By Sibani Panda, KIIT Law School, Bhubaneswar.
“Without a sense of caring, there can be no sense of community”
In the recent years, increasing attention has been given to the concept of corporate social responsibility. The corporate social responsibility is an evolving concept and it does not have a universally accepted definition, so it generally refers to the transparent business practices that are based on ethical values, compliance with legal requirements, and respect for people, communities, and the environment. Thus, beyond making profits, companies are responsible for the totality of their impact on people and the planet. Corporate Social Responsibility (CSR), can be described as, the continuous commitment by corporations towards the economic and social development of communities in which they operate. Good corporate governance is a part and parcel of a corporate responsibility towards the society. (more…)