Final answer:
Corporate Social Responsibility (CSR) describes a company's voluntary actions to address the ethical, social, and environmental impacts of its operations and stakeholder concerns. It is distinct from corporate governance, which relates to the control and direction of a company by its management and board. CSR includes considering the impact of emerging technologies on society and the environment.
Step-by-step explanation:
The voluntary actions taken by a company to address the ethical, social, and environmental impacts of its business operations and the concerns of its stakeholders are described as Corporate Social Responsibility (CSR). CSR is an approach where businesses consider the wider impacts of their operations and follow practices that promote sustainability, ethical standards, and community involvement. This concept extends beyond legal compliance to include voluntary measures that integrate social and environmental good into business operations.
Corporate governance, on the other hand, is the system by which companies are directed and controlled. It involves a set of relationships between a company's management, its board, its shareholders, and other stakeholders. Good corporate governance seeks to align as nearly as possible the interests of individuals, corporations, and society.
The rise of emerging technologies poses additional challenges for ethical corporate behavior. As new technologies revolutionize various sectors, it is crucial for companies to consider the implications of their technological advancements, ensuring they contribute positively to society and do not harm individuals or the environment.