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Corporate Social Responsibility Reports Now Required By Law

Should Corporate Social Responsibility be a voluntary response to customer and societal demands? Or, if it is as important as many are suggesting, should it be a legislated requirement? On December 16, 2008, the Danish parliament decidedly found in favor of the latter option. Now, 1100 of the largest companies in Denmark must include CSR information in their annual financial reports.

According to the U.N. Global Compact website, the reports must include information on:

  • the company’s policies for CSR or socially responsible investments (SRI);
  • how such policies are implemented in practice, and;
  • the results obtained as well as managements’ expectations for the future with regard to CSR/SRI.

“In the current financial crisis, it is more urgent than ever to promote greater transparency, especially in the field of environmental, social and governance performance,” Donald MacDonald, chair of the U.N. Principles for Responsible Investments, said in a statement. “For investors, corporate responsibility and the proper management of extra financial risks is essential.” (Greenbiz.com)

Not sure where I land in this discussion. I’d love to hear what you think.CJ