Corporate Social Responsibility in Business Activity Essay

Corporate Social Responsibility in Business Activity - Essay Example The rationale for CSR has been about building sustainable businesses that require healthy economies, communities, and markets (Asian-Occasion Computing Industry Organization, 2004). CSR has been recognized as that responsibility of business houses that are relevant for acting in a socially responsible way. The concept of CSR is linked to the process of business decision making related to ethical values, respect for people, legal compliance, environment, and community. CSR is that aspect of the business which induces a company for going further than it is demanded by law. The following dimensions are significant in requirements for success of CSR: Treatment of employees with respect and fairness Operate in an ethical manner and with integrity in its business deals with suppliers, customers, lenders and others Respect the rights of human beings Sustaining environment for generations to come Become a responsible neighbour within society along with evolving as a fair ‘corporate cit izen’ (The Economist Intelligence Unit, 2005) CSR has evolved as the latest buzz word to which companies are getting attentive. Governments are also keen on the aspect that companies follow CSR since social welfare has become the responsibility of both private and public sector. CSR should be viewed by the corporate as being guided by social conscience and not by force of any external sources. Considering the level of importance of CSR, this research study has been undertaken that will deal with the entire perspective of the concept in today’s corporate world. 2.0 Historical Developments The concept of CSR is not new to the world as it has evolved since the concept of business has started. CSR is such a principle that reviews that corporate has a responsibility towards society apart from the objective of profit maximization. CSR has emerged throughout the years and has evolved as an important part of corporate. The historical development of CSR will be presented with r espect to its perspectives of growth and development from the period during the 1960s till the present time. 2.1 CSR during the 60s An organization for economic cooperation and development was created when OECD Convention was signed in Paris on 14/12/60 and came into effect on 30/9/61. The convention was created for promoting policies that were designed on achieving three important objectives.