CSR- Corporate Social Responsibility: The Context And Cases Of Bangladesh
Edward Probir Mondol
Business Programs, International University of Business Agriculture and Technology, Bangladesh
Published in the Proceedings of 9th South Asian Management Forum: Management for Peace, Prosperity and Posterity, South Asian Association of for Regional Cooperation, AMDISA, February 24-25, 2007
SUMMARY
The study explores CSR conception and implications in context of Bangladesh and illustrates practices in specific industry sector in particular. In keeping with global movement, CSR is being seen as the source of new competitive edge for the companies operating in Bangladesh. Across the globe, there are many examples of companies that have used CSR not only to improve community relations but also as a source of significant commercial benefit. The national development can be promoted with transparency, good governance, concern for the environment and good relations with all stakeholders of a company by adopting principles and practices consistent with CSR. There is a need to link CSR among academics, managers, stakeholders and students. The increasing demands of overseas clients from EU and US are forcing companies in developing countries in general and that of Bangladesh in particular to adopt the dynamic policies of CSR. From this perspective, it may be beneficial to learn from companies in different sectors like Ready Made Garments (RMG) and Shrimp sub sector who practice CSR in exemplary ways.
INTRODUCTION
‘Corporate Social Responsibility’ or CSR can be defined as Social Responsibility of Corporate to the society. Today CSR is not about philanthropy or charitable work. It refers to something more fundamental. It is about how companies take responsibility for their actions in the world at large. To address the social problems or the problems of the stakeholders, the business community evolved a new approach in their business strategies named CSR and through CSR enterprises are intent to strike a balance between economic and social goals, where resources are used in a rational manner and social needs are be addressed responsibly. CSR can be viewed as a comprehensive set of policies, practices, and programs that are integrated into business operations, supply chains, and decision making processes throughout the company and include responsibilities for current and past actions as well as adequate attention to future impacts. CSR focuses vary by business, by size, by sector and even by geographic region. CSR increase the business profitability and can preserve interest of all stakeholders. CSR was more of a charity by affluent or socially responsible business organizations without expecting any financial return. The driving forces of CSR are new concerns and expectations from citizens, consumers and as investors. Increased concern about the damages caused to the environment by economic activities; transparency of business activities brought about by the media and modern information and communication technologies are all contributing to the changing scenario regarding CSR.
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CONCLUSIONS
The modern concept of Corporate Social Responsibility (CSR) is evolving gradually despite several hindrances. Driving forces behind this evolution is pressure from various stakeholders (Importers, Environmentalists) while slow progress is attributed to lack of Good Governance, absence of strong labour unions, consumer forums and above all lack of understanding by business houses, specifically non-exporting ones, that CSR is not charity but is rather an instrumental PR investment. The illustrative case studies also point to the challenge of CSR practice even in international trade oriented sectors. More definitive case studies now in progress in selected universities/institutions would bring out materials that would create more awareness and sensitivity among academics, managers and other stakeholders towards CSR and its practice.
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