Corporate Social Responsibility

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Introduction and the TRIGOS Rating A recent study published by Ernst and Young (2011) stated that 80% of top companies in Austria do not report their performance in terms of Corporate Social Responsibility. Reports that are published are not well integrated in the annual financial statements and are often not verified by external auditors. However, more and more companies adopt standards of the Global Reporting Initiative (GRI) and become more and more aware of the importance of these issues. In identifying businesses that embrace a CSR concept, the TRIGOS award for companies with good CSR offers a well known and reliable source of information. Although Porter and Kramer (2006) criticize Ratings for having widely differing rankings and weightings as well as some natural self selection mechanism, they can be a good starting point for further research. TRIGOS (2006) points out that they assess the business with a very holistic approach, rather than assessing single projects. Their outlined criteria are: Leadership, which means the integration of CSR initiatives on a management level or also referred to as board buy-in. Market, referring to the integration of CSR activities in the supply chain and the relationship with stakeholders. Environment, including quality and scope of activities in reference to the environment (Waste, emissions, resource and energy efficiency). Society, meaning quality and scope of activities in relation to society such as fight against poverty and voluntary commitment. Moreover, actions are assessed according to positive impact, value created, involvement of employees and stakeholders, and degree of innovation. Although, these criteria seem to make sense, there is no description of the actual importance of... ... middle of paper ... ...e. [online] Available at: < http://diepresse.com/home/wirtschaft/international/559077/OMVChef_Es-geht-nicht-nur-um-Gewinne > [Accessed 23 January 2012] TRIGOS, 2012. Die Auszeichnung für Unternehmen mit Verantwortung. [online] Available at: < www.trigos.at > [Accessed 22 January 2012] Tudway, R, 2012. Course Notes on Corporate Citizenship and Corporate Social Responsibility. [online] Available at: < online.hult.edu > [Accessed 22 January 2012] OMV, 2012. Corporate Social Responsibility. [online] Available at: < http://www.omv.com/SecurityServlet/secure?cid=1181797508488&lang=de > [Accessed 23 January 2012] Weber, U, 2012. 60 Jahre Human Rights. [online] Available at: < http://www.corporaid.at/?story=350 > [Accessed 23 January 2012] Whole Trading Company, 2012. Zotter. [online] Available at: < http://wholetradingcompany.com/zotter.html > [Accessed 23 January 2012]

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