Corporate Social Responsibility At The United Nations Industrial Development Organization

1061 Words Nov 19th, 2014 5 Pages
Today, companies are aware of the expectations put to them by stakeholders, investors and consumer demand, as well as activist groups and governmental policies, to become more corporate socially responsible (CSR). According to the United Nations Industrial Development Organization (UNIDO), Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. CSR is generally understood as being the way through which a company achieves a balance of economic, environmental and social imperatives (“Triple-Bottom-Line- Approach”), while at the same time addressing the expectations of shareholders and stakeholders (UNIDO, 2014). Corporations understand the need for CSR and claim to have sustainable strategies in place, but are the strategies real or is it a facade? Are their intentions secretly profit driven or is there a genuine concern for sustainability practices within their organizations? Furthermore, in past recent years, several companies have been involved in social and environmental disasters and as a result their legitimacy has been challenged (Palazzo and Scherer, 2006). Consumers are now demanding corporate legitimacy for their actions not only with financial issues, but with social and environmental actions as well.
What is corporate legitimacy and what does it really mean? Corporate legitimacy has been defined as “ a generalized perception or…

Related Documents