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Corporate Social Responsibility (CSR) is defined as the voluntary activities undertaken by a company to operate in an economic, social and environmentally sustainable manner. The Government of Canada understands that responsible corporate behavior by Canadian companies operating internationally not only enhances their chances for business success but can also contribute to broad-based economic benefits for the countries in which they are active and for Canada. Investing and operating responsibly also plays an important role in promoting Canadian values internationally and contributes to the sustainable development of communities. The Government of Canada is therefore committed to promoting responsible business practices; and expects and encourages Canadian companies working internationally to respect all applicable laws and international standards, to operate transparently and in consultation with host governments and local communities, and to conduct their activities in a socially and environmentally responsible manner. (Corporate Social Responsibility, 2018)
Types of CSR There are four types of CSR according to its beneficiaries:
The benefits and advantages that corporations adopting Corporate Social Responsibility initiatives may obtain the following (Campbell, 2007)
The Government of Canada has in place a variety of initiatives which demonstrate Canada’s longstanding commitment to promoting responsible business practice. Through its actions, the Government facilitates the commercial success of Canadian companies active abroad while enhancing the contribution of their activities to the broad economic growth of Canada and its trading partners, including those with developing and emergent economies. We work with the Canadian business community, civil society organizations, foreign governments and communities, as well as other stakeholders to foster and promote responsible business practices, and thus support sustainable economic growth and shared value. (Corporate Social Responsibility, 2018)
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