Description
Partners: IBF, UNESCAP and the United Nations University- Institute for the Advanced Study of Sustainability UNU-IAS
Impact: Today’s global business environment is radically changing to address the environmental and social challenges of our time. The increasing threat of severe climate change, as well as the widening of gaps between socioeconomic groups and frequent social unrest are pressuring businesses to change normative management practices and operations towards development that is both inclusive and sustainable. While shareholders have a vested interest in financial economic returns, stakeholders are more broadly interested in, or concerned with, business’ objectives, policies and operations which may impact global sustainability. Accordingly, this publication aims to increase the knowledge of policymakers and corporate leaders on the Socially Responsible Business (SRB) approach. Analysis of the foundations, principles, practices and enablers of SRB reveals the key role this approach can play in promoting inclusiveness and sustainability, and ultimately, in contributing to the SDGs. A deeper understanding of SRB will assist both public and private sectors to integrate a greater level of SRB practices into business operations of small and medium-sized enterprises (SMEs) as well as large enterprises and transnational corporations (TNCs). Finally, organizations that have implemented these practices demonstrate how the SRB approach can foster the global change necessary for a sustainable future
