What is Corporate Social Responsibility?

Corporate Social Responsibility (CSR) is business's contribution to sustainable development. Today corporate behaviour must not only ensure returns to shareholders, wages to employees and products and services to customers, it must also respond to social and environmental concerns.

The base level for responsible behaviour for any organisation is legal compliance, such as risk evaluation, cultural change, environmental protection, health and safety and employment rights. CSR is essentially about companies moving beyond a base of legal compliance to integrating socially responsible behaviour into their core values.

For many years the principle of CSR and its reporting have been voluntary activities for companies, however, the EU Accounts Modernisation Directive and the 2006 Companies Act have now made it mandatory for companies to produce an enhanced Business Review.

Companies are having to be more proactive in their delivery of social responsibility and be mindful of the legislation and best practice in this area. As advisor to the Board, it is the responsibility of the Company Secretary to stay apprised of the latest developments and attitudes surrounding CSR.