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Introduction
Origins of CSR and need for directors to act as trustee for interests of social claimants Need to provide service without/ beyond profits Second World War Interruptions and 1950s Fundamental Idea: Business Corporations have obligations to work for social betterment Obligations can be Mainstream and peripheral Voluntary or coerced by governments
The Solution?
Creation of Shared Value: Businesses need to respond to social needs and challenges-Nee to reconnect company success with social progress Shared value as the new mantra of successLeading e.gs are GE, Google, IBM, Intel CSV in nascent stages and realizing its value needs deeper appreciation of societal needs Customers, employees, new generation asking new businesses to step up The purpose of businesses now is to redefine themselves as CSV
CSV Value: economic and Societal Benefits relative to costs Basic Idea: Joint company and community value creation Profit Maximization: Integral to profit maximization Agenda: Company specific Impact: realigns entire company budget e.g.: Transforming procurement
Conclusion
Wayne Vissers DNA Model of CSR Essence of CSR 2 DNA Model of VEGS V Stands for Value Creation E Stands for environmental Integrity G stands for Good Governance S stands for Societal contribution Need for reorientation of purpose of businessPositive contribution to society is not a marginal afterthought but a way of doing business