Corporate Social Responsibility - Sustainable Development Policy ...

Studying the Sugar Production Process in Pakistan1Concept of Corporate SocialResponsibility (CSR)I. CSRAccording to core economics every business works for maximization of profit.But it is also noted that every person, business and entity is responsible for itsimpact on the people linked to it both directly and indirectly and the space itevolves in. The social network of a corporation is not limited to but may includecompany’s stakeholders, employees, and customers, investors, suppliers,business partner, government and community. A business holds both tangibleprofits and intangible assets; the intangible holdings include its reputation,goodwill, responsibility etc. A corporation is judged on both the tangible and theintangible. CSR practices focus upon the businesses to work towards publicinterest by development and growth of the community.The concept of CSR is still not fully contextualized in Pakistan however on somelevels work has begun at least. A number of multinational companies are seen tobe bringing in CSR practices along with other innovative technologies from thedeveloped countries into the developing countries. In Pakistan the concept beingcomparatively fresh is not understood correctly; the approach is mystified withphilanthropy.It is clear that adoption of CSR strategies requires changes on all grounds of theorganization; from the mechanical procedures to the culture and values. Even infields where there is awareness of the CSR concept the companies choose to insertsimple philanthropy instead of producing intricate CSR models and strategies. Itmust also be taken into account that in Pakistan there persist no laws ory 13