A renewed EU strategy 2011-14 for Corporate Social Responsibility.

The renewed EU strategy 2011-14 for Corporate Social Responsibility lays down strategies for enterprises to fully meet their corporate social responsibility (CSR) by integrating social, environmental, ethical, human rights and consumer concerns into their business operations and core strategy in close collaboration with their stakeholders, with the aim of maximising the creation of shared value for their owners/shareholders and for their other stakeholders and society at large; and identifying, preventing and mitigating their possible adverse impacts. The timeframe of this policy covers the period between 2011 and 2014.
The Commission puts forward a new definition of CSR as “the responsibility of enterprises for their impacts on society”. CSR agenda covers human rights, labour and employment practices (such as training, diversity, gender equality and employee health and well-being), environmental issues (such as biodiversity, climate change, resource efficiency, life-cycle assessment and pollution prevention), combating bribery and corruption, community involvement and development, the integration of disabled persons, and consumer interests. The promotion of social and environmental responsibility through the supply-chain, and the disclosure of non-financial information, are recognised as important cross-cutting issues. European policy to promote CSR will be made fully consistent with the core set of internationally recognised principles and guidelines.
The enterprises will be encouraged to adopt a long-term and strategic approach to CSR, and to explore the opportunities for developing innovative products, services and business models that contribute to societal wellbeing and lead to higher quality and more productive jobs. In order to identify, prevent and mitigate their possible adverse impacts, large enterprises, and enterprises at particular risk of having such impacts, will be encouraged to carry out risk-based due diligence, including through their supply chains. Public authorities will support enterprises through a smart mix of voluntary policy measures and, where necessary, complementary regulation, for example to promote transparency, create market incentives for responsible business conduct, and ensure corporate accountability. Capacity-building for SME intermediary organisations will be supported to improve the quality and availability of CSR advice for small and medium-sized enterprises. The issue of misleading marketing related to the environmental impacts of products will be addressed in the legal framework. A code of good practice for self- and co-regulation exercises will be developed to improve the effectiveness of the CSR process. EU policies in the field of consumption, public procurement and investment will be leveraged to strengthen market incentives for CSR. New measures will be identified to facilitate more responsible consumption. The better integration of social and environmental considerations will be facilitated into public procurement. A requirement on all investment funds and financial institutions will be considered to inform all their clients (citizens, enterprises, public authorities etc.) about any ethical or responsible investment criteria they apply or any standards and codes to which they adhere. The companies and all organisations, including civil society organisations and public authorities, will be encouraged take steps to improve disclosure of their own social and environmental performance. CSR, sustainable development and responsible citizenship will be integrated into education, training and research. European and global approaches will be better aligned to CSR by focusing on internationally recognised CSR principles and guidelines, implementing the UN Guiding Principles on Business and Human Rights, and emphasising CSR in relations with other countries and regions in the world.