Social Responsibility
ISO 26000 defines Social Responsibility as the responsibility of an organization for the impacts of its decisions and activities on society and the environment, through transparent and ethical behaviour that:
- is consistent with sustainable development and the welfare of society;
- takes into account the expectations of stakeholders;
- is in compliance with applicable law and consistent with international norms of behaviour; and
- is integrated throughout the organization.
SR is important to the private sector because it provides an effective and systematic way of identifying and managing risks and opportunities that result in:
- Increased sales by being able to meet consumer and customer demands for evidence that the company can demonstrate that it is socially responsible.
- Reduced cost through more effective and efficient use of resources including time, materials and energy.
- Increased investment by being able to demonstrate that the company is ethical and socially responsible.
- Reduced liability because of knowledge of and compliance with laws and regulations.
- Attracting and retaining competent and committed employees.