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A growing number of financial institutions incorporate a triple bottom line approach in their work. It is at the core of the business of banks in the Global Alliance for Banking on Values, for example. The Detroit-based Avalon International Breads interprets the triple bottom line as consisting of "Earth", "Community", and "Employees". [11]
The professional disciplines included in the corporate responsibility field include legal and financial compliance, business ethics, corporate social responsibility, public and community affairs, investor relations, stakeholder communications, brand management, environmental affairs, sustainability, socially responsible investment, and corporate philanthropy.
Unlike global definitions of CSR in the triple bottom line, corporate citizenship, sustainable business, business responsibility, and closed-loop realm, in India, CSR is a philanthropic activity. What has changed since formalizing it in 2014 is the shift in focus from institution building (schools, hospitals, etc.) to focus on community ...
Triple bottom line (TBL or 3BL) is an accounting framework widely adopted by large organizations since its introduction in 1994 by John Elkington. [9] Organizations can use it to evaluate their performance in a broader perspective to create greater business value [10] or to make decisions on where to allocate resources for the highest organizational return for all key stakeholders.
A 2014 session by the United Nations Conference on Trade and Development promoting corporate responsibility and sustainable development.. Corporate sustainability is an approach aiming to create long-term stakeholder value through the implementation of a business strategy that focuses on the ethical, social, environmental, cultural, and economic dimensions of doing business. [1]
This approach is based on an entirely new system of accounting designed to promote a strategy of sustainability. The second line is the management perspective associated with varied terms and tools towards sustainability. This could be seen as an extension of or modification to conventional financial cost or management accounting.
He coined the phrase the "triple bottom line", referring to the financial, environmental, and social factors included in the new calculation. [ 12 ] [ 13 ] At the same time, the strict division between the environmental sector and the financial sector began to break down.
Corporate social responsibility (CSR) differs from Creating Shared Value, although they share the same ground of "doing well by doing good". [8] Mark Kramer, the co-writer of Harvard Business Review article on Creating Shared Value, [ 9 ] states in his "Creating Shared Value" blog that the major difference is CSR is about responsibility ...