Corporate responsibility

Corporate social responsibility (CSR) is a strategy undertaken by companies to not just grow profits, but also to take an active and positive social role in the world around them. The term is also associated with the related term corporate citizenship.

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CSR is an approach that espouses the notion that a company can do good in the world and make a difference to improve social order. It's a topic that can engage the board of directors in an organization, as CSR reflects company culture and business practices. Social responsibility is a broad topic; it includes human aspects, such as having ethical labor practices both internally and as part of CSR

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There are four main types of corporate social responsibility – environmental, ethical, philanthropic, and economical. CSR is extremely important now as consumers know about the negative externalities caused by production activities. Common CSR initiatives include donating to charity, providing disaster relief, promoting renewable energy, encouraging gender equality, addressing racial discrimination, etc.