THE SIGNIFICANCE OF CORPORATE MANAGEMENT IN EMPOWERING CORPORATE SOCIAL RESPONSIBILITY

Abstract

The European Commission defines corporate social responsibility as a concept whereby companies voluntarily integrate concern for social issues and environmental protection into their business activities and relationships with stakeholders (owners, shareholders, employees, consumers, suppliers, government, media, and the wider public). The purpose of current article is to identify the key factors of corporate management to empower corporate social responsibility. This paper has presented social responsibility in the context of corporate governance. It highlights the importance of corporate governance about corporate social responsibility (CSR) and the significance of a well-established corporate governance system for stable and sustainable growth. Good corporate governance can significantly influence socially responsible business practices, which is why CSR should be integrated into this system. Specific activities where the introduction of CSR can be recognized include fostering innovation, continuous training and education, partnerships, ongoing measurement of financial and non-financial business factors, reporting, control, and more.

Keywords

• corporate management
• social responsibility
• principles of management
• efficiency