Proceedings of 8th European Assembly on telework (Telework2001)

25The Green Paper is also addressing the responsibilities <strong>of</strong> companies as well as those <strong>of</strong>stakeholders in promoting CSR. While CSR can only be taken on by the companies themselves,stakeholders, particularly employees, consumers and investors, can play a decisive role - intheir own interest or on behalf <strong>of</strong> other stakeholders in areas such as working conditions, theenvironment or human rights - in prompting companies to adopt socially responsible practices.A growing number <strong>of</strong> companies are adopting codes <strong>of</strong> conducts and publishing social reports.There is a need for greater consensus on social accounting, reporting and auditing practicesin the area <strong>of</strong> social reports while the effectiveness <strong>of</strong> codes <strong>of</strong> conduct would be improvedby proper implementation and verification. Furthermore many companies have yet to adoptmanagement practices that reflect their commitment to CSR. Where they have to integrate theirsocial responsibility in their day-to-day management, companies’ employees and managers needtraining and retraining in order to acquire the necessary skills and competence. Furthermoreas implementing CSR requires involvement <strong>of</strong> the employees and their representatives, socialdialogue plays a crucial part in the wider adoption <strong>of</strong> socially responsible practices.Socially responsible investing (SRI) is growing quickly with more and more SRI funds andindexes. Their quality and objectivity should be ensured through proper audit and quality assuranceprocedures. For SRI to grow further however, financial markets need to improve their awareness<strong>of</strong> its potential returns. There is also a need for further standardisation, harmonisation andtransparency in the screening tools and metrics used by screening agencies. With the development<strong>of</strong> pension funds shareholder activism is expected to increase as a means to induce companymanagement to adopt socially responsible practices.The so-called ethical consumption is growing quickly as consumers say they do not only want goodand safe products, but they also want to know if they are produced in a socially responsible manner.Its market share however remains relatively low, indicating a need to raise awareness. There is alsoa growing number <strong>of</strong> social labels. For ethical consumption to grow further there is however a needfor further standardisation, transparency and monitoring <strong>of</strong> these social labels.Employees are major stakeholders <strong>of</strong> companies. Instruments such as lists <strong>of</strong> best employers canhelp improve information and transparency about best practice in the area <strong>of</strong> human resourcesmanagement. Furthermore, workers’ representatives need to be consulted extensively on CSRpolicies, plans and measures.The <strong>European</strong> approach to CSR is in line with the basic message <strong>of</strong> the Sustainable DevelopmentStrategy for Europe agreed at the Göteborg <strong>European</strong> Council <strong>of</strong> June 2001, that in the long-term,economic growth, social cohesion and environmental protection go hand in hand. It is also linkedwith the reflection <strong>of</strong> the Commission on the White Paper on governance in the <strong>European</strong> Union.As several Member States have recognised the importance <strong>of</strong> CSR and have taken active steps topromote it, a <strong>European</strong> approach to CSR must build upon these initiatives. The <strong>European</strong> approachmust also reflect and be integrated in the broader context <strong>of</strong> various international initiatives, such asthe UN Global Compact, the ILO’s Tripartite Declaration <strong>of</strong> Principles concerning MultinationalEnterprises and Social Policy and the OECD Guidelines for Multinational Enterprises.