APPRAISAL OF CORPORATE SOCIAL RESPONSIBILITY IN NIGERIA

Corporate Social Responsibility (CSR) is the idea that a company should play a positive role in the community and consider the environmental and social impact of business decisions.

CHAMAN LAW FIRM

5/26/2022 1 min read

APPRAISAL OF CORPORATE SOCIAL RESPONSIBILITY IN NIGERIA

Corporate Social Responsibility is a management concept whereby companies integrate social and environmental concerns in their business operations and interactions with their stakeholders. Corporate Social Responsibility (CSR) is the idea that a company should play a positive role in the community and consider the environmental and social impact of business decisions.

Corporate Social Responsibility is closely linked to sustainability, including creating economic, social, and environmental value, and ESG, which connotes Environmental, Social, and Governance. Notably, the three focus on non-financial factors that companies should consider when making business decisions. Engaging in Corporate Social Responsibility is beneficial as it gives rise to improved employee productivity, engagement, talent acquisition and retention lower cost and reduced waste enhanced community support, branding and customer loyalty.

The aim of Corporate Social Responsibility Initiative in Nigeria is to enable companies or corporations to:

1. Contribute to economic, social and environmental progress with a view to achieving sustainable development of affected communities.

2. Respect the human rights of those affected by their activities in keeping with Nigeria’s international obligations and commitments.

3. Encourage local capacity through close co-operation with local community, including local business interests, as well as developing appropriate linkage lines of their corporate activities to the benefit of the communities.

4. Develop and apply effective self-regulatory practices and management systems that foster a relationship of confidence and mutual trust between enterprises and societies in which they operate.

5. Support and uphold good governance principles and practice.

6. Abstain from any improper involvement in local political activities.

Corporate Social Responsibility issues may include engagement, labour standards and working conditions, employee and community relations, social equity, gender balance, human rights, good governance, and anti-corruption measures amongst others. The concept of Corporate Social Responsibility in corporate governance is a laudable one and it is needed to be sustained.

NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com

WRITTEN BY CHAMAN LAW FIRM TEAM

EMAIL: chamanlawfirm@gmail.com

TEL: 08065553671, 08024230080