Corporate Social Responsibility

Corporate Social Responsibility [CSR] is the extension of corporate goals and decision making to include a broader range of concerns than simply organisational objectives and financial measures of performance. The objectives of CSR are sometimes known as the ‘triple bottom line’ or ‘people, planet and profit’. CSR promotes good corporate citizenship and responsibility for corporate actions, as well as encouraging a positive impact on all its stakeholders, including suppliers, consumers, employees, communities governments and the environment. CSR has clear implications for procurement in terms of adoption of sustainable practices, standards and specifications in the supply chain and consideration of the social impact of the organisation’s behaviours. See also Socially Responsible Procurement and Triple Bottom Line.