It’s no longer enough that Canada boasts internationally competitive industries. Canadians want an equitable sharing of the benefits of economic progress to ensure a high quality of life for people living in the communities where these companies operate. More and more, both domestic and global consumers want assurance that the firm they purchase from is a good corporate citizen.
Stakeholders such as investors, regulators, employees, municipalities and nongovernmental organizations are also looking beyond a company’s economic performance to see if it conducts its business in an ethical and socially responsible manner, and whether it is moving toward sustainable business practices.
Corporate social responsibility (CSR) is the commitment and activities by an organization to meet stakeholder expectations on economic, environmental and social performance.
The definition of CSR varies from company to company and many use other terms such as sustainable growth, corporate responsibility, social responsibility or corporate citizenship. No matter how it is described, CSR is often seen as the business contribution to sustainable development, meaning the way a company balances its economic, environmental and social objectives while addressing stakeholder expectations and enhancing shareholder value.
At NRCan we are demonstrating our commitment to CSR through our reporting on sustainable development commitments, our commitment to stakeholder engagement, and our continuing research with industrial, government and other stakeholders on CSR. We led a recent study, in collaboration with other Government of Canada departments and the private sector, which revealed a growing awareness of the impact of CSR on Canadian companies and the need to identify successful approaches to CSR. Corporate Social Responsibility: Lessons Learned provides a synopsis of some of the drivers, implementation approaches, challenges and barriers faced by ten Canadian companies that have integrated CSR into their management structures.
