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JanStoner FinalPaper 7/29/2009

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PEOPLE,PLANET,PROFIT

Good.Smart.Business.Profit.Thosearethecriteriafornominationasoneofthe

WorldsMostEthicalCompanies,awardedbytheEthisphereInstitute.(AboutEthisphere,

2009)In1970,MiltonFriedmanwrotehisessay,TheSocialResponsibilityofBusinessisto

IncreaseitsProfits.(FriedmanM.,1970)JuxtaposedwithFriedmanisTheStakeholder

TheoryoftheModernOrganization,writtenbyR.EdwardFreeman,whicharguesthat

companiescanbegood,smart,businessoriented,andprofitable,whileatthesametimebeing

goodcorporatecitizens,reducinginequality,andengagingtheirstakeholders.(Freeman,2002)

Ourstudiesinthisclasshavemadeclearthateconomicstratificationshaveincreasedmarkedly

inthepastthreedecades.CouldFriedmansprofitspecificviewbecontributingtoinequality?

Isittimetorethinkthesocialresponsibilityofbusiness?Thispaperwillexplorebothspectrums

oftheargumentandhighlightwaysthatmanyorganizationsandcorporationsareworking

withintheirmissiontogrowthetriplebottomlineofpeople,planet,andprofit.(Price,2007)

Whyallthisclamoroverthesocialresponsibilityofbusiness,otherwiseknownas

corporateethicsorcorporatesocialresponsibilityCSR,forshort?AsRobertReichhastoldus

inhisbookSupercapitalism,theriseofcapitalismanditsescalationintosupercapitalismhas

widenedthegapinequality.(Reich,2007)Twentyyearsago,thetotalpayoftheaverage

executivewas40timestheaverageworker;nowitis110timestheaverage.(Leaders:Rich

man,poorman;Globalisationandtheriseofinequality,2007)Eightypercentoftheworlds

grossdomesticproductbelongstothe1billionpeoplelivinginthedevelopedworld;the

remainingtwentypercentissharedbythe5billionpeoplelivingindevelopingcountries.


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(ReportontheWorldSocialSituation,2005)In2001,11to13percentofAmericanswereliving

onlessthanwhatgovernmentexpertsestimatetheyneedtobuybasicnecessities.These

peoplecouldnotescapepoverty,despitelivingwithafulltimeworkerworking50weeksa

year.(Kerbo,2006)

Whatdoesthathavetodowithcorporations,youmayask?Again,IrefertoReich,who

tellsusthatsupercapitalismhasspilledoverintodemocracy.Themergersandtakeoversof

corporationsinthelate1990sandearly21stCenturyhavecreatedmegacorporationswhich

arestronglyinfluencingourcultureanddemocracy.Theoligopoliesofthe20thCenturybig

business,biglabor,regulatoryagencies,andlegislatureswhichusedtohelpspreadthe

wealth;balanceworker,corporate,andcommunityrights,haveeroded.Corporatecampaign

contributionstopoliticalcandidatesandthestampedeofWashingtonlobbyistsaredrowning

outthevoicesofcitizenry,ineffortstoinfluencepublicpolicyinfavorofcorporations.Reich

alsotellsusthatpowerhasshiftedtoconsumersandinvestorsandthatdemocraticcapitalism

hasbeenreplacedbysupercapitalism.Additionally,asourcountryisinthemidstofthis

economiccrisis,atitsheart,onalmostadailybasis,weseeexamplesofirresponsibleand

unethicalcorporateleadership.

Whyshouldwecareaboutthepowershifttoconsumersandinvestors,corporate

ethics,andtheerodingofdemocraticcapitalismtotheproliferationofcorporateglobalization?

Weshouldcareforseveralreasons.AsJohnF.Kennedysaidinhisinauguraladdressin1961,

Ifafreesocietycannothelpthemanywhoarepoor,itcannotsavethefewwhoarerich.On

ahumanitarianlevel,weshouldcarethatmillionsofpeoplearestarvinganddyinghungry


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everyday.Onamoreselfishlevel,weshouldbeconcernedaboutthegapbetweenwealthand

povertybecause,astheworldbecomesmoreinterconnected,thewellbeingoftheworldsrich

willbecomeincreasinglythreatened.(Kerbo,2006)Thevastmajorityofpoliticalviolenceand

