Page 4 - Economy_CSR

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Introduction to the topic

The European Commission defines Corporate Social Responsibility (CSR) as the responsibility of enterprises
1
for their social impact. CSR is therefore company led and companies are responsible for:

- Integrating social, environmental, ethical, consumer and human rights into their business strategy and
operations

- Follow the law. Indeed, Public authorities play a supporting role through voluntary policy measures and,
where necessary, complementary regulation.

According to the United Nations Industrial Development Organization (UNIDO), 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. 2

CSR is voluntary but at the national level, countries have national policies and strategies to foster it. At the
European and International level, the following guidance and strategic documents should be underlined:

A renewed EU strategy 2011-14 for corporate social responsibility

Action plan on human rights and democracy (2015-2019)

Communication on the next steps for a sustainable European Future

Reflection paper: towards a sustainable Europe by 2030

Directive 2014/95/EU on non-financial reporting

United Nations guiding principles on business and human Rights

UN 2030 agenda for sustainable development

ISO 26000 guidance standard on social responsibility

OECD guidelines for multinational enterprises

OECD due diligence guidance for responsible business conduct

1 https://ec.europa.eu/growth/industry/sustainability/corporate-social-responsibility_en
2 https://www.unido.org/our-focus/advancing-economic-competitiveness/competitive-trade-capacities-and-corporate-re-
sponsibility/corporate-social-responsibility-market-integration/what-c