Corporate Social Responsibility (CSR)

Corporate Social Responsibility is a management concept whereby  companies integrate social and environmental concerns in their business  operations and interactions with their stakeholders. CSR is generally  understood as being the way through which a company achieves a balance  of economic, environmental and social imperatives (“Triple-Bottom-Line-Approach”), while at the same time addressing the expectations of  shareholders and stakeholders. In this sense it is important to draw a  distinction between CSR, which can be a strategic business management  concept, and charity, sponsorships or philanthropy. Even though the  latter can also make a valuable contribution to poverty reduction, will  directly enhance the reputation of a company and strengthen its brand,  the concept of CSR clearly goes beyond that.

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