give back to the community in which
they operate by supporting health screening and development programs. This can help to build
goodwill and positive relationships with the community while also contributing to the well-being
of residents.

Overall, the idea is to balance the economic benefits of industrial activity with the need to protect
the environment and support local communities. By implementing quality assurance measures
and CSR initiatives, companies can demonstrate their commitment to sustainable and responsible
business practices.
As an illustration, social responsibility may involve the production of a needle factory in the
community in such a manner that the needles are produced there and some donations are made to
support health screening and health development programs in the community that is close to the
factory.
1. Examine government legislation and private regulations of CSR. Give examples.
Government legislation and private regulation of corporate social responsibility have been set up
in such a way that different rules and regulations have been made to protect the environment and
other conditions, thereby maintaining the social environment in a better way with Government
legislation is the term used to describe the rules and regulations established by the government to
enforce the norms and policies of social responsibility and environmental protection. These laws
and rules are intended to ensure that businesses are held responsible for their activities and that
they conduct business sustainably and ethically.
Private corporate social responsibility regulation refers to actions taken by for-profit
organizations, trade associations, and other stakeholders to advance ethical business practices.
These programs can be implemented in many different ways, such as through certification
schemes, industry standards and volume, and codes of practice. They are designed to encourage
businesses to take greater environmental and social responsibility beyond simply complying with
legal requirements.
These rules can also foster the development of trust and goodwill between businesses and the
communities in which they operate by encouraging ethical business practices. This event could
lead to more favorable interactions and better opportunities for economic development.
Establishing Ultimately, creating a sustainable and socially conscious corporate environment
requires a combination of public legislation and private corporate social responsibility regulation.
3. Identify the reasons for CSR auditing/reporting and outline the criteria that should be
measured.
Companies can evaluate and inform stakeholders about their social and environmental
consequences and practices through Corporate Social Responsibility (CSR) auditing and
reporting. These are some of the main justifications for CSR auditing and reporting:

Compliance: Organizations may carry out CSR audits and reporting to make sure that they are in
line with all applicable legal and regulatory requirements for social and environmental issues.

Reputation: By showcasing a business's dedication to social and environmental responsibility,


CSR reporting and auditing can help it build a better reputation. This can result in more devoted
customers, dependable investors, and supportive stakeholders.
Risk management: Through CSR audits, social and environmental risks that could jeopardize a
company's operations, reputation, or stakeholders can be identified and reduced.

Transparency: By making the company's social and environmental impacts and practices public,
CSR reporting can make stakeholders feel more accountable and transparent.

Discuss the need to integrate corporate sustainability, corporate governance, and social
responsibility principles in the decision-making process.

INTEGRATION WITH CORPORATE SUSTAINABILITY


People throughout the world have recently been more concerned with conserving our planet's
natural resources so they can last as long as possible. Companies utilize a lot of natural
resources, so it makes sense that they would want to operate as sustainably as possible without
sacrificing the effectiveness of their operations. Several companies are discovering that
incorporating conservation ideas into their vision, culture, and strategic planning is an effective
method to achieve this. Businesses are working to create a culture where everyone is encouraged
to conserve energy, lower expenses, minimize trash, and improve other environmental concerns.
Businesses are also considering ways to include sustainability in their strategic planning. Four
crucial considerations that need to be made by businesses when using this strategy should all be
given equal weight.
Society's influence on the corporation, including its impact on stakeholders, is referred to as
societal influence.
Impact on the environment: This relates to how the company affects the geophysical
environment, including water, paper, and energy waste.
The term "organizational culture" refers to the interactions between the company's managers and
internal stakeholders, primarily employees, as well as everything that goes along with those
interactions.
Finance: This is the relationship between a company's financial return and the likelihood and
degree of risk.
INTEGRATION WITH CORPORATE GOVERNANCE
Boards and top managers rely on corporate governance as a structure to assist them in managing
the business ethically, with accountability, and in a responsible manner. Transparency,
accountability, responsibility, and justice serve as the foundation for corporate governance
principles.
Corporate social responsibility of the corporation is inextricably linked to those four concepts.
Corporate organizations can maintain a healthy balance by balancing social responsibility with
effective corporate governance. Additionally, it supports the company's initiatives to create
control mechanisms, boost shareholder value, and raise stakeholder and shareholder satisfaction.

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