terrorismisbredinextremepovertyandsocialdisruption.Thishasbeenborneoutinrecent

yearsintheMiddleEast.InAfghanistan,followingthedemiseoftheSovietUnionin1991,

muchofthecountrywasdestroyed.Peoplewereverypoor,andtherewasanarchy.Islamic

fundamentalistsfromoutsidethecountryinfiltrated;andtheultraconservativeTalibanwon

controlofAfghanistan,whosepeopleweretiredoflivinginconflictandcorruption.InIraq,

whentheIraqiarmywasdisbandedinthecurrentwar,andallofitssoldierslosttheirjobs,

addingtothecountrysunemployment,againIslamicfundamentalismmadeinroadsin

mainstreamIraqbecauseofitspromisestohelpimproveconditionsresultingfromthewarwith

theAmericans.(Ferguson,2007)

Safetyisnottheonlyconcern.Worldpovertyalsocontributestoloweringofwagesand

standardsoflivingforthebottom50percentofAmericans.Themorepeoplegloballythatare

willingtoworkinsubstandardsweatshops,thelessmultinationalcorporationshavetopay

higherwagestoAmericansathome.Intermsofhealth,theWorldHealthOrganizationhas

indicatedthatpeoplewhoareweakenedduetopovertyaremoresusceptibletodeadly

infectiousdiseasesthatcouldalsospreadtowealthiernations.HIV/AIDS,acuterespiratory

syndrome,andavianinfluenzaaresuchexamples.(Kerbo,2006)

Inhisarticle,FromHegemonytoDemocracy,BostonCollegeProfessorofSociology

CharlesDerberisalsoonparwiththeassessmentsofReichandKerbo.(Derber,Summer2007)


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Derberwritesaboutthreesuicidalprinciplesdeeplyembeddedincorporateglobalization.The

firstandmostcomprehensiveishegemony,inthiscasetheobjectiveofdominationbyglobal

corporationsandthesuperpowerswhichsupportthem,particularlytheUSgovernment.He

pointstothe9/11attacksasevidenceofhowtechnologyhasmadeitpossibleforsmallnations,

networks,orevenindividualswithsocioeconomicandpoliticalresentmentstodestroywhole

citiesorcountries,inreactiontothisdomination.

Derberssecondglobalsuicidalprincipleistheeconomicpolarization,thewideningof

thegapbetweenrichandpoorinthemidstofvastglobalwealth.Hesaysthisissocially

unsustainablebecauseitwillencourageclassbasedviolence,oftenunderthecloakofreligion.

Finally,Derberaddressesenvironmentalsustainabilityand,inparticular,globalwarming.He

tellsusthatmostclimatologistsbelievethatglobalwarmingwillthreatenthesurvivalof

civilizedlifeandnatureinlessthanacentury.

Ifwebelievetheclaimsabouttheinfluenceofthecorporationonworldpoverty,the

environment,workingconditions,health,andsafety,wecanseethatthecorporationcanalso

haveanimpactonsolutionstotheseproblems.Thusenterstheideaofcorporatesocial

responsibility.Andlikeallcomplexissues,thesolutionsmaybealsocomplex.Ontheone

hand,wehavetheviewoftheesteemedeconomist,MiltonFriedman,whoin1970wrotehis

famousNewYorkTimesarticle,TheSocialResponsibilityofBusinessistoIncreaseitsProfits.

Friedmanwrotethatbusinessmenwhopromotedesirablesocialends,takeserious

responsibilityforprovidingemployment,eliminatingdiscrimination,avoidingpollution,or

whateverothersocialconsciencedictates,wouldbepreachingpureandunadulterated


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socialism,notfreeenterprise.Friedmanelaboratesthatacompanysresponsibilityistoits

shareholders;thatifmanagersthinksomethingbeyondmaximizingshareholdervalue,theyare

operatinginviolationtotheirresponsibilities.

IncontrasttoFriedman,wehaveTheStakeholderTheoryoftheModernCorporation,

writtenbyR.EdwardFreeman,in1984.Freemanarguesagainsttheprimacyofthe

shareholderandreplacesthisconceptwiththatofthefiduciaryrelationshiptostakeholders.

