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2. INTRODUCTION

Corporate Social Duty (CSR) is
characterized as the willful exercises attempted by an organization to work in
a monetary, social and naturally feasible way.

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The Legislature of Canada
comprehends that mindful corporate conduct by Canadian organizations working
universally upgrades their odds for business accomplishment as well as add to
wide based monetary advantages for the nations in which they are dynamic and
for Canada. Contributing and working capably additionally assumes an imperative
part in advancing Canadian esteems universally and adds to the feasible
improvement of groups. The Administration of Canada is accordingly dedicated to
advancing mindful business hones; and expects and empowers Canadian
organizations working universally to regard every single material law and
worldwide norms, to work straightforwardly and in discussion with have
governments and nearby groups, and to lead their exercises in a socially and
earth capable way. (Corporate Social Responsibility, 2018)

2. Types of CSR

There are four types of CSR according to its beneficiaries:

1.      Environment-Focused Corporate
Social Responsibility (CSR)

This type of CSR focuses on reducing detrimental effects of the
corporation’s operations on the environment. The corporation innovates in its
manufacturing stage to reduce the production of environment harming
by-products. It also promotes the use of non-renewable energy sources to
prevent harm caused
to the environment by burning of fossil fuels.

2.      Community-Based Corporate Social
Responsibility (CSR)

The corporation joins hands with other organizations (usually Non-Profit
ones) to ensure the welfare of a local community’s people. These organizations
either fund or receive funding from corporations to perform tasks that can
improve the living conditions of the community’s people.

3.      Human Resource (HR)-Based
Corporate Social Responsibility (CSR)

Corporations focus on the well-being of their own staff and improve their
living conditions. The companies may extend compassionate leaves like paternity
leaves so that the employee can look after his newborn. They can also provide
medical insurance to their employees to take care of accidents caused due to
occupational hazards.

4.      Charity Based Corporate Social
Responsibility (CSR)

In a charity-based CSR, corporations donate to organizations or
individuals (usually through a charity partner) to improve their financial
condition and for their general upliftment. This is the most common form of a
CSR activity. Most corporations provide direct financial support to
organizations or individuals who require such assistance.

 

 

2. IMPORTANCE OF CSR

The
benefits and advantages that corporations adopting Corporate Social
Responsibility initiatives may obtain the following (Campbell, 2007)

 

2.1 TO BUSINESS

·        
Increased employee’s
loyalty and retention.

·        
Gaining legitimacy
and access to markets.

·        
Less litigation

·        
Increased quality
of products and services.

·        
Bolstering
public image and enhanced brand value.

·        
Less volatile
stock market.

·        
Avoiding state
regulations.

·        
Increased customer
loyalty.

·        
 

 

   2.2 TO SOCIETY

·        
Improved
quality of life and changing habits.

·        
Capacity
building creates wealth and employment.

 

  2.3 TO
ENVIRONMENT

·        
Balanced
eco-system.

·        
Waste management.

·        
Clean and
green environment

      

 

3.
HOW DOES THE LEGISLATURE OF CANADA BOLSTER CSR?

The Administration of Canada has set up an
assortment of activities which exhibit Canada’s longstanding sense of duty
regarding advancing mindful business rehearse. Through its activities, the
Administration encourages the business achievement of Canadian organizations dynamic
abroad while upgrading the commitment of their exercises to the wide financial
development of Canada and its exchanging accomplices, incorporating those with
creating and rising economies. We work with the Canadian business group, common
society associations, outside governments and groups, and additionally
different partners to encourage and advance capable business practices, and
therefore bolster supportable financial development and shared esteem.

(Corporate Social Responsibility,
2018)

 

 

                                                  
REFERENCES

 

 

 

o  
Corporate Social Responsibility,
2018 retrieved from

            http://www.international.gc.ca/trade-agreements-accords-commerciaux/topics-
domaines/other-autre/csr-rse.aspx?lang=eng

 

o  
Corporate Social Responsibility,
2014. Types of CSR retrieved from

Advantages and Disadvantages of Corporate Social Responsibility

 

o  
Campbell, J.L. 2007.
Why Would Corporations Behave in Socially Responsible Ways? An In-stitutional
Theory of Corporate Social Responsibility. Academy of management Review, 32(3):
194-967.

 

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