Corporate Social Responsibility Categories
Corporate governance is concerned with holding the balance between economic and social goals and between individual and communal goals. The corporate governance framework is there to encourage the efficient use of resources and equally to require accountability for the stewardship of those resources.
A company could have a number of environmental impacts and concerns. In order to begin addressing them, the company needs to priorities and develop a strategy on how to tackle these issues.
What follows from determining the issues is how to fix them. That’s where action plan comes in. It is important that it doesn’t just tell people what to fix, but also it lays out specific goals and actions that need to be taken regarding how to prevent problems and to fix them.
This plan must cover labour and human rights practices that go beyond the law. Generally companies have documents such as HR, H&S polices or Code of Conduct and alike. Most of the programmes aim at increasing the welfare of the employees and measure their satisfaction through diverse techniques. Attention should be paid to such issues as mobbing prevention, equal opportunities etc. that are not covered by legal framework.
Supply chain concerns have become prominent in recent years and particularly for larger companies that outsource their goods and services. This can be a big reputation concern (and growing legal concern in some contexts). It is important for companies to understand the risk to their businesses from contracting parties who do not uphold an adequate level of the mentioned practices.