Why Corporate Social Responsibility Matters & How It Impacts Business

DOI

10.2991/aebmr.k.200513.127How to use a DOI?

Keywords

transparency, accountability, corporate citizenship, shareholders activism, integrated reporting

Abstract

There is a convergence to the meaning of CSR to fall within the corporate governance framework. CSR is where business values society. Since 1997, corporate governance (CG) started to incorporate sustainable development goals (SDGs) along with its traditional role as a monitoring mechanism against corruption and mismanagement. The primary purpose of this paper is to identify the extent to which corporations embed communities and environmental values corresponding to their global presence and power. Through a holistic analysis of the relevant developments relating to the topic, the author finds that OECD had initiated the call to incorporate principles of good CG practice. There is already a series of international discourses and actions to address the human rights abuses committed by companies through instruments such as UNGC and UNGP. The technological advancement through the 4th Industrial Revolution has empowered companies even more. 4IR instead may empower the consumers to set the pattern for businesses to promote SDGs agenda. 4IR revives shareholders’ participation and stakeholders’ engagement. Similarly, investors would follow suit. Corporations with an excellent record of SDGs, attract and retain talents. A win-win situation for business and society, but much of which depend on the soft law approach to the notion of CSR.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Hasani Mohd Ali
PY  - 2020
DA  - 2020/05/20
TI  - Why Corporate Social Responsibility Matters & How It Impacts Business
BT  - Proceedings of the International Conference on Law, Economics and Health (ICLEH 2020)
PB  - Atlantis Press
SP  - 672
EP  - 677
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200513.127
DO  - 10.2991/aebmr.k.200513.127
ID  - Ali2020
ER  -