Bangka, Christine C.

Psych 25 (12:00nn-2:00pm)
BS Psych – 3 April 30, 2019

1. What is Corporate Social Responsibility (CSR)?

By definition, it is a business approach that contributes to a sustainable development by delivering

economic, social and environmental benefits for all stakeholders; an evolving business practice that
incorporates sustainable development into a company's business model. It has a positive impact on
social, economic and environmental factors. There are different types of CSR: environmental, ethical
and philantrophic.

Examples of CSR are as follows: reduce carbon footprints to mitigate climate change, engage in
charitable giving and volunteer efforts within your community, make socially and environmentally
conscious investments.

2. What is the importance of CSR?

It establishes policies and procedures in place which integrate social, environmental, ethical, human
rights or consumer concerns into business operations and core strategy in collaboration with the
stakeholders. The aim is to achieve a positive impact on society as a whole, while maximising the
creation of shared value for the owners of the business, its employees, shareholders and
stakeholders.