The Company operates in a live society. No business exists in a vacuum; nor can a business grow in isolation, and its activities have direct and indirect impact on the different elements of the Society. The Corporate Social Responsibility (“CSR”) is all about building sustainable business, which needs healthy economies, markets and communities. It is a commitment of business to contribute sustainable market development, working with employees, their families, the local community and society at large to improve quality of life, in ways that are both good for business and good for development. The CSR encompasses within itself wide range of issues relating to business conduct, from corporate governance and environmental protection, to issues of social inclusion, human rights and national economic development.
The major drivers of Corporate Social Responsibility are:
- Concerns and expectations from citizens, consumers, public authorities and investors in the context of globalisation and large scale industrial change.
- Social criteria are increasingly influencing the investment decisions of individuals and institutions both as consumers and investors.
- Increased concern about the damage caused by economic activity to the environment; and
- Transparency of business activities by the media and modern information and communication.