Social Responsibility Key Terms and Definitions

Social Responsibility

Social Responsibility is responsibility of an organization for the impacts of its decisions and activities on society and the environment, through transparent and ethical behavior that:

• contributes to Sustainable Development, including health and the welfare of society;
• takes into account the expectations of stakeholders;
• is in compliance with applicable law and consistent with international norms of behavior;
• and is integrated throughout the organization and practiced in its relationships.

Ref: ISO 26000:2010 Guidance on social responsibility

Sustainable Development

Sustainable Development is a development that meets the needs of the present without compromising the ability of future generations to meet their own needs.

Ref: Report of the World Commission on Environment and Development: Our Common Future

Sustained Success (Organization)

Sustained success (organization) is the result of the ability of an organization to achieve and maintain its objectives in the long term.

Ref: ISO 9004:2009 Managing for the sustained success of an organization — A quality management approach

Corporate Social Responsibility (CSR)

Corporate Social Responsibility (CSR) is a corporate initiative to assess and take responsibility for the company's effects on the environment and impact on social welfare. The term generally applies to company efforts that go beyond what may be required by regulators or environmental protection groups. Corporate social responsibility may also be referred to as "corporate citizenship" and can involve incurring short-term costs that do not provide an immediate financial benefit to the company, but instead promote positive social and environmental change.

Ref: Investopedia

Corporate Sustainability

Corporate Sustainability is a business approach that creates long-term shareholder value by embracing opportunities and managing risks deriving from economic, environmental and social developments.

Ref: Dow Jones Sustainability Indexes

GRI (Global Reporting Initiative)

GRI (Global Reporting Initiative) is a sustainability reporting framework that helps organizations to measure and report their sustainability performance.

Ref: Global Reporting Initiative