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Inside Internal Controls

News and discussion on implementing risk management

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shared value

Government updates corporate social responsibility strategy for extractive industry abroad

A review of the federal government’s 2009 corporate social responsibility strategy (CSR) for the Canadian extractive industry operating in foreign countries found companies are recognizing “the need to consider CSR in planning and operations,” but are asking the government for more assistance…

 

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Ethics and business conduct

The ethical standards of a company are driven from the top. The ethics policy should be recommended by the president, ratified by the board and rolled out to the company with appropriate explanations and training. Implementing and consistently following a top-down ethics policy—with input from all levels—will help employees, customers, stakeholders and others who interact with the company to understand and relate to the company’s intentions.

 

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Sustainable business frameworks

Recently, I wrote about the concept of shared value, a business strategy under which organizations consider the needs of their communities alongside those of their shareholders, in order to improve conditions for business (and communities where they operate) and maximize profit. What a crazy idea, right? Healthier communities mean more profitable businesses? So crazy it just might work.

 

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Fruits of the city – an example of shared value

Shared value is a different way of looking at CSR that offers a view to the possibility of inherent social responsibility, and the great potential that it offers to people and their economies. That potential lies in serving un- or underserved communities, of which there are many. For example, services directed at specific ethnic groups and immigrants, or hyper-local businesses that understand and meet their communities’ needs better than faceless franchises.

 

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Renegotiating value and values – do we have a choice?

Last month I read about the death of corporate social responsibility. Now, I’ve come across the concept of “shared value”, which seems like a more thorough expression of the promise of CSR.

 

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