In recent years, corporate social responsibility (CSR) initiatives across North America, Europe and Asia seems like an increasingly popular activity undertaken by companies. An increasing number of multinational companies have established dedicated CSR units and began reporting publicly on a range of socially responsible initiatives from environmental sustainability and human rights to corporate philanthropy.
Up until a year ago, it would have been odd to question the viability and the substance of CSR, given its widespread awareness and growing participation. Then, leading investment bank Lehman Brothers, collapsed, turning what was previously a simmering financial hiccup into a full blown global economic crisis.
In the light of diminishing profits and reduced margins, would CSR prove itself as a valuable aspect of a business’ operation or just a “good-to-have” when business is good? Professor Peter Shergold, the Macquarie Group Foundation Chair at the Centre for Social Impact, examines the economic rationale for undertaking CSR activities and the extent to which the goals of corporate responsibility are internally reflected in the operations of businesses. Shergold was speaking at a recent seminar at Singapore Management University, organised by the Lien Centre for Social Innovation.
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