Contemporary Social Responsibility Practices

As globalization takes deep root, it is becoming abundantly obvious that good corporatism is not just about giving back to the society, but also taking steps to avoid acts that are of malfeasance in nature. To keep pace with international trends, firms are expected to deliberately take steps to inculcate corporate social responsibility (CSR) initiatives to be part of the wider network aimed to protect the planet. CSR activities have financial implications, hence it’s important for firms to have clear policy strategies to ensure execution of CSR activities while at the same time sustaining the key business objective of shareholder wealth creation. In various jurisdictions, listed companies are now being required to comply with stringent disclosure requirements both financial and non-financial. Enterprises are under increasing pressure to report on the impact they have on society and on how they manage this impact. The current review analyses the strategies being adopted by Kenyan firms to meet the world best practices in enabling environment the implementation of social, ethical and environmentally conscious initiatives.