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Corporate Social Responsibility Review

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The true meaning of Corporate Social Responsibility
According to European Commission Corporate Social Responsibility(CSR) is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.
World Business Council on Sustainable Development defines CSR as the commitment of business to contribute to sustainable economic development, working with employees, their families, the local community and society at large to improve their quality of life.
In practice the term can refer to a wide range of actions that companies may take, from donating to charity to reducing carbon emissions.
CSR has emerged as a global phenomenon in recent years, as companies are confronted by consumers and the staff who will no longer tolerate businesses behaving without regard to the impact of their actions. It has become a necessity and not a choice. The international Business Report(IBR) found out that the main factor driving CSR is the need for Private Held Business (PHB) to retain high quality staff to meet current and future demands.the study was done 34 European countries. The following table represents the full finds of different sets identified by respondents as the drivers of CSR and Percentage of privately held businesses citing factor as important on a global picture. Source: Grant Thornton IBR 2008 According to a study done by Ufadhili Trust in 2008 in East Africa, the report found out that 16 per cent of those sampled indicate that they annually spend Sh100,000 upto Sh500,000,14 per cent an annual figure of Sh1million to Shs. 5m and another 14 per cent 14 per cent commit Shs. 500,000 to Shs. 1m every year o CSR programmes. The lowest amount by the companies sampled was Shs. 20,000 while the highest was Shs.200m per annum. 25 per cent didn’t disclose what

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