International Frameworks and Practics of Corporate Social Resposibility

Abstract

Recent years the concept of CSR has changed its outlook from mere charity to an undivided part of modern business era. The idea has gone through both theoretical and practical fluctuations and moulded as a modern business tool. In the post-World War II period, the standard rules of statehood and international relations faced an upheaval in the face of the emergence of new countries, with complex political cultures, and the consequent political and economic conflict zones. To solve these nuanced and nascent issues, international frameworks for the socially responsible behaviour of large multi-national corporations were created. They aimed to ease and guide economic trade across the world in this volatile scenario. These principles remain relevant even today as faith and sureness withstand free markets and moral commercial procedures deliver such kind of trust and confidence. As the era of globalization [1] proceeded aggressively it produced concurrently adverse consequences for the environment and society. The damage to natural resources was colossal and irreversible. The World Commission on Environments provided a kick-start to the then evolving public policy, which acknowledged the need for policy prescriptions and the need for a global consensus on sustainability. It was only after the formation of the WTO in 1995 that the subsequent rounds of negotiations included a specific agenda of sustainability, new tools have been developed and existing ones updated and enhanced