INTRODUCTION Corporate SocialResponsibility (CSR) is defined as the voluntary activities undertaken bya company to operate in an economic, social and environmentally sustainablemanner.The Government of Canadaunderstands that responsible corporate behavior by Canadian companies operatinginternationally not only enhances their chances for business success but canalso contribute to broad-based economic benefits for the countries in whichthey are active and for Canada. Investing and operating responsibly also playsan important role in promoting Canadian values internationally and contributesto the sustainable development of communities. The Government of Canada istherefore committed to promoting responsible business practices; and expectsand encourages Canadian companies working internationally to respect allapplicable laws and international standards, to operate transparently and inconsultation with host governments and local communities, and to conduct theiractivities in a socially and environmentally responsible manner. (Corporate Social Responsibility, 2018)2.
Types of CSRThere are four types of CSR according to its beneficiaries:1. Environment-Focused CorporateSocial Responsibility (CSR)This type of CSR focuses on reducing detrimental effects of thecorporation’s operations on the environment. The corporation innovates in itsmanufacturing stage to reduce the production of environment harmingby-products. It also promotes the use of non-renewable energy sources toprevent harm causedto the environment by burning of fossil fuels.2. Community-Based Corporate SocialResponsibility (CSR)The corporation joins hands with other organizations (usually Non-Profitones) to ensure the welfare of a local community’s people. These organizationseither fund or receive funding from corporations to perform tasks that canimprove the living conditions of the community’s people.3.
Human Resource (HR)-BasedCorporate Social Responsibility (CSR)Corporations focus on the well-being of their own staff and improve theirliving conditions. The companies may extend compassionate leaves like paternityleaves so that the employee can look after his newborn. They can also providemedical insurance to their employees to take care of accidents caused due tooccupational hazards.4.
Charity Based Corporate SocialResponsibility (CSR)In a charity-based CSR, corporations donate to organizations orindividuals (usually through a charity partner) to improve their financialcondition and for their general upliftment. This is the most common form of aCSR activity. Most corporations provide direct financial support toorganizations or individuals who require such assistance. 2. IMPORTANCE OF CSRThebenefits and advantages that corporations adopting Corporate SocialResponsibility initiatives may obtain the following (Campbell, 2007) 2.1 TO BUSINESS· Increased employee’sloyalty and retention.
· Gaining legitimacyand access to markets.· Less litigation· Increased qualityof products and services.· Bolsteringpublic image and enhanced brand value.
· Less volatilestock market.· Avoiding stateregulations.· Increased customerloyalty. · 2.2 TO SOCIETY· Improvedquality of life and changing habits.· Capacitybuilding creates wealth and employment.
2.3 TOENVIRONMENT· Balancedeco-system.· Waste management.· Clean andgreen environment 3.HOW DOES THE GOVERNMENT OF CANADA SUPPORT CSR?The Government of Canadahas in place a variety of initiatives which demonstrate Canada’s longstandingcommitment to promoting responsible business practice. Through its actions, theGovernment facilitates the commercial success of Canadian companies activeabroad while enhancing the contribution of their activities to the broadeconomic growth of Canada and its trading partners, including those withdeveloping and emergent economies.
We work with the Canadian businesscommunity, civil society organizations, foreign governments and communities, aswell as other stakeholders to foster and promote responsible businesspractices, and thus support sustainable economic growth and shared value. (Corporate Social Responsibility, 2018) REFERENCES o Corporate Social Responsibility,2018 retrieved from http://www.international.gc.ca/trade-agreements-accords-commerciaux/topics-domaines/other-autre/csr-rse.
aspx?lang=eng o Corporate Social Responsibility,2014. Types of CSR retrieved fromhttps://myassignmenthelp.com/blog/corporate-social-responsibility-advantages-disadvantages/ o Campbell, J.L. 2007.Why Would Corporations Behave in Socially Responsible Ways? An In-stitutionalTheory of Corporate Social Responsibility. Academy of management Review, 32(3):194-967.