What is corporate social responsibility?
It’s hard to convince anyone to do more for the community without first showing what ‘good’ corporate social responsibility (CSR) looks like. We use the simple definition:
“Corporate Social Responsibility (CSR) is a self-regulating business practice that ultimately ensures a business fulfils its responsibilities to internal and external stakeholders. It is driven and actioned from within the organisation with the expectation and support of shareholders, and is made up of both internal business practices and external community partnerships.”
CSR is a broad concept and takes on many forms depending on the business. Generally, CSR theory encourages a stakeholder-led approach to CSR. Stakeholders are different in every business, but can be broadly split into two groups:
the internal stakeholders (staff, shareholders, suppliers)
and the external stakeholders (customers & the community)
Our toolkit looks at five streams within this split, four that sit under internal business practices (accessibility and inclusion, sustainability, cultural engagement, and ethical procurement) and one large category that sits under external stakeholders (community partnerships).