Final answer:
Corporate Social Responsibility (CSR) is about ensuring compliance with laws and regulations while demonstrating a commitment to ethical standards. It includes a duty of care to protect stakeholders and maintain a responsible business environment.
Step-by-step explanation:
Corporate Social Responsibility (CSR) refers to a business's commitment to conduct its activities in accordance with all applicable laws, regulations, and government authority requirements. It is the responsibility of businesses to comply with legal and ethical standards to ensure they are operating responsibly and in the best interests of their stakeholders and the community.
Compliance refers to the act of adhering to laws, regulations, and other requirements. Businesses need to ensure they are compliant with these rules to avoid legal consequences and maintain their reputation.
Duty of care is the legal and ethical obligation of a business to take reasonable measures to ensure the safety, well-being, and protection of its employees, customers, and other stakeholders. This includes providing a safe working environment, preventing harm, and addressing any risks or concerns that may arise.