Question

Define corporate social responsibility. Discuss the three main categories of activities through which a company can ensure its corporate social responsibility.

Answer 1

Corporate Social Responsibility is a concept proposed by management in which a company integrates environmental & social concerns of its interactions with the stakeholders. Simply put it means that since corporations benefit from the society and use the resources, it is only fair that they also do their part for the society by giving back. CSR is also popularly known as corporate citizenship

The three major categories of activities through which CSR can be done are:-

Human Responsibility:- It means that the company does its part by ensuring that it engages with only those suppliers who stick to principles of good breeding of farm animals, treat their employees equally and create a positive work environment for them

Environmental Responsibility - It means that the company will be sensitive to the environment and minimize the damage to the environment. It will endeavor to produce environment-friendly and nonharmful products.

Product Responsibility means that all the products made by the company will have full disclosure of the ingredients being used, their origin and the company will assume full liability of its products.

PS- Please upvote if you find the answer useful and comment in case of any doubts. Request you to kindly leave a comment in case of any concerns as it would help refine the solution as opposed to a downvote.