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DEFINITION OF CSR
CSR is a concept whereby financial institutions not only consider their profitability and growth, but also the interests of society and the environment by taking responsibility for the impact of their activities on stakeholders, employees, shareholders, customers, suppliers and civil society represented by NGOs. and the process of communicating the social and environmental effects of organizations' economic actions to particular interest groups within society and to society at large. Corporate Social Responsibility is not only an act for humanity but also to provide good working environment to an organization's employees, to pay just remuneration, to give regular leave, to care as a human beings and to care environment of the society.
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DEFINITION OF CSR The company must act responsibly, and criteria for social responsibility must be adopted to contribute toward consolidating better companies not only in social terms that is, companies which are more useful to society but better companies in purely economic terms that is, better quality, more efficient, more competitive companies An inevitably broad concept of which we can say that it includes voluntary actions by companies aimed at dealing with workers, consumers, or investors or shareholders concerns: in short, the concerns of all citizens. An inevitably broad concept of which we can say that it includes voluntary actions by companies aimed at dealing with workers, consumers, or investors or shareholders concerns: in short, the concerns of all citizens.
Labour rights: child labour forced labour right to organise safety and health Environmental conditions water & air emissions climate change Human rights cooperation with paramilitary forces complicity in extra-judicial killings Poverty Alleviation job creation public revenues skills and technology
Level of CSR
Social Obligation Meet minimum regulations, do what is required by law, no more Social Responsibility Go beyond what is required by law, mitigate negative effects Social Responsiveness Proactive approach, promote positive change
Obligation
Responsibility
Responsive
CSR- Practice by Bangladeshi Corporations In the first phase, companies were doing philanthropy which is still needed in today's world. Then they started using CSR as a tool for risk management. For example, a company that manufactures cigarettes tries to compensate the 'bad deed' by planting trees. From mitigating risks, the concept now has evolved to creating shared value which aims at sustainable, long term societal and economic progress as well as the prosperity of the company. Inspired by this concept, GP (Grameenphone) launched the first batch of online schools in Bangladesh in Bandarban, Rajshahi, Madaripur, Gazipur, and Gaibandha. Via video conference equipment, rural schools are connected with a school in Dhaka. The 'school' in Dhaka is set up in a studio where teachers deliver lessons on various subjects and students in a faraway village, where skilled teachers are scarce, can ask questions and learn.
CSR- Practice by Bangladeshi Corporations The DBBL (Dutch Bangla Bank Ltd.) foundation awards 30,000 scholarships per year worth Tk 1.02 billion to students who are meritorious but not financially well off to pursue higher studies. Their scholarship programme so far has produced 255 doctors, 194 engineers and 70 graduates in Science, for example. They have also put 55 physically challenged students through university.
Alike these corporation others are also involve in intensive practice of CSR in organizational concept.
B.P
British Petroleum Industry-Oil and natural gas, alternative fuels Founded-1909 Headquarters-London,United Kingdom Chairman-Carl-henric Svanberg Products-BP petroleum and derived products BP service stations Air BP Aviation Fuels Castrol motor oil ARCO gas stations am/pm convenience stores Aral service stations solar panels
Building alternative energy businesses that could have a big role in the low-carbon future
BP is working to provide sustainable biofuels for transportation today and in the future. Through research and technology, BP is working to unlock solars immense potential as a power source. New discoveries by BP are helping to make solargenerated electricity more affordable and abundant. BP is helping to raise health and safety standards in an industry with a bright future.
Social Innovation
BP has formulated an ambitious vision: To do no damage to the environment a challenge that stimulates BP to find innovative ways to manage our environmental impact at local, regional and global levels. BPs approach is multi-pronged, addressing climate change through a combination of energy efficiency, (flaring reductions and lower carbon products), biodiversity, water usage, waste and air emissions.
Contd.
BP considers remediation management from project planning through to closure of its operations. BP researches, develops and applies technology and innovative solutions to help reduce the environmental impact of energy production. BP is reviewing its processes to manage and mitigate risks of oil spills.
UN Global Compact UN Principles for Responsible Investment UNEP Equator Principles ILO Tripartite Declaration of Principles concerning Multinational Enterprises and Social Policy (MNE Declaration) UNHCHR Business and Human Rights UNODC Anti-corruption UNCTAD Corporate Responsibility Reporting, World Investment Report
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