Corporate Social Responsibility and Good Governance

Abstract

Though the concepts of corporate social responsibility (CSR) and governance (CG) have been evolving for decades, no single all-encompassing meaning has as yet been achieved. This paper seeks to explore the interrelationship between CSR and CG and its Indian context.  The paper argues about the implication of these concepts in Indian businesses. The first part of the paper states the increased focus of CG in CSR, and its linkage with business practices. The second part states the recent transformation in the legal norms to be followed by corporate houses, highlighting the essential of good governance. The third part of the paper discusses the prospects and challenges drawn by the stakeholders outlining the success of CSR in 2014.

The methodology used for the research is secondary and the main objective is to outline the overlapping of CSR and CG and the growing need of the developing nation to understand the core importance of moving beyond CG conformance towards voluntary CSR performance. This paper can provide an insight about the current CSR practices being carried out in this competitive era, especially in Indian corporate scenario.