According to Michel Hopkins "Corporate Social Responsibility is concerned with treating the stakeholders of a company or institution ethically or in a responsible manner." Elucidate the statement in reference to the ideo

According to Michel Hopkins "Corporate Social Responsibility is concerned with treating the stakeholders of a company or institution ethically or in a responsible manner". 'Ethically or in a responsible manner' refers to treating key stakeholders in a manner deemed acceptable according to international norms. Corporate Social Responsibility is an important business strategy because, to some extent a consumer wants to buy products from companies he trusts, a supplier wants to form business partnership with companies he can rely on, an employee wants to work for a company he respects, other concerns want to establish business contacts with companies seeking feasible solutions and innovations in areas of common concern. It reduces investment risks and maximises profits by taking all the key stakeholders into confidence. It is a tool to increase the reputation of the company in the Society.