Role of CSR for achieving controlled Sustainable Development By Suhas Chavan

What is Corporate Social Responsibility? “Corporate social responsibility on part of the business organizations is a commitment to function in an ethical manner and bring significant changes in the local community and society to ensure sustained economic development “- World Business Council for sustainable development

What is sustainable development? “Development that meets the needs of the present without compromising the ability of future generations to meet their own needs”

Role of CSR in controlled sustainable development The present need for business organizations is to integrate environmental, ethical and social concerns in their business activities

The key drivers for CSR are Enlightened self-interest - creating a synergy of ethics, a cohesive society and a sustainable global economy where markets, labour and communities are able to function well together. Social investment - contributing to physical infrastructure and social capital is increasingly seen as a necessary part of doing business. Transparency and trust - business has low ratings of trust in public perception. There is increasing expectation that companies will be more open, more accountable and be prepared to report publicly on their performance in social and environmental arenas. Increased public expectations of business - globally companies are expected to do more than merely provide jobs and contribute to the economy through taxes and employment.”

CSR & sustainable development- two sides of the same coin-……..Solutions Collective conformation to ethics Transparency in business & honest disclosure Introducing workplace diversity initiatives Ethics in governance in HRM Encourage background check of employees, suppliers/investors, etc. Developing a code of ethics towards the employees,

CSR & sustainable development- two sides of the same coin-…….Solutions Compliance to organizational mission & vision statements, A zero-tolerance attitude towards unethical behavior, Decentralization of business. Inclusive growth & smooth competition. Broad public participation in decision making Supply chain monitoring Financial Ethics

CSR & sustainable development- two sides of the same coin-…….Solutions The ethical marketing practice- integrity in advertising, distribution & marketing channels Ethical compliance in the production process, Handling of issues w.r.t to pollution, environmental & ecological conformations of emissions etc. Appointment of Compliance/ Ethical Officers, Rewards & recognitions for business houses/ government offices displaying corruption free & transparent business activities, Ethics, as a subject, made compulsorily be a part of school & higher education Recognition and preservation of needs of shareholders

The emerging model of CSR in India Community development: Environmental management: More emphasis on knowledge and employee well- being at work place  Partnership with NGOs and Government:

Some cases of CSR initiatives in India Infosys Technologies Limited- community development programs, corporate citizenship, Research and Education, Community Service, Rural Reach Programme, Employment, Welfare activities undertaken by the Infosys Foundation, Healthcare, Education and Arts & Culture. ITC Limited- farmer partnerships, creating livelihoods for poor tribal make their wastelands productive; investing in rainwater harvesting empowering rural women, providing infrastructural support to make schools exciting for village children.

Some cases of CSR initiatives in India Mahindra & Mahindra-promote education, financial assistance and recognition to them. The Nanhi Kali project Tata Consultancy Services-The Adult Literacy Program ‘LABS’ of Dr Reddy’s Labs-. training the under privileged youngsters, Care Today Foundation- Rehabilitation of the Kargil soldiers, Rehabilitation of the cyclone and drought victims in Orissa

Conclusion CSR has a significant role to play in controlling the perils of uncontrolled development, satisfying the needs of the present generation and at the same time ensuring that the resources of future generations are not jeopardized. Corporate houses need to act as Responsible Business Enterprises (RBE's), displaying quality policies & management practices and a culture of responsible business conduct, to sustain in this competitive edge

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