CORPORATE SOCIAL RESPONSIBILITY AN INDISPENSIBLE ASPECT OF BUSINESS IN THE 21 ST CENTURY - Joseph Lee Lai Siang.

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Presentation transcript:

CORPORATE SOCIAL RESPONSIBILITY AN INDISPENSIBLE ASPECT OF BUSINESS IN THE 21 ST CENTURY - Joseph Lee Lai Siang

WHAT IS CSR? CSR as the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society (World Business Council for Sustainable Development)

CORPORATE SOCIAL RESPONSIBILITY “Social corporate responsibility is no longer an option but an obligation and integral part of value creation for businesses”

SCOPE OF PRESENTATION Moral obligations, fiduciary duties and arguments associated with CSR CSR as a business strategy for sustainability

STAKEHOLDER THEORY Businesses owe their existence to the larger community and that the stakeholders’ social, environmental and other concerns should be integrated into the company’s business operations.

SOCIAL LICENSE TO OPERATE An informal agreement or consensus arrived at between different groups and entities within the community and other stakeholders.

SHAREHOLDER THEORY The only purpose of corporations is to.. Generate profits and wealth for the shareholder

SHAREHOLDER THEORY Milton Friedman (1970) “There are no values, no social responsibility in any sense other than the shared values and responsibilities of individuals”.

SHAREHOLDER THEORY Corporations do not know how to properly invest in social causes Work matters holds first priority Conflict of interests V.S

AGAINST SHAREHOLDER THEORY Focus corporate efforts on a unified single objective Ethical and socially responsible decisions Managing changes in market norms and expectations

CSR AS A BUSINESS STRATEGY

STRATEGIC BRANDING Build strong customer base Company and brand more attractive to the public and customers Higher investments

POSITIVE WORKPLACE CONDITIONS Attract, retain and develop human capital, operations and staff morale Encourage skills development and career enhancement

CREATING SHAREHOLDER VALUE Protect company from risky investments, instability and volatile share prices Lower business risk and attract more investments Positively affect the purchasing decisions of consumers

BUSINESS SUSTAINABILITY Should not just think in terms of maximizing returns and profits for the investors Profitability on a sustainable basis is more relevant than short-term profits

CONCLUSION Strike a balance between generating profits and promoting stakeholders’ interests while maximizing long-term shareholder value Corporations should have the moral obligation to function ethically and behave in socially responsible ways

THANK YOU