ABSTRACT
Corporate responsibility is increasingly recognized as a fact of business life. In 2011, KPMG found that 95% of the world's 250 largest companies report on corporate responsibility, concluding that corporate reporting on environmental, social and governance (ESG) performance is now de facto law in some countries. Corporate governance and ethics scandals and the global financial crisis have further undermined trust in business, especially in large corporations. One important driver of corporate responsibility has been a growing focus on the responsibilities of business, especially large corporations, in relation to human rights. One of key element of the emerging corporate responsibility movement has been efforts to put more rigors into measuring both the business benefits and the societal benefits of better environmental, social and economic performance. Within the corporate sector, changes have been driven by a combination of: Champions; Companies; and Coalitions.
