Aussies reap rewards from uptake of CSR strategies

CSR is saving Australian companies money, strengthening reputations and enabling the creation of new products, though budgets have been cut in the past two years.

The claim is made by practitioners surveyed by the Australian Centre for Corporate Social Responsibility (ACCSR), which concluded that CSR is ‘gaining traction as a strategic business opportunity’.

ACCSR reported: ‘The business case for CSR is also widely accepted by organizations, although there’s still a long way to go before corporate social responsibility is truly integrated into strategy.’

The research found 80 per cent of respondents felt CSR improved their reputation, up from 40 per cent in 2008, while the same percentage felt it reduced risks, compared with 25 per cent in 2004.

On the other hand, those who strongly agreed that CSR resulted in ‘less interference from government’ and ‘reducing complaints from shareholders’ dropped by 75 and 50 per cent.

CSR budgets fell in 2009-10, indicating that less money is going into community investment and reporting in particular. Nevertheless, ACCSR expects budgets to ‘bounce back’ in 2011.

The study lists 20 companies with ‘the most advanced CSR capabilities’, including BHP Billiton, Corporate Express Australia, Rio Tinto, the Stockland property group and Westpac Banking Corporation.