Hedefinesstakeholdersassuppliers,customers,employees,stockholders,localcommunities,

andmanagement.Thesearegroupswhoeitherbenefitfromorareharmedbycorporate

activities.Freemantellsusthateachofthesestakeholdersisnotameanstoanendandmust

participateinthefuturedirectionofthefirminwhichtheyhaveastake.Thequestionheasks

isForwhosebenefitandatwhoseexpenseshouldthefirmbemanaged?Additionally,

accordingtoFreeman,externalities,moralhazards,andmonopolypowerexist,whichpreclude

managementsabilitytoactsolelyintheinterestsofitsstockholders.Externalitiescanbe

regulations,suchastheEnvironmentalProtectionAct,TheEqualPayAct,andtheCivilRights

Act.ExpandingonFreemanfromtodaysperspective,someaspectsofthesubprimemortgage

debaclescreamofexamplesofmoralhazards.

Aswecansee,thereiscompellingevidencebothdomesticallyandgloballyforthe

rationaleandneedforcorporatesocialresponsibility.Whilewehavealongwaytogo,since

thelate1980sandearly90s,amovementtowardsfundamentalchangehasbeenunderway.

NotonlydowehavewriterssuchasFreemanraisingsocialconsciousnessonthematter,but

alsowehavesuchhistoricallysignificanteventsasthefalloftheBerlinWallin1989.According


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toanotherFriedman,ThomasL.,inhisbook,TheWorldisFlat,thefalloftheBerlinWallwasa

globaltippingpointtowarddemocratic,consensual,freemarketgovernance,andawayfrom

communism.Friedmanwrote,Henceforth,moreandmoreeconomieswouldbegoverned

fromthegroundup,bytheinterests,demands,andaspirationsofthepeople,ratherthanfrom

thetopdown,bytheinterestsofsomenarrowrulingclique.(FriedmanT.L.,TheWorldisFlat,

Release3.0,2007)

Bythemid1990s,agrowingnumberofcorporationsbegantoseecorporatesocial

responsibilityasbeneficialtothebottomline.In1992,theorganizationBusinessforSocial

ResponsibilitywasfoundedbytheCEOsof50sociallyorientedcompanies.Theirmission:to

supportgoodcorporatecitizenship.In1994,thephrasetriplebottomlinewascoinedbythe

BritishconsultingfirmSustainAbility.Theircontention:corporationslongtermsuccess

requiresattentiontosocietyandenvironment,aswellasshareholders.(Price,2007)

InOctober2005,ReasonMagazinerevisitedMortonFriedmans1970contentionsand

sponsoredadebatebetweenFriedman;JohnMackey,CEOofWholeFoodsMarket,Inc.;andT.

J.RodgersofCypressSemiconductor.(RethinkingtheSocialResponsibilityofBusiness,2005)

FriedmanstatedthathethoughtthedifferencesbetweenhimandMackeywereforthemost

partrhetorical,yetMackeythoughtotherwise.Whilehehighlyregardstheaccomplished

Friedman,herespectfullydifferedandcontinuedhiscallforanewbrandofcapitalism,onethat

consciouslyworksforthecommongoodinsteadofdependingontheinvisiblehandto

generatepositiveresultsforsociety.Mackeygoessofarastosaythatextendingourloveand


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carebeyondournarrowselfinterestisantitheticaltoneitherhumannaturenorfinancial

success.

Ofcourse,thecriticismsofcorporatesocialresponsibilitystillexist.IntheReason

debate,T.J.Rodgers,referredtoasthespokesmanforthetoughloveschoolofLaissezfaireand

dubbedasoneofAmericastoughestbossesbyFortune,arguedthatcorporationsaddfar

moretosocietybymaximizinglongtermshareholdervaluethantheydobydonatingtime

andmoneytocharity.FurthercriticismswerethatMackeyisrunningahybrid

business/charityandthatMackeysphilosophyismoreattunedtoKarlMarxthanfreemarket

capitalism.

Yetastheyearsgoon,eveninthisverydifficulteconomy,wecontinuetoseesignsof

continuedeffortstowardcorporatesocialresponsibility.TheDomini400SocialIndexwas

launchedin1990asacommonstockbenchmarkindexfundconstructedusingenvironmental,

social,andgovernancefactors.Thefundisconsideredastandardformeasuringtheimpactof

socialandenvironmentalexcellence.Theindexiscomprisedof250S&Pcompanies,100

additionallargeandmidcapcompanies,and50smallercompanieswithexcellentsocialand

environmentalrecords,suchasemployeeandhumanrelations,productsafety,environmental

safety,andcorporategovernance.Businessesengagedinalcohol,tobacco,firearms,gambling,

nuclearpower,andmilitaryweaponsneednotapplyforinclusion.Thefundwasdesignedfor

sociallyconsciousinvestorstoweighsocialandenvironmentalfactorsintheirinvestorchoices.

