University of Vaasa - Vaasan yliopisto

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value, while either protecting or enhancing their market
value, through effective philanthropy.
iv. Creating new market and social value. The most strategic
approach for strengthening the company’s contribution to
development comes though its core business activities.
Through innovation, for example, in new products,
services, processes, and even business models that directly
aligns development needs with profit-making business
opportunities.
The shift of CSR from a defensive to a proactive approach reflects the increasing role
of business in meeting development goals.
Figure 1. CSR strategies at the level of the individual firm
Social value-added
Business as usual Build competitive advantage
CHARITY
COMPLIANCE
CREATE NEW
VALUE
CONTROL:
cost
risk
negative impact
Do positive good
Do no harm
Shareholder value added
Source: UNIDO (2007). Building linkages for competitive and responsible
entrepreneurship:
The Oil and Gas Sector: A Benchmark Analysis of CSR
Practices
The oil and gas sector has been among the leading industries in championing CSR.
Oil companies seem to attach greater importance to their social and environmental
impact and they engage more with local communities than they used to in the past.
This is confirmed by the companies’ current communication strategies and reports,
which have begun to consider all the dimensions of sustainability: economic
sustainability as the capacity to produce income, profits and work; social
sustainability as the capacity to warrant well-being and equally distributed growth