Glossary
The field of Corporate Responsibility (CR) can be rife with jargon and very specific terminology. As a result we have included some simple explanations of commonly used and misunderstood CR terms.
These are a few of the terms most relevant to our work:
Corporate Responsibility (CR)
While the exact wording may be refuted, most definitions agree that the concept is fairly simply referring to a corporation's responsibility to minimise its negative, and maximise its positive social, environmental and economic impact.
Triple Bottom Line
Triple Bottom line is the idea that a business' success should not only be judged on its financial performance, but also on the impact it has on society and the environment.
Assurance
Assurance is the term used to describe the independent review and evaluation of an organisation's performance and communications, in order to provide confidence to the governing body and its stakeholders.
Code of Conduct
A code of conduct is a set of principles laid out by a company that acts as the centre point to their business ethics. Generally this will include key areas such as human rights, equality, environmental responsibility, non-corruption and ethical business practice, as well others
Supply Chain
A supply chain is the line or system of organisations involved in the making of a product; this includes the full span- from the mine or farm where the raw materials are sourced, all the way to the retailer or distributor who hands the product to the end-user.
Socially Responsible Investment (SRI)
Socially responsible investment is the type of investment that takes into account not only the potential returns on investment, but also how socially responsible the company that is invested in may be.
