Modern Corporate Responsibility contributes to Sustainable Development

Corporate Responsibility according to international standards like the UN Global Compact, ISO 26000 or the OECD Guidelines is all about HOW companies make their profits, not about what they do with the money they made. And according to Blackrock CEO Larry Fink, making money is what we have expected of companies to do anway, but nowadays investors like him expect more of them. Societal issues occurring along globally interconnected value chains concerning the environment, labour, health & safety, resource scarcities, demographic developments, climate change, human rights, affect global business and will need to be addressed proactively by corporations. ‚Giving back to society‘ will not be sufficient, but by contributing to sustainable development goals proactively and strategically businesses worldwide can create and share value with society. Modern Corporate Responsibility is a management strategy to secure long-term economic success and enhancing good corporate governance and leadership, while putting respect for all stakeholders – their needs, concerns and interests – at the centre of corporate activity. It is an overall corporate strategy, not a stand-alone, and the way business can contribute to sustainable development of society, creating a win-win situation for everyone. Read more here