Corporate social responsibility

Corporate social responsibility is a hard decision to be taken by the company. Companies do not embrace CSR because it is a nice thing or because they are forced but because it is nice for their business. Companies should not be in business because of money but because of responsibility. They should consider about public good but not private greed. This is because it takes a long time to build a reputation but it takes five minutes to destroy the reputation. Therefore, CRS involves conducting businesses in an ethical way for the interests of the wider community and responding to the priorities of the societies and their expectations. Businesses should be able to balance the interests of the shareholders with the interest of the company and act ahead of regulatory confrontations. 

The title CRS is a guide to a company’s missions and assist a company identify what it stands for and it will uphold to consumers. There is development of business ethics that guides a company to work within the stipulated laws. Philanthropy approach is common in companies that have embraced CSR since they give donations to local and nonprofit organizations in the community. This donations include social welfare, art education and health care. Another approach is to incorporate CRS directly to the strategies of an organization. For instance, procurement of fair trade tea and coffee by organizations into their business.

The Nestor Advisor is a company that gives advice on corporate governance, especially suggestions and ideas that will help non-financial companies from many regulations that will burden them. Their aim is to give views that will help the commission to come up with regulations that will meet the needs of non-financial corporations. Their main emphasis is on the board of directors and explanation of structure of the green paper.

Separation of the head of the panel and chief executive officer is the first issue addressed. The commission wants to know whether the responsibilities of the chairperson should be disintegrated from those of the head executive director. Duties of the chairperson must be defined clearly and there is no justification of separating chief executive officer roles from those of chairperson (Nestor Advisors, 2011). Separation of their duties is the best practice for the companies, especially in time of crises. Companies should use this strategy or any other that helps in flexible running of the company.