What does CSR mean?

The term corporate social responsibility (CSR) refers to practices and regulations taken up by companies and organizations intended to take ownership of having a positive impact on the world. It is a concept in corporate management that integrates social and environmental commitments throughout a business’s strategy. 

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Why do companies engage in CSR? 

Corporate social responsibility (CSR) is an international framework for the self-regulation of private business, with the aim of contributing to societal goals by engaging in or supporting volunteering or ethically oriented practices. What was originally an internal private business strategy has now become part of a foundation for international business legislation and regulation to ensure ethical compliance. Businesses may engage in CSR policies for strategic purposes such as improving brand imaging, or for ethical purposes as well. 

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What is the difference between CSR and ESG? 

CSR can be easily confused with ESG (Environmental Social Governance), but they differ in the fact that ESG is the measurable assessment or a set of criteria for assessing a company’s CSR.