CORPORATE SOCIAL RESPONSIBILITY (CSR)- AN INITIATIVE BY CORPORATE WORLD

Corporate Social Reporting does not have any precise or fixed definitions. Some description focused on corporate compliance with following the applicable laws and few strongly believe that Social Responsibility is minimizing the environmental impacts are essential to long term growth and returns to shareholders. Corporate social Responsibility was initiated by big corporate organization by adding corporate social responsibility Reports or Sustainability Reports in Early 1990’s. There was no such law or regulation in this regard at that time and no till time in most of the countries. The corporate imperative has gone from desirable to expect to require. India is the First Country which makes compulsory CSR for big Giant Corporate. The philosophy is that Corporations have a social and environmental impact in addition to their economic impact and these can enhance or diminish the collective good or wider societal progress. These new accountabilities are being demanded by civil societal groups with business leaders often responding to rather than leading the debate. CSR Reporting or Sustainability Reporting is a process whereby an organization publically discloses information about its interactions with and impact on the various societies and environments in which it operates. There are basically three pillars of sustainability Reporting: 1. Environmental Sustainability 2. Social Sustainability 3. Economic Sustainability.