Corporate social responsibility refers to the continuing commitment by business to behave ethically and contribute to economic development while improving the quality of life of the workforce and their families as well as of the local community and society at large. It is a form of corporate regulation integrated into a business model. CSR policy helps a business by:
developing a built-in, self-regulating mechanism whereby business would monitor and ensure its support to law, ethical standards, and international norms;
embracing responsibility for the impact of its activities on the environment, consumers, employees, communities, stakeholders and all other members of the public sphere;
promoting the public interest by encouraging community growth and development, and voluntarily eliminating practices that harm the public sphere, regardless of legality; and
honoring of a triple bottom line, ie., people, planet, profit.