AUSTRALIA

Corporate social responsibility a priority for business on World Environment Day

Eighty-five percent of Western Australia's business leaders from the resources industry believe c...

Conducted at a business breakfast for World Environment Day 2002, the PwC survey revealed that 99 percent of the 102 respondents, believed corporate social responsibility (CSR) should be part of an organisation's corporate governance framework.

This was backed up by 82 percent of respondents who said organisations which demonstrated a good environmental performance also performed well financially.

Only 38 percent of those surveyed said that CSR made doing business more expensive.

PricewaterhouseCoopers environmental and sustainability specialist Tony Petersen said the survey confirmed the growing importance of the wider social context when it came to doing business.

"I think the survey shows that the resources community in Western Australia is aware that it plays an important role in society, and as such must be seen to practice corporate social responsibility," Mr Petersen said.

"Businesses know that consumers are more empowered and more knowledgeable than they have ever been and that these consumers look carefully at an organisation's performance in this area before deciding to invest."

"Demonstrating corporate social responsibility is now an integral part of an organisation's business strategy and rightly so. It must be part of an organisation's corporate governance framework and must become part of the culture," Mr Petersen said.

Other key findings were: 99 percent said CSR should be considered by an organisations corporate governance framework; 91 percent said independent verification of social and environmental performance increases its value to the organisation; 82 percent said organisations with a good social and environmental performance usually perform well financially; 46 percent disagreed that the WA resources sector is above average in its CSR performance and 19 percent said they were unsure. 74 percent did not argue against legislative CSR obligations.

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