The concept of CSR merged in the early second half of the 20th century and represents a way of managing and building relationships with partners in a way that helps to improve the reputation and credibility to a company.
Business Leaders Forum and its member companies define corporate social responsibility as a voluntary commitment of companies to behave responsibly towards the environment and society in which they operate.
Characteristic features of CSR:
- Three levels of activities – economic activity of the company, social development, and environmental protection
- Voluntariness – the company carries out all activities voluntarily, beyond their legal obligations
- Dialogue with stakeholders – Stakeholders are engaged, which significantly affect the company
- Long-term nature – CSR activities are carried out long-term and does not end when a company finds itself in a bad economic situation
- Credibility – CSR contributes to increased confidence in the company; activities must be transparent, durable and authentic
Please refer to the glossary and read 14 questions and answers about CSR, intended mainly to companies.