(Domini400SocialIndex,2009)ComparedtotheS&P500,theDominihasshownannualized


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returnsof8.43,comparedto7.78,respectively,sinceitsinception5/1/90.Thisisevidence

thatfocusingonpeopleandtheplanetcanindeedyieldprofit.

Thetopicsofcorporatesocialresponsibilityandbusinessethicshavealsobecome

subjectsofdiscussionintherealmofhighereducation.Aspartofitscentennialin2008,

HarvardBusinessSchoolheldanunprecedentedcolloquiumofworldwidebusinessschool

deans,corporaterecruiters,andexecutives.Theirdiscussionssurroundedthefutureofthe

MBA,followingcontinuedinstancesofcorporatescandals.HBSprofessorRakeshKhurana

argued,Manybusinessschoolshavebeencomplicitincreatingrecentcorporatescandalsby

turningoutgraduatesfixatedonshareholdervalueattheexpenseofallotherstakeholdersin

society.SomeofthekeyideasarethatMBAprogramsputtoomuchweightontheoryandnot

enoughonleadershipinourglobalenvironmentanddevelopmentofsoftskillsandcultural

awarenessforstudents.ManyoftodaysMBAprogramsbeganduringthelate1950s,atatime

ofverticalcorporatebureaucraciesmostlyintheUS.Today,withbusinessschoolschurningout

500,000MBAsayear150,000intheUSaloneandorganizationsbecomingflatter,theneed

isforleaderswhocanseeopportunitiesacrossfunctionalandculturalboundaries.

InadditiontotheHarvardBusinessSchoolstudy,anotherwayuniversitiesarepreparing

studentsforglobalizationandsolvingsocietysproblemsistheconferringofdegreesinthe

relativelynewsubjectareaofpublicpolicy.Publicpolicycurriculumcoverscrossdisciplinary

subjectssuchaseconomics,socialsciences,andpoliticalscience,givinggraduatesamuch

broadereducation.AtourownUniversityofChicago,studentscanspecializeinurbanstudies;

humanrights;economics;education;sociologyworkandfamily;politics;ororganizations.


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Educatedinthesedisciplines,onecanonlyhopethatfuturegenerationsofbusinesspeoplewill

actdifferentlythanthebusinesseshighlightedintheNovember8,2008,60Minutesexpos

entitled,FollowingtheTrailofToxicEWaste.

ThenewsshowtookustoGuiyu,China,toarecyclingdumpoftoxicewaste.Muchof

thepoisoncomesfromhomes,schools,andofficesoftheUnitedStates,intheformofourold

TVs,phones,andcomputers.Thewasteisbrokendownforthepreciousmetalsinside.

Peasantworkers,withoutproperequipment,handlelead,cadmium,mercury,chromium,and

polyvinylchlorides,allofwhichareknowntoxins.Whydotheseworkersworkinthese

conditions?Whenasked,oneworkersaid,Becausethemoneysgood.Jim,Puckett,founder

oftheBaselActionNetwork,awatchdoggroupforstoppingrichcountriesfromdumpingtoxic

wasteonpoorcountries,remindsus,Desperatepeoplewilldodesperatethings.Butwe

shouldneverputtheminthatsituation.Youknow,itsahellofachoicebetweenpovertyand

poison.Weshouldnevermakepeoplemakethatchoice.(FollowingtheTrailofToxicEWaste

[60Minutes],2008)

Finally,wehavepeoplelikeNobellaureateMuhammadYunus,whourgesleadersto

rethinksystemsthatkeeppeoplepoor.Yunus,aBangladeshieconomistknownasthebanker

forthepoor,wonthe2006NobelPeacePrizeforhissystemofmicrocredit.ThroughGrameen

Bank,whichhefounded,hehelpsthepoorlivebetterlivesbymakingtinyloans.Povertyis

createdbythedecisionsthatwehavemadearoundtheworld,bytheframework,thetheory,

andbusinessdefinitionswehavecomeupwith,saysYunus.(Mellgren,2007)


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Whilewehaveseensomehopefulsignstomovetowardssociallyresponsiblebusiness

operations,wealsocontinuetoseethecausesandeffectsofcorporateirresponsibilityand

inequality.Howcanwechangethesystem?AccordingtoBjornAndersen,inhisarticle,A

FrameworkforBusinessEthics,aholisticframeworkisneededtodepictitasamanageable

processandtoencouragemoreorganizationstoswitchtoabusinessethicsmodel.Anderson

outlinesafourstepprocesswhichcanbefollowedtoconstructanethicalbusinessapproach.

