Corporate social responsibility (CSR) refers to voluntary business behaviors that contribute to a better society and a cleaner environment. Businesses with formal CSR policies generally take on commitments beyond common regulatory requirements.
Some key concepts of CSR include:
- Transparency - the corporation voluntarily shares relevant information with stakeholders
- Best practices - the corporation adopts technologies and methodologies that offer the most advanced societal and environmental protection possible
- Continuous improvement - the corporation continuously assesses risks and opportunities, and adapts accordingly