Development in Cyprus Essay Example | Topics and Well Written Essays - 3750 words

Development in Cyprus - Essay Example Because of its importance, many organizations have provided different meanings for the concept of CSR. The World Business Council for Sustainable Development has defined CSR in its publication 'Making Good Business Sense' as "the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large"(Internet, Other definitions). Hopkinssays that "CSR is concerned with treating the stakeholders of the firm ethically or in a responsible manner, and that stakeholders exist both within a firm and outside" (Hopkins, 2003, P 16). interest of organizations" (Andriof and Waddock, 2002, P 21). But it must be noted that the terms used in this definition such as obligation and welfare of society are very broad in meanings and invite a variety of interpretations. Carroll defines it in a much broader sense. He says: "The total corporate social responsibility of business entails simultaneous fulfillment of firm's economic, legal, ethical and philanthropic responsibilities" (Nieuwenhuis et al, 2003, P 58). Carroll's Pyramid of CSR identifies the different levels at which a company can engage with society. They are economic (indicating profitability), legal (obeying the law), ethical (doing what is right) and philanthropic ( being a good corporate citizen). The Institute of Business Ethics describes CSR as "the voluntary actions taken by a company to address ethical, social and environmental impacts of its business operations and the concerns of its principle stakeholders" (Internet, what is IBE's definition of CSR). However, a survey of CEOs around the world has revealed that they have yet to reach a consensus on the definition of CSR though they have formulated their own definitions and recognized the importance of the concept in general (Internet, Baue, and February 1, 2002). 1200 CEOs from 33 countries have participated in this survey and most of them agreed unanimously on its relevance. When viewed overall, the meaning of CSR is very wide and interpreted in different angles. Most of the corporate companies feel that the concept of corporate social responsibility has gained 3 prominence in the last decade or so (Internet, Overall conceptual understanding), though some of them have nurtured these social responsibility ideas since the 1970s. For a few companies, the CSR has been the part of the very history of the company. The origin of CSR Europe The concept of corporate social responsibility has become an organized one for the first time in the world in 1995 with the launching of the CSR Europe by the then president of the European Commission Jacques Delors in association with several leading multinational companies (Internet, CSR Europe). Established with a motto of achieving profitability, sustainable growth and human progress through implementation of corporate social responsibility practices, CSR Europe has been seeking the active participation of corporate companies for achieving healthy and harmonious societies in all European countries. It has been