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Gare Smith and I recently co-authored an article on corporate social
responsibility ("CSR") and risk management for Executive Counsel magazine. In
the article, "Making Corporate Social Responsibility
Systemic," one issue we discuss is the potential risk to
companies that "claim to have embraced CSR and then simply
point to glossy reports reflecting anecdotal philanthropic
initiatives to demonstrate the degree of their commitment." We
believe that
such companies fail to develop the internal policies and
mechanisms necessary to ensure that the correct people, in the
right functional areas, are held accountable for following specific
environmental and social standards. References to good deeds do not
mitigate against the risks associated with lack of internal
commitment and oversight.
We observe that a lack of executive-level oversight with regard
to a company's approach to CSR may leave companies with little
capacity to develop strategic and comprehensive responses to
stakeholder concerns about the social and environmental impacts of
the company's operations.
A copy of the full article is available here (.pdf).
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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Click to Login as an existing user or Register so you can print this article.
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Global Regulatory Cooperation
