Q5. Explain how Corporate Social Responsibility is closely linked with sustainable development?
Ans. Concept: CSR(Corporate Social Responsibility) is concept that organizations, have obligation to consider interests of customers, employees, shareholders, communities and ecological considerations in all aspect of their operations. This obligation is seen to extend beyond their statutory obligation to comply with legislation.
Link: CSR(Corporate Social Responsibility) is closely linked with the principles of Sustainable Development, which argues that enterprise should make decisions based not only on financial factors such as profits or dividends, but also on the immediate and long term social and environmental consequences of their activities.
iples of Sustainable Development: It is an integrated combination of policies, programs, education, and practices that extend throughout corporation’s operations and into the communities in which they operate, about how companies voluntarily manage the business processes to produce on overall positive impact on society.