Meranth Governance & Compliance News
Mar. 2015
CSR – MANAGING THE FUTURE THROUGH
BUSINESS
Corporate Social Responsibility (CSR) is a self-
regulating system whereby a business supervises and
ensures that it conforms to ethical standards, the spirit
of the law and international practices. Most companies
which build CSR into their business model, accept their
responsibility for the company's endeavours and
attempt to ensure that the company’s actions positively
affect all stakeholders whether they be employees,
clients, communities or the environment.
The Opponents
Challengers to CSR might argue that social
responsibility should only apply to individuals and not
businesses. In addition, opponents might maintain that
it is the Government’s responsibility to be concerned
about social responsibility, or that companies cannot
spend time and money on these issues, as they have to
make profits and meet targets. In Ghana, a national
policy framework that guides the implementation of
CSR is non-existent. Therefore, CSR activities are
undertaken more in response to ethical convictions
than of legal obligations.
The Supporters
On the other hand, advocates of CSR stress that a
business is not merely a way of making money. The
manner in which business is conducted, the method in
which goods and services are made or purchased by a
business, and the goods and services themselves, can
all impact the stakeholders of a business. In addition,
CSR is not simply about using money in order to
conform to social objectives and it doesn’t necessarily
result in a less profitable business.
In particular, companies in the mining, oil and gas
industries have been accused of undermining human
rights in local communities and doing serious damage
to the environments in which they operate.
Contact Details
East Legon
Accra
E: adjoahboateng@gmail.com
M: 054-328-8260
An international agent commenting on CSR in Ghana,
said that it would be helpful for the Ghanaian
government to impose higher charges on companies
for the extraction of raw materials, which would
compensate for the damage they cause. This money
could then be used to benefit the entire population
rather than specific projects selected by those
companies.
The Benefits Of CSR To Your Company
• If a company’s social responsibility exceeds
that required by law, it is better prepared to
cope with new laws and restrictions
• A reputation as a responsible company can
distinguish a company from others.
• A company can save money by reducing waste,
emissions and resources.
• If the company has good relationships with
authorities, dealings may be simpler.
• Employees can be more productive and might
stay longer, which can decrease the costs and
disruption of recruitment and retraining.
• Interaction with the community can produce
positive public relations.
Properly managed CSR supports the business
objectives of the company and helps to develop
relationships with vital stakeholders whose opinion will
be most valuable when times are hard. It can attract
and retain talented staff, manage risk, assure
reputation, reduce business expenditures and
maximise its effectiveness.
Meranth Nugget: A great company strives to make the
community and environment in which it operates,
benefit from its presence through its well thought out
Corporate Social Responsibility (CSR) programs.
Meranth Limited
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