CSR Guidelines for the Financial Sector - page 5

Civil Society
“Social responsibility is neither a fad nor an optional extra. The interest in it is reflective of a deeper change in the
relationship between companies and their stakeholders, including consumers. Faith in the benefits of profits to
consumers has halved since the Seventies, as a viable basics of a relationship, that faith has been replaced by a
desire to see companies acting as active and responsible citizens. Healthy business requires a healthy community,
and should be contributing to its creation andmaintenance.”
(Steward Lewis, MeasuringCorporate Reputation, 1999)
“Global corporate social responsibility entailsmanaging effectively the company’s actual and potential
environmental and social impact on the communities inwhich the firm operates and on society as awhole.”
(DavidGrayson, President of Business in theCommunity inGreat Britain)
“The principles for global corporate responsibility call on companies to base their corporate policies on a vision of
themselves as one of many stakeholders in the global community and to set high standards of conduct in relation to
their employees, the environment, and the communities inwhich they operate.”
(ReverendDavid Schilling, Director of Global Corporate Accountability Programs for theNew York basedCenter
of Corporate Responsibility.)
International Organization
I believe that it is part of building good sustainable business to help establish safe, secure, stable and peaceful
societies. Business thrives where society thrives.
(Peter Sutherland, former Director-General of theWTO, CO-chairman of
BP-AmocoChairman of Goldman Sachs International)
“Our position as theworld’s leadingmedia and Entertainment Company could not have been reached, and could
not have been sustained-solely from business success. It rests equally on our tradition of social responsibility and
community involvement. At the core of this enterprise is the determination tomake a difference as well as a profit.”
(Gerald Levin, Chairman andCEO, TimeWarner, Inc.)
Generally, CSR is understood to be theway firms integrate social, environmental and economic concerns into their
values, culture, decisionmaking, strategy and operations in a transparent and accountablemanner and thereby
establish better practices within the firm, createwealth and improve society.
Since businesses play a pivotal role in job andwealth creation in society, CSR is a central management concern. It
positions companies to both proactivelymanage risks and take advantage of opportunities, especially with respect to
their corporate reputation and broad engagement of stakeholders. The latter can include shareholders, employees,
customers, communities, suppliers, governments, non-governmental organizations, international organizations and
others affected by a company’s activities.
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