Abstract
CSR is becoming more and more important, and many companies have taken meaningful steps to improve their corporate governance according with a stakeholder perspective. An emerging board-level figure is the CSR or sustainability committee. The increase in complexity induced by the responsible business conduct and the growing importance of the effective management of reputational risk, highlight the usefulness of committees with proposing and consultative functions on CSR issues. These committees are relatively new governance structures, whose affirmation is slow, and can provide a useful contribution to the integration of social responsibility into strategy setting and the business model.
Highlights
The great attention economic environment is paying to corporate social responsibility (CSR) has led many companies to improve their corporate governance according with a stakeholder perspective
In addition to the most common committees, special committees devoted to corporate social responsibility (CSR) and sustainability are spreading to support the board in strategies characterized by the close relationship among competitive, economic and socio-environmental success’ conditions
Thi Directive obliges certain large undertakings and groups to disclose non-financial information. Considering that these new communication needs are requiring governance structures and processes committed and accountable to stakeholder with reference to economic, social and environmental issues in an integrated way, the establishment of CSR committees as top-position points of reference for different roles and functions differently involved in CSR matters might be of help
Summary
The great attention economic environment is paying to corporate social responsibility (CSR) has led many companies to improve their corporate governance according with a stakeholder perspective. A world characterized by the interconnectedness of global economy and the growing attention for socio-environmental issues, together with the economic ones, within strategies and operations encourages companies to engage in their sustainable development This way of doing business requires an improvement of corporate governance in order to:. In addition to the most common committees (audit, nomination, and compensation), special committees devoted to corporate social responsibility (CSR) and sustainability are spreading to support the board in strategies characterized by the close relationship among competitive, economic and socio-environmental success’ conditions These are relatively new governance structures, which can provide a useful contribution to the integration of social responsibility into strategy setting and into the business model. The final session discusses the importance of having appropriate board structures for stakeholder engagement and the management of the risk of responsibility failures
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