5. Contd⊠CSR is not an optional `add-on' to the core business activity; it is an expression of the core value system and philosophy of the business. CSR has moved from a position of ethics based âcorporate giving' to one of core corporate strategy. 2/26/2010 5
6. Why CSR:- Business has to earn the approval of society. A greater demand for transparency, accountability and public reporting, and as we have seen, increasing legislative demands for corporate responsibility. A high level of cynicism by consumers concerning the degree to which businesses manage their responsibilities to society. Corporate scandals. 2/26/2010 6
7. Contd⊠A 2000 European survey of consumer attitude towards CSR showed that 58% of consumers said that businesses do not pay enough attention to their social responsibilities. This increased to 65% in 2004. In Sweden all 55 state owned companies in Sweden have to file an annual sustainability report based on the Global Reporting Initiative (GRI). 2/26/2010 7
8. Example:- Sweden World Number 1 country applying CSR. All 55 states have CSR. 7 companies are in top 100. 25 public companies self declared using CSR. Volvo, Vattenfall and ABB enjoy solid reputations for responsible global corporate activities. 2/26/2010 8