Perspective 1: "CSR is a waste of shareholder resources." 1. It is hard for companies to communicate their efforts in CSR to shareholders and investors. Although companies have progressed from only 20% of public companies publishing CSR reports to 72% from 2011 to 2013, there are still no universal standards established for reporting CSR information. Therefore, even the best CSR efforts can lose their value simply because the efforts are not communicated to users of financial statements. This is also in part due to CSR efforts being ill-defined. While some CSR ideas are universal many of the aspects of CSR are industry specific and hard to translate into meaningful disclosures for interested parties. 2. Many CSR projects are hard to project the actual effects and profitability of. This is because it is hard to project certain things such as the cost of energy such as in the case with some of the CSR projects proposed to Sierra Nevada. This has led to many companies putting a bare minimum amount of investment into CSR projects – it simply isn’t as important as other factors that affect shareholder value. Instead of being aggressive in their CSR efforts, they simply respond to CSR issues that arise. As Vogel states in the CFO Magazine article, “it will always remain…marginal and secondary… [unless] articles about companies in the mainstream business press would regularly or even occasionally mention some aspect of CSR in terms of… understanding a company’s past or future performance.” 3. CSR is distracting. Companies need their cash for other projects and operations that they must deal with daily. If they are to also invest in CSR projects, less cash will be available to the company for these other projects. If a massive investment opportunity with a high ROI is presented to a CEO, in comparison to a CSR project with mediocre returns, more than likely the