The definitions of Corporate Social Responsibility (CSR) are many and varied. However, a recent definition proposed by the International Organization for Standardization (ISO) suggests that organisations are responsible for:

• the impacts of their decisions and activities on society and the environment; 
• transparent and ethical behaviour that contributes to sustainable development; 
• taking account of the expectations of stakeholders; 
• being in compliance with applicable law and international norms of behaviour; and 
• integrating social responsibility throughout the organisation and practicing it in relationships with stakeholders. (Ref: ISO 26000)

The notion that CSR may involve moving beyond legal compliance has also been accepted by the UK Government which claims that CSR includes:

“voluntary actions that business can take, over and above compliance with minimum legal requirements, to address both its own competitive interests and the interests of wider society.”[i]

Although CSR is consistent with good business ethics, it has been widely embraced because it can be a valuable form of competitive advantage and a positive contributor to business success.[ii] CSR has been recognised as a component in “build[ing] brand value, foster[ing] customer loyalty, improv[ing] staff efficiency and morale, and creat[ing] goodwill among a wide range of stakeholders.” [iii]  In fact, according to Sir Michael Perry, Chairman of Centrica PLC, one of the UK’s highest capitalised companies 'The brands that will be big in the future will be those that tap into the social changes that are taking place.'

 The concept of Corporate Social Responsi bility (CSR) has not been enshrined in law in Australia, however CSR has become a core component of the way that many businesses conduct their everyday practices. This is largely due to the lifting of both the corporate veil and the “shroud of secrecy” that has traditionally enveloped the board room.[iv] In recent years, directors and managers everywhere have found themselves subject to increased reporting requirements and public scrutiny by stakeholders, NGOS and the media.[v]

In fact, CSR is now so ingrained in modern corporate culture that Clive Crook of The Economist, has suggested it would be “a challenge to find a recent annual report of any big international company that justifies the firm’s existence merely in terms of profit rather than “service to the community”.[vi]

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Last Updated on Thursday 18^th March 2010

1. “What is CSR” [4 November 2005] http://www.berr.gov.uk/Policies/business-sectors/low-carbon-business-opportunities/corporate-responsibility 
2. Forum for the Future / Department of Trade & Industry, "Sustainability and Business Competitiveness: Measuring the Benefit for Business Competitive Advantage from Social Responsibility and Sustainability", December 2003, [18 March 2010] http://webarchive.nationalarchives.gov.uk/20050302074340/http://www.dti.gov.uk/sustainability/sus/busandcomp.pdf 
3. “Corporate Social Responsibility” [18 March 2010]  http://webarchive.nationalarchives.gov.uk/20050302074340/http://www.dti.gov.uk/sustainability/sus/corp.htm 
4. Andrew Beatty, “CSR: Essential Capitalist Tool”, Abstract for the International Sustainability Conference 2005, (Abstract presented at “Corporate Social Responsibility: A Changing Landscape, Mallesons Stephens Jaques, Sydney, 24 October 2005) 
5. ibid. 
6. Clive Crook, “The Good Company: A survey of corporate social responsibility”, The Economist, 20 January 2005. 

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