Legal Updates

More firms ''should adopt CSR'', expert says

Date:  20 Nov 2008

Adopting a positive approach towards corporate social responsibility (CSR) can help businesses improve their profit margins, it has been claimed.

Danielle Cohen, ethics manager at the Chartered Institute of Management Accountants says that companies which have good ethical standards embedded in their memorandum are likely to benefit from good management.

This can impact positively upon the company''s bottom line, she suggests.

Corporate social responsibility issues rose up the agenda with the enactment of the Companies Act, which came into force in 2007.

As a result of the legislation, firms are required to consider the impacts of their business practices upon a variety of stakeholders, including customers, employees and the environment.

The University of Edinburgh claims that the government, consumers and potential job applicants are increasingly demanding an ethical approach to business.

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