Thestepsareaprogressionoflegal,ethical,economic,andphilanthropicdimensions.

(Andersen,2008)

Atthemostbasiclevel,theorganizationmustcleanupanylegalissues.Afrequent

exampleinourclassofcorporateirresponsibilityhasbeenWalMartStores,Inc.;andWalMart

oflateseemstobeaddressingitslegalconcerns.OnthelistofHumanRightsWatch,

http://www.hrw.org,forseveralyears,WalMarthasalsobeentherespondentinmanyclass

actionlawsuitsfiledagainstitforsexdiscrimination,aggressiveantiunionorganizingtactics,

andviolatingworkersrights.InDecember2008,WalMartsettledtwoclassactionlawsuits,

oneinMinnesotafor$54.25million,andanotherfor$352millionforcasesfiledacrossthe

country.OvertwomillioncurrentandformerWalMartemployeesaretheplaintiffs.Thisalso

markstheendoftheembarrassingeraofoutgoingCEOH.LeeScott,Jr.,whowassucceededby

MichaelT.DukeinFebruary.(Greenhouse,2008)

Followingcompliancewithlawsandgovernmentregulations,thenextstepin

Andersonsframeworkiscleaningupethicalissues.Thisisachievedbyfollowingstandardsof

acceptablebehaviorasjudgedbystakeholders.AccordingtoAnderson,onlyafterthecleanup


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cantheorganizationbeseenasagoodcorporatecitizenthathasthewellbeingofits

stakeholdersinmind.Finally,aftermaximizingstakeholderwealthand/orvalue,the

corporationcantakethesteptowardsbeingaphilanthropicorganization.Whetherthe

remedialactionsofourWalMartexamplewillreachthehighestlevelandcontribute,as

Andersenwrites,beyondthedamageithasinflictedremainstobeseen.

Insummary,thetitleofthispaperisPeople,Planet,Profit.Thatisthetriplebottom

linethatproponentsofcorporatesocialresponsibilityseektomeasureintodayscorporation.

ItiswhatWilliamGreiderdescribesasthemoraleconomy,inhisessayinInequalityMatters.

(Greider,2005)Capitalismisahumanconstruct.Itwasnotinscribedontabletshandeddown

byAdamSmithorGod;itwasmadebypeopleandsoitcanbealteredbypeople,Greider

writes.

CSRistheattempttoaltertheconstructofcapitalism.Itistheattempttobalance

AdamSmithsothergreatwork,TheTheoryofMoralSentiments,(Smith,1790)withtheoneso

oftenquotedbyeconomistslikeMiltonFriedman,TheWealthofNations.InTheTheoryof

MoralSentiments,Smithtellsusthathumannatureisnotjustaboutselfinterest;itincludes

sympathy,empathy,friendship,love,andthedesireforsocialapproval.Itisthesignof

maturitythatonegrowsbeyondchildhoodegocentrismandbeginstocareaboutothers.

(RethinkingtheSocialResponsibilityofBusiness,2005)

Willcorporatesocialresponsibilityreduceinequality?Inourcurrenteconomic

meltdown,thesearetryingtimes;thejuryisstillout.Afewthingsarecertain,however.The

NorthernTrustBanklaidoff450peopleinDecember2008,itsCEOFrederickWaddellsaying,


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Themacroeconomicenvironmenthasbeenextraordinarilydifficultandhasimpactedall

segmentsoftheglobaleconomy.Thenextmonth,thispastJanuary,Northernstoppeople

lavishedatexclusivehotels,agolfouting,andbignameconcerts."ThekeypointisNorthern

Trustisabusinessthatearnedanoperatingnetincomeof$641millionlastyear,"saidsenior

vicepresidentDouglasHolt."Wepaidfortheseeventsourselves.Theywerepaidforaspartof

abusinessdecisionregardinganannualeventtoshowappreciationforclients.NorthernTrust

isnotabankthatwasorislosingmoneyandthereforehadtogotothegovernmentfor

assistance."Thisflipflopinactionspointstocorporateirresponsibility,noteconomicequality.

