The term corporate social responsibility (CSR) is a comparatively contemporary one, referring to sustainable development with respect to environmental and social issues. It functions as a built-in, self-regulating mechanism whereby businesses monitor and ensure their adherence to law, ethical standards, and international norms. Social responsibility is the obligation of managers to choose and act in ways that benefit both the interests of the organisation and those of society as a whole. Adherents of the CSR movement recognise the tri-partite relationship between government, corporations and society to achieve a combination of economic, social, environmentally friendly and philanthropic goals. Within socially responsible corporations, stakeholders’ interests should be made legally required or at least legitimately approved or explicitly permitted under company law through provisions related to directors’ duties, shareholders’ rights, stakeholders’ rights (rights of creditors and employees are most distinctly discussed), and information disclosure requirements. A series of corporate scandals and failures around the global financial crisis 2008 have placed the responsibility and accountability of corporations under greater scrutiny. With these corporate failures, the demand for better control of corporations and more efficient supervision through regulation have increased in order to bring these misbehaviours to book.
Work in the Centre has focused on the development of the notion of CSR though corporate law, insolvency law and securities regulations. Dr Jingchen Zhao has just completed a monograph entitled ‘Corporate Social Responsibly in Cotemporary China’ (Edward Elgar). His research, which focuses on the legal responses to this emerging field, is published in leading journals such as Northern Ireland Legal Quarterly and Journal of Corporate Law Studies. Dr Qingxiu Bu also publishes in the field on multinational companies and CSR in China and Congo. Dr Phoebe Li focuses on pharmaceutical companies, patent and corporate social responsibility and is currently working on a paper with Jingchen on the topic.