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Trusteeship, as applicable to the corporate world, refers to the act of holding and managing resources on behalf of the stakeholders of the firm.
on
labour
My ideal is that capital and labour should supplement and help each other. They should be a great family living in unity and harmony; capital not only looking to the material welfare of the labourers, but their moral welfare also-capitalists being trustees of the welfare of the labouring classes under them.
on
labour
Gandhiji assigned a paternalist role to management in their dealings with labour Gandhiji considered trade unions to be means of workmens material and moral development. He declared that a strike is an inherent right of the working man for the purpose of securing justice, but they must be considered a crime immediately the capitalists accepts the principle of arbitration. If conflict arises between labour and management, the weapon proposed by Gandhiji is Satyagraha
of
Politics without principles Education without character Commerce without morality Pleasure without conscience Wealth without work Science without humanity Worship without sacrifice
Reference books
Representations of Social Responsibility Vol.II edited by David Crowther/Renu Jatana Corporate Social Responsibility: Ethical and Strategic Choice by Jayanta Bhattacharya Corporate Social Responsibility: Concepts and Cases - The Indian Experience Edited by C. V. Baxi and Ajit Prasad Essentials of Aswathappa Business Environment: K.
Meaning of CSR
By the term Corporate Social Responsibility (CSR) what is generally understood is that business has an obligation to society that extends beyond its obligation to its shareholders or owners.
Definition of CSR
CSR means operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectations that the society has of business. The World Business Council for Sustainable Development defines CSR 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.
Corporations have impacts that go beyond simple marketplace transactions. Corporations serve wider range of human values than can be captured by a sole focus on economic values.
Ethical Responsibility
Discretionary Responsibility
Customers
Sell materials
Suppliers
Relations between a business firm and some of its other (secondary) stakeholders
Local Communities Positive, negative opinion
Jobs, environment Regulation, taxes Business Firm (Managers) Friendly, hostile Social demands
Governments
Media
Community Goodwill
DIFFERENCE
GOOD COMPANY Excellent Products & Services GREAT COMPANY Excellent Products/services & Makes the world a better place
Role of Jaiprakash Narayan Organized Conferences on responsibilities of business Setting up of Fair Trade Practices Association by Tata, Bajaj and others
Corporate citizenship Realization that if social development is neglected, business cannot prosper. Government alone cannot handle all social issues.
Im ag e
Social Audit
Gerald Vinten defines social audit as a review to ensure that an organization gives due consideration to its social responsibilities to those both directly and indirectly affected by its decisions, and that a balance is achieved in its corporate planning between these aspects and more traditional business related objectives
Assessment of core competencies of the company Building in the strategic business case Assessment of external environment Legal Context & Development Context Identification & prioritization of the opportunities for corporate collaboration
Translating CSR policy into action Reporting, experience sharing and mutual learning External reporting and certification
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