Thesubprimemortgagedebaclenomoneydownloansgrantedwithoutproofof

creditworthiness,securitizationofloanstoinvestors,creditdefaultswapstohedgethe

investmentsallpointtotheneedforamoralitycheck.Intheglobaleconomy,notonlyisthe

USsuffering,butalsotherestoftheplanet,forthisirresponsibility.Currently,intheUnited

Statesalone,12.5millionpeoplehavelosttheirjobs.Whenyouaddtothattheinvoluntary

parttimeworkersanddiscouragedworkerswhohavegivenupfindingajob,thetotal

unemploymentrateis14.8percent,oroneinsevenAmericans.(Aversa,2009)Recentnews

reportsfromJapanandevenChinaindicaterisingunemploymentaswell.

ThetownofGuiyu,China,anditspeoplearedrinkingcontaminatedwater,livingand

workingintoxicewaste;thesignalspointtocorporateirresponsibility,noteconomicequality.

Theworldsbiggestretailer,WalMart,paysitsemployeeswagessolowandprovideslimited

healthinsurance,sothatmanyofitsemployeesneedtorelyonMedicaidandothersocial

services,whilethecompanyanditsownersenjoybigprofits.Again,thesignalspointto

corporateirresponsibility,noteconomicequality.Whencapitalismgrowstosupercapitalism,


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withoutanychecksandbalances,asReichtellsus,thesignalspointtocorporate

irresponsibility,notequality.Whilethecompleteeffectsofcorporatesocialresponsibilityare

notyetknown,Ithinkitisfairtosaythatthelackofcorporatesocialresponsibilitycertainly

doesnotreduceinequalityeither.

EventhebastionoftheMBA,HarvardBusinessSchool,feelsthepainandtheshame.

BankofAmericasCEOKenLewisinthespotlightrecentlyforthegrantingof$3.6billionto

topperformersatsubsidiaryMerrill,Lynch,whichlost$28billionin2008,andflyinghis

expensivecorporatejettoNewYorkCitywhiletakingfederalbailoutmoneyisagraduateof

theprogram.

Themoderncorporation,asFreemancalledit,impactsmanymorepeoplethanAdam

Smithcouldhaveeverimaginedin1790,whenhewrotehisfamousinvisiblehandessay.As

weregularlysee,wecannolongerrelyontheinvisiblehandormoraljudgmentofafew.

SomeonesdecisioninaskyscraperintheUSaffectsgenerationsinasmalltowninChina.We

areinterconnectedasneverbefore;andweneedamoreproactiveapproach,capitalismwith

someregulation.Wealsoneedindividualstoactethically.Theinvisiblehandisbecoming

imperceptible.Disastrousthingshappenfartoorapidlytoday;reactionaryfixesmaycometoo

late.Itistimetochangetheconstruct;itistimetogiveattentiontoAdamSmithslessquoted

writing.Itistimetolookatnotonlyhowacompanyspendsitsprofitsbuthowitmakesits

money.

Inmyopinion,corporatesocialresponsibilityisalsoaresultofsupercapitalism.Both

ReichandThomasL.Friedmantellusthatpowerhasshiftedfromtherulingelitetoconsumers


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andinvestors.Freidmanspeaksofthreeglobalizationdemocratizationsinhisbook,TheLexus

andtheOliveTree.Theyare:thedemocratizationoftechnology,thedemocratizationof

finance,andthedemocratizationofinformation.(FriedmanT.L.,TheLexusandtheOliveTree,

2000)Inthedemocratizationofinformation,nobodycanhide.Countriescannolongerkeep

peopleinthedark,andneithercancorporations.Wearebombardedbyexamplesofcorporate

irresponsibilityandmoralitygoneamuck.CSRisthemomentumbythoseconsumersand

investorsadvocatingasustainableapproachtobusinessoperations.Itisthedemandsof

consumersandinvestorsandotherpeopleimpactedbycorporateactionstolooksidebyside

atsocial,environmental,andfinancialperformanceofbusinesses.(WhatisCorporateSocial

Responsibility(CSR)?,2009)Itisthedemandstoendthegreedanddestructioninourglobal

economy.Itisnotonlytimetorethinkthesocialresponsibilityofbusiness;itistimetoact.


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