1. Corporate Social Responsibility (CSR) and its Importance:
1.1 Definition of CSR:

What does Corporate Social Responsibility or CSR mean? The World Business Council for Sustainable Development in its publication Making Good Business Sense by Lord Holme and Richard Watts, used the following definition:

Corporate Social Responsibility is the continuing commitment by business to behave ethically and to contribute to economic development while improving the quality of life of the workforce and their families, as well as of the local community and society at large.

Traditionally in the United States, CSR has been defined much more in terms of a philanthropic model. Companies make profits, unhindered except by fulfilling their duty to pay taxes. Then they donate a certain share of the profits to charitable causes. The European model is much more focused on operating the core business in a socially responsible way, complemented by investment in communities. This model tends to be more sustainable because :

• Social responsibility becomes an integral part of the wealth creation process - which if managed properly should enhance the competitiveness of business and maximise the value of wealth creation to society.

• When times get hard, there is the incentive to practice CSR more and better - if it is a philanthropic exercise that is peripheral to the main business, it will always be the first thing to go when push comes to shove.

Different organisations have different definitions of CSR- although there is considerable common ground between them. Regardless of the definition one chooses, there is a broad agreement that CSR is about how companies manage their business processes to produce an overall positive impact on society.

1.2 Importance of CSR:

Presently a growing number of companies participate, make progress, show good financial