Social responsibility and ISO: 26000

The objectives of a modern business firm include not only wealth creation, growth, but also customer satisfaction at large. More satisfied stakeholders ensure success and growth of the firm in the long run. The firm draws its resources and inputs from the environment and the environment also influences the same in return. The various elements demand their respective share in surplus generated by the firm. Shareholders want good earnings per share, investors need effective return on investment, customers want good quality at low prices, government agencies enforce regulation of laws, employees want to protect their rights, consumer forums education of customers, etc. The management has to establish an equilibrium between demands of various stakeholders in order to survive. The concept of social responsibility (SR) is gaining more relevance with social consciousness at its peak, and the social pressure to use environmental resources more effectively and judiciously. The present paper seeks to cover the same along with relevance of international social responsibility standards ISO-26000 in attaining SR. Two case studies have been outlined too.