Corporate Social Responsibility

Corporate Social Responsibility means the duty of a corporation to operate in a way that is conscientious of not only the shareholder, but the stakeholder as well. Stakeholders are anyone affected by the corporation in any way. The list includes shareholders, employees, customers, suppliers, community members, regulators, consumer advocates and many more. It also has to do with environmental responsibility and, of course, economic success. My favorite explanation of CSR uses the “triple bottom line” as a description. People, Planet, Profit.
CSR should be taken seriously because corporations (especially multi-national ones) have become the most powerful forces in the world today, even above many political powers. They have the ability to hugely affect people and the environment in positive and negative ways. It is important that they focus on aiming for positive affects for everyone, not solely the people who have money involved.