NEW STANDARDS IN CORPORATE RESPONSIBILITY ARE MORE ACHIEVABLE WHEN EVERYONE IS ON BOARD

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CSR Reporting


Corporate Social Responsibility (CSR, also called corporate conscience, corporate citizenship or responsible business) [1] is a form of corporate self-regulation integrated into a business model.

CSR policy functions as a self-regulatory mechanism whereby a business monitors and ensures its active compliance with the spirit of the law, ethical standards and national or international norms. With some models, a firm's implementation of CSR goes beyond compliance and engages in "actions that appear to further some social good, beyond the interests of the firm and that which is required by law." [2][3] The aim is to increase long-term profits and shareholder trust through positive public relations and high ethical standards to reduce business and legal risk by taking responsibility for corporate actions. CSR strategies encourage the company to make a positive impact on the environment and stakeholders including consumers, employees, investors, communities, and others.

Proponents argue that corporations increase long-term profits by operating with a CSR perspective, while critics argue that CSR distracts from businesses' economic role. A 2000 study compared existing econometric studies of the relationship between social and financial performance, concluding that the contradictory results of previous studies reporting positive, negative, and neutral financial impact, were due to flawed empirical analysis and claimed when the study is properly specified, CSR has a neutral impact on financial outcomes.[4]


Political sociologists became interested in CSR in the context of theories of globalization, neoliberalism and late capitalism. Some sociologists viewed CSR as a form of capitalist legitimacy and in particular point out that what began as a social movement against uninhibited corporate power was transformed by corporations into a 'business model' and a 'risk management' device, often with questionable results.[8]

CSR is titled to aid an organization's mission as well as serve as a guide to what the company represents for its consumers. Business ethics is the part of applied ethics that examines ethical principles and moral or ethical problems that can arise in a business environment. ISO 26000 is the recognized international standard for CSR. Public sector organizations (the United Nations for example) adhere to the triple bottom line (TBL). It is widely accepted that CSR adheres to similar principles, but with no formal act of legislation.

Carbon Accounting


Carbon accounting refers generally to processes undertaken to "measure" amounts of carbon dioxide equivalents emitted by an entity. It is used by nation states, corporations, and individuals – to create the carbon credit commodity traded on carbon markets (or to establish the demand for carbon credits). On a smaller scale tax deductible offsets are also available. Examples for products based upon forms of carbon accounting can be found in national inventories, corporate environmental reports or carbon footprint calculators. Likening sustainability measurement, as an instance of ecological modernization discourses and policy, carbon accounting is hoped to provide a factual ground for carbon-related decision-making. Carbon accounting can be used as part of sustainability accounting by for-profit and non-profit[7] organizations. A corporate or organizational "carbon" or greenhouse gas (GHG) emissions assessment promises to quantify the greenhouse gases produced directly and indirectly from a business or organization activities within a set of boundaries. Also known as a carbon footprint, it is a business tool that constructs information that may (or may not) be useful for understanding and managing climate change impacts.[3]

The drivers for corporate carbon accounting include mandatory GHG reporting in directors' reports, investment due diligence, shareholder and stakeholder communication, staff engagement, green messaging, and tender requirements for business and government contracts.[8] Accounting for greenhouse gas emissions is increasingly framed as a standard requirement for business. As of June 2011, 60% of UK FTSE 100 companies had published environmental targets, with 53% of these 240+ targets relating to carbon, greenhouse gas emissions or energy reductions (representing 59% of the FTSE 100).[9] In June 2012, the UK coalition government announced the introduction of mandatory carbon reporting,[10] requiring around 1,100 of the UK's largest listed companies to report their greenhouse gas emissions every year. Deputy Prime Minister Nick Clegg confirmed that emission reporting rules would come into effect from April 2013 in his piece for The Guardian.[11] The United states is not far behind  in requiring mandnatory GHG reporting..

Global Reporting Initiative


The Global Reporting Initiative (known as GRI) is an international independent standards organization that helps businesses, governments and other organizations understand and communicate their impacts on issues such as climate change, human rights and corruption. As of 2015, 7,500 organizations used GRI Guidelines for the sustainability reports. GRI Guidelines apply to multinational organizations, public agencies, smaller and medium enterprises, NGOs, industry groups and others. For municipal governments, they have generally been subsumed by similar guidelines from the UN ICLEI.[1]

The GRI is an example of an organization that acts outside of the top-down power command structures associated with government (e.g., quasi-autonomous bodies and regulators). Environmental governance is the multifaceted and multilayered nature of "governing" the borderless and state-indiscriminate natural environment.[2] Unlike major protected policy areas such as finance or defence, the environment requires sovereign states to sign up to treaties and multilateral agreements in order to coordinate action. Sustainability reporting is a more recent concept that encourages businesses and institutions to report on their environmental performance.[3]rs.