Last Updated 10 Mar 2020

Corporate Social Responsibility (CSR) in South Korea

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Introduction

In South Korea the concept of Corporate Social Responsibility (CSR) developed from past 20 years ago and as well the country developed in socially and economically. The main CSR activity involved in Korea to community by volunteering, charity programmes, creating a new bright generations, eco-friendly business process. The different expression are use in CSR such as Corporate Citizenship, Corporate philanthropy, Corporate Diplomacy and Sustainable Development which are commonly used.

In Korea the companies perform a major role in social responsible activities. The survey conducted by the industrial Association Federation of Korean industries (KFI) in 2006 about 75% of the 120 companies developed CSR activities. The leading companies such as kt, Samsung, sk energy, Hyundai-Kia Motor Group, and Hynix. These companies spend 2% of their profit for CSR activities. Through THE CSR events the companies create a good image in the community, second increased improvement of profit and value of the company. Thus these, the social involvement of companies in Korea has a major impact on customers behaviour

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According to survey conducted by the Korean chamber of industry and trade (2007),80% of the 500 people measured an d understood that they wished to buying things from companies that perform CSR activities. Through the these activities customers to increase trust towards the companies. On 2008 the directors of the FKI approved a official agenda for companies to increase their commitment towards the community. Thus the companies force to themselves to take on economic, legal, ethical, public responsibilities.

In 2008, FKI approved a official resolution to increase the social involvement of companies. Thus the member companies force themselves to take on “economic responsibility, legal responsibility, moral responsibility and “social responsibility.

Activities for this include, the establishment of a CSR committee that should monitoring whether the companies are take up their duties, the development of the relationship among the employers and employees to rise productivity and competitive skills, as well as the reassurance of a society of donation and charitable aid activities. NGOs, consumer organizations, etc. have also newly publicized great notice in involvement companies’ to the environment. Thus, for example, the umbrella organization of the environmental NGOs, the Korean Federation of Environment Movement (KFEM), has introduced a platform called SMILE (Sustainable Management and Investment Guideline) with which it judges companies’ CSR actions. The Centre for Corporate Social Responsibility guides companies on the publication of so-called global reporting initiative reports.

Reference

http://csrtoday.org/sites/default/files/South%20Korea%3A%20CSR.pdf

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