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83 J.L. Pol'y & Globalization 1 (2019)

handle is hein.journals/jawpglob83 and id is 1 raw text is: Journal of Law, Policy and Globalization www.ilsteorg ISSN 2224-3240 (Paper) ISSN 2224-3259 (Online) DOI: 10.7176/JLPG Vol.83, 2019 HITE A Legal Review of Corporate Social Responsibility Perry Ackon* PhD Candidate in International Law, School of Law, Xiamen University, No. 422, Siming South Road, Xiamen, Fujian, China. 361005 Abstract The legal frontier has over the years proved its worth in shaping concepts and theories of humanity to the effect of influencing the sanity of its practice and its longevity. Corporate Social Responsibility is a theory that has existed over decades. It has however undergone various transformations as it has being duly influenced by facets of academia and developments all with the aim of maximizing its impact in the cause of achieving global development and sustainability. This academic piece in perspective, analyses the concept in legal terms and the light of its relevance today. Providing a legal definition and review of the concept in modem terms, the piece concludes with the need for more legislation to this regard. Keywords: Corporate Social Responsibility, Sustainable Development, Law, Regulation. DOI: 10.7176/JLPG/83-01 Publication date:March 31st 2019 1. Introduction This paper presents a vivid legal perspective of Corporate Social Responsibility which is henceforth referred to as CSR. It further presents a briefing and summary of some key elements of the concept of CSR so as to build a foundation for the achievement of the set goal of the academic piece which is to shed light on the concept of CSR and its practices today in legal terms. It is expedient to note that CSR, which is also referred to as responsible business, corporate governance and corporate citizenship, has no single universally accepted definition. The concept has been described and defined by concerned organizations and institutions alike both in the academic and non-academic arena. CSR has also mainly been highlighted by individuals who have researched and studied the progressive trend of this phenomenon. With no grounds of profit mentioned throughout the definitions of CSR, the concept has over the years hinged on the respect for ethical and economic values and in some cases compliance to legal requirements. The definitions and perspectives which span from the mid 90's till date all give different viewpoints to CSR. As mentioned above our prime standpoint of undressing CSR in this paper will be from a thoroughly legal perspective. 2. Notable definitions of CSR The World Business Council for Sustainable Development (WBCSD) is an organization which seeks to unite businesses. The organization in its publication Making Good Business Sense by Lord Holme and Richard Watts defined CSR as, the continuing commitment by business to behave ethically and 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.' The European Commission, which is one of the strongest world unions, in its launch of the communique on CSR for the 2011-2014 period on the 25th of October 2011 in Brussels, Belgium gave another working definition for CSR within the European context. The commission defined CSR as the responsibility of enterprises for their impacts on society. The commission further stated that to fully meet their corporate social responsibility, enterprises should have in place a process to integrate social, environmental, ethical and human rights concerns into their business operations and core strategy in close collaboration with their stakeholders.2 The World Bank has also defined the concept of 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 ways that are both good for business and good for development.3 This definition pivots on three major factors, to improve economic factors, environmental factors and also social life. This has been seen by many scholars as one of the most satisfying definitions for CSR. In a broader search for definitions from other perspectives, some governments of states have been found elaborating on the concept and highlighting their thoughts on it. One major definition of CSR of some governments is that of the Chinese government. They have been recorded stating in relation to CSR that While pursuing economic profits, corporations are held responsible by shareholders, employees, consumers, suppliers, 'WBCSD definition for CSRby Lord Holme and Richard Watts. http:/!'old.-,bcsd.org/work-prograni/business-role/12revious-work/cornorate-social-reslvonsibil~tyaspx 2 CSR Europe new definition for CSR. bhtp://,Nww.csreurope.org/new-eu-definition-csr-miirors-entegprise-2020-asiaions 3 Jorgensen, H.B., Pruzan-Jorgensen, PM, Jungk, M and Cramer, A (2003) Strengthening Implementation Corporate Social Responsibility in Global Supply Chains, World Bank CSR Practice. 1

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