Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The corporate governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources.
The environmental dimension of corporate social responsibility refers to your business’s impact on the environment. The goal, as a socially responsible company, is to engage in business practices that benefit the environment.
These would include:
- Avoidance of pollution
- Reducing greenhouse gas emissions
- Waste and Energy efficiency measures
This plan must cover labour and human rights practices that go beyond the law. Conditions of employment and the workplace environment underpin successful businesses. For businesses that want to attract and retain the best talent, they must demonstrate a commitment to good workplace practices. Motivated and engaged staff are better able to deliver productivity, good customer services, and innovation, which contribute to business success and support the overall reputation of the business.
The Marketplace Pillar relates to how an organization manages its relationship with its customers, suppliers and business partners. Buying and selling products or services is a core part of the business. Ensuring this is done in an ethical and sustainable manner in today’s business environment is key to a company’s reputation and long-term viability.
A part of the company’s social responsibility is to act as a corporate citizen. In other words, a company has a responsibility toward the community or communities in which it operates. Therefore, to meet this responsibility, firstly it must establish a plan for community engagement these can include:
- Funding for community projects
- Sponsorship of local clubs
- Volunteering by employees in educational activities and other outreach initiatives during work hours
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