The World Bank defines Corporate social responsibility (CSR) as “the commitment of businesses to contribute to sustainable economic development by working with employees, their families, the local community and society at large to improve their lives in ways that are good for business and for development.”
In other words companies adhere to law, ethical standards, and international norms. Business embraces responsibility for the impact of their activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere and does not only consider the economic benefits of its shareholders. Furthermore, business promotes the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality. Essentially, CSR is the inclusion of public interest into corporate decision-making.
