DTI finds key role for business in the community
Corporations across the UK are being urged to adopt socially responsible activities in their business practices, following the publication of a government report
In its second annual Corporate Social Responsibility report, the Department of Trade & Industry, spelled out initiatives to ensure the ‘creation of an integrated socially responsible business environment’.
These include ensuring the regulatory and financial frameworks do not stifle CSR activities, and working in partnerships with business and communities to encourage such activities.
Other regulatory measures include changes to the payroll giving system, which has seen donations climb by 50%, the Community Investment Tax, announced in the Budget, and a £40m venture fund to support businesses in deprived areas.
Furthermore the Company Law Review is designed to play a key role in ensuring company directors adopt high standards of corporate governance.
Douglas Alexander, minister for corporate social responsibility said: ‘CSR offers a new alternative to the idea that economic and social goals must always be in conflict. It offers an integrated approach to business in the modern world.’
The findings of the report were welcomed by both the Confederation of British Industry and CSR organisation, Business in the Community.