Definition

Corporate Social Responsibility (CSR) is a relatively new term, being constantly redefined. The initial belief that any corporate entity provides charity/philanthropy or commercial sponsorships is a corporate-social-responsibility act is not only outdated but also false! In an effort to define the concept of CSR, discussions today incorporate the terms of sustainability, sustainable development, responsible entrepreneurship and innovation and even corporate governance and corporate reporting in order to have a better fit according to the criteria of a modern and more relevant definition of CSR with the ideology of always aiming for the improvement of industries and thus having a direct positive impact towards societies around the world and humanity.

Some definitions of CSR are the following:

• "the continuing commitment by business to contribute to economic development while improving the quality of life of the workforce and their families as well as of the community and society at large (World Business Council, 1998)." [1]
• "Commitment by businesses to manage their roles in society” (International Chamber of Commerce, 2002). [2]
• “A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis” (European Commission, 2001). [3]
• “The responsibility of enterprises for their impact on society” (European Commission, 2011). [4]

The term Corporate Social Responsibility refers to the actions undertaken by an organization that address environmental and social issues. Specifically, companies are entities inextricably linked to the society, influencing, and being influenced by the constraints and unrestrictedness of each era in the history and future of the human race within the wide range of places in which they operate. Therefore, they ought to comprehend the extent of their responsibility towards society and environment. That is, to respect the cultural principles and values (respect for human beings - human dignity, provision of equal opportunities, the environment, refinement of living standards and enhancement of quality of life).

CSR implementation focuses on voluntary actions undertaken above and beyond any legal framework, targeting human capital in terms of business operations (shareholders, employees), but also the environment and other stakeholders (state, consumers, suppliers, etc.) in its interaction.

In view of the above, defining CSR reflects our own unique understanding or perception of the CSR concept to delineate the different issues associated with it.

Social responsibility is not merely a legal obligation of the organization and does not affect its financial goals. It rather consists of a set of activities and observable and measurable procedures that take into equal account the interests of shareholders and people, as well as the benefits to society, the communities, and the environment.

It is clear that the concept of Corporate Social Responsibility is now linked to Sustainability. At the international level, the transition from Corporate Social Responsibility to Corporate Sustainability & Responsibility is widely discussed and redefined on a constant basis. The acronym CSR however does not change!

Regardless of the any given definition, CSR incorporates some key features:

• The organization’s self-commitment.
• Duration and continuity in its implementation.
• Correlation with social, environmental and economic issues.
• Inclusion of internal and external environments of an organization.
• Engagement with strategic business models.
• Interrelation and identification of sustainable development of the enterprise within itself in a responsible way.

[1] World Business Council of Sustainable Development. (1998, September). WBCSD - Corporate Social Responsibility. Retrieved July 11, 2011, from World Business Council for Sustainable Development (WBCSD): http://www.wbcsd.org/DocRoot/hbdf19Txhmk3kDxBQDWW/CSRmeeting.pdf 

[2] International Chamber of Commerce. (2002). Business in society: Making a positive and responsible contribution. ICC Paris. http://www.iccwbo.org/Advocacy-Codes-andRules/Document-centre/2002/Business-in-society-Making-a-positive-and-responsiblecontribution/ accessed on 6.6.2013

[3] COMMISSION OF THE EUROPEAN COMMUNITIES, Brussels, 18.7.2001 COM(2001) 366 final GREEN PAPER, Promoting a European framework for Corporate Social Responsibility (presented by the Commission), https://www.europarl.europa.eu/meetdocs/committees/deve/20020122/com(2001)366_en.pdf

[4] European Commission, Corporate social responsibility & Responsible business conduct, retrieved from COMMUNICATION FROM THE COMMISSION TO THE EUROPEAN PARLIAMENT, THE COUNCIL, THE EUROPEAN ECONOMIC AND SOCIAL COMMITTEE AND THE COMMITTEE OF THE REGIONS A renewed EU strategy 2011-14 for Corporate Social Responsibility https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52011DC0681