Contemporary Issues in Global Business Management Essay

Contemporary Issues in Global Business Management - Essay Example It is also found that Cathay Pacific is making sincere and earnest efforts towards sustainable business model, while also contributing to the social and environmental causes. Corporate Social Responsibility is also variously addressed as Corporate Citizenship, Corporate Responsibility, Global Citizenship, and Corporate Philanthropy. The definitions put forward by various organizations try to explain the concept using different terminology. As such there is no universal definition of CSR. However, different definitions of CSR carry a similar import and are same in extent and scope. The channelling of corporate resources towards community well-being through discretionary business practices is called Corporate Social Responsibility. CSR is to carry out business processes in a manner that exceeds the legal, ethical, commercial and public expectations that society has of business. Through CSR, companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis. CSR aims for well-being of employees, customers, stakeholders and society in which it operates. According to EU Commission (2002) as cited in Hopkins (1998), CSR is voluntary action exercised by the companies to make their businesses socially and environmentally sustainable. CSR is voluntary integration of social and environmental concerns with business operations (CEC in: Worthington et al., 2003). The World Business Council as cited in Hopkins (1998) introduces the notion of ethics in corporate social responsibility best practice. It is described as a commitment to behave ethically and contribute to the economic development and quality of life of the workforce, local community, and the society at large. Airlines provide air transport services for passengers and freight. Airlines operate internationally or nationally as scheduled services or charters. Airline companies