Corporate Social Responsibility: Here to Stay

Authors: Andreas Thrasyvoulou Published date: 15-01-2016 Status: Published

This article discusses the importance of Corporate Social Responsibility (CSR) in the modern world. The problems that led to the financial crisis will be assessed, as well as why the CSR has been left outside the substantial reforms currently taken by a number of companies and financial institutions. The importance of stakeholders will also be discussed and the stakeholder theory will be analysed, as this is a fundamental part of CSR. Both CSR and stakeholder theory are aspects of an organic theory that acts as a fundamental mechanism in the institution’s development. Moreover, reference will also be made to various corporate scandals, the new Company Law Act 2006, the recent regulations published in 2014 and the ground-breaking India Companies Act. These will serve as strong examples, supporting the author’s suggestion that CSR is not a fad whose time has come, but an important theory, which is slowly emerging as one of the fundamental principles of legislative reform. In the author’s opinion, this is a huge development post-financial crisis. Furthermore, the author will attempt to prove that CSR is an important component, which will help the development of a corporate financial market less vulnerable to a future financial crisis Keywords: Corporate Social Responsibility, Company Law Act 2006, India Companies Act

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