Glossary:
16. Corporate social responsibility (CSR) in Companies - a Course for Business Owners
| Term | Definition |
|---|---|
3BL | See Triple Bottom Line or Triple-Bottom-Approach |
Code of Conduct | A Code of Conduct is a set of guidelines or principles that outline the expected behaviours, values, and standards of conduct for individuals within an organization, group, or community, aimed at promoting a positive and respectful environment, and ensuring compliance with laws, regulations, and policies. |
Corporate Social Responsibility (CSR) | The practice of companies integrating social and environmental concerns into their business operations and interactions with stakeholders. |
Due Diligence | Due Diligence is a thorough and careful examination of all relevant information, data, and facts related to a particular business, investment, or transaction, undertaken by a party (typically an investor or acquirer) to ensure that it is making an informed decision, and to identify potential risks, liabilities, and issues that may affect the outcome or success of the transaction. |
ESG practices | Environmental, Social, and Governance - They assess a company's impact on the environment, its relationships with stakeholders, and its internal policies and structures. |
Social responsibility | Can ethical framework that focuses on an individual or an organisation's obligation to act for the benefit of society as a whole. |
Social sustainability | The concept of ensuring that a company's operations and practices contribute to the well-being and development of society. |
Sustainability matrix | A tool used to evaluate and compare the sustainability performance of various products, projects, or initiatives. |
Triple-Bottom-Approach | also known as the Triple Bottom Line (TBL) or 3BL - see Triple-Bottom-Line |
Triple Bottom Line | TBL also known as Triple-Bottom-Approach is a business strategy that prioritises the simultaneous pursuit of three interconnected bottom lines: People (social responsibility), Planet (environmental sustainability), and Profit (financial performance), to create long-term value and success by balancing economic, social, and environmental considerations. |
