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Socially Responsible Business

A Model for a Sustainable Future

image of Socially Responsible Business

The global business environment has undergone a major transformation that requires greater knowledge to address the social and environmental challenges of our time. Due to severe climate change and widening of gaps between socioeconomic groups, businesses are pressured to change normative management practices and operations towards development that is both inclusive and sustainable. While shareholders have a vested interest in financial economic returns, stakeholders are more broadly interested in business’ objectives, policies and operations which may impact the global sustainability. In this context, the notion of socially responsible business (SRB) is gaining relevance. SRB is an approach in which for-profit businesses are proactively operating and undertaking projects that are aligned to achieving the long-term economic, social and environmental objectives of society. This book aims to increase the knowledge of policymakers and corporate leaders on SRB practices.

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Three SRB principles or 3Cs

The three principles of the SRB Model for a Sustainable Future, the 3Cs, are corporate governance, corporate social responsibility and corporate sustainability. They were first identified and defined by the ESCAP Sustainable Business Network (ESBN) Task Force on Banking and Finance.55 These principles are constituent components of the SRB model (Figure 6). They establish strong ethical guidelines so that business practices meet globally accepted standards for the valuing and pricing of products, services and assets, engaging with stakeholders, and assessing and managing risks.

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