Corporate Social Responsibility
Corporate Social Responsibility (CSR) is a management concept in which companies and organisations combine measures to bring social, ethical and ecological goals in line with economic activity. The idea is that companies can also help to create a better world, instead of being driven by maximum profit and greed.
More and more customers, investors and business partners are interested in how companies deal with issues such as human rights, labour standards and environmental protection. Company policies can be established. For example, the company may insist on working only with partners who follow ethical and moral business practices. In the same way, companies can devote more attention to the issue of renewable energies or create products that are sustainable and conserve resources. Many studies now show that the social conscience of a company often determines long-term success, risk minimisation, investment capital and image.
See Federal Ministry of Labour and Social Affairs (BMAS) at: https://www.csr-in-deutschland.de/DE/Was-ist-CSR/Nutzen-fuer-Unternehmen/nutzen-fuer-unternehmen.html (accessed on 03.06.2020)