Here are the key points about social responsibility:
- It refers to a company's obligation to be accountable to all of its stakeholders in all its operations and activities.
- Stakeholders include customers, employees, shareholders, communities, the environment, and society as a whole.
- Socially responsible companies consider how their actions might impact these groups and make efforts to minimize harm and maximize benefits.
- It goes beyond legal obligations by incorporating social and environmental concerns into business operations and interactions.
- Examples include supporting charitable causes, implementing environmentally friendly practices, ensuring fair treatment of employees, and producing safe products.
- Being socially responsible helps companies gain trust, loyalty, and goodwill from stakeholders and society over