Corporate Social Responsibility and Business Ethics for Good Corporate Governance

In recent years, the discussion about sustainability has risen above average and a huge amount of different terms have been established.. The aim of this paper is to find out-due to an extended literature study-where the focus in the discussion of Sustainable Development (SD), Corporate Social Responsibility (CSR) and their relationship is.

“Corporates’ social responsibility is the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large.” It implies serious business where organizations have to be seen as partners in their communities and not just as profit centres, promoting the interest of their shareholders but as businesses having obligation towards various stakeholders.

The drivers pushing business towards CSR are-Shrinking Role of Government; Demands for Greater Disclosure; Increased Customer Interest; Growing Investor Pressure; Competitive Labour Markets; and Supplier Relations.

Although, the ‘beyond charity and legal obligations’ agenda of sustainability may be challenging it is meaningful to integrate social, environmental and ethical concerns into business processes. CSR is a link to sustainable development: businesses feel that there is a need to integrate social, economic and environmental impact in their operation.