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Corporate Responsibility

Corporate responsibility describes the degree of business responsibility in relation to its function in society, business operations, the employees, the environment and the business arena.

In the narrow sense, corporate responsibility is based on a business philosophy where transparence, ethical behaviour and respect are the focal point for a stakeholder in a company. The concept of “CR” borders on the themes of Corporate Social Responsibility (CSR), Corporate Governance, and Corporate Citizenship.

Often there is confusion in regard to the concepts of Corporate Responsibility (CR) and Corporate Social Responsibility. The CR concept is however becoming more clearly defined. In Anglo-Saxon arenas, CSR is equated more with the societal and environmental responsibilities that companies face. In the German arenas, CSR is the concept equated with a corporation’s sustainability (i.e., corporate leadership with a balanced regard to economical, ecological, and social factors). Corporate Responsibility, in turn enfolds the outer aspects in relation to questions about corporate leadership and control (Corporate Governance), and the engagement of citizens within a corporation (Corporate Citizenship).

CR is built on a dialogue with all relevant stakeholder groupings, such as customers, business partners, suppliers, employees, and non-governmental organizations. The emphasis is that the CR-Concept is also comprised of the responsibility of the supply chain. CR is the all-encompassing management strategy used to help secure long-term economic success.

Source: de.wikipedia.org (Translated into English)