A Cost-Benefit Analysis of ISO26000: The Standard on Social Responsibility
Camilleri, M.A. (2018). A Cost-Benefit Analysis of ISO26000: The Standard on Social Responsibility (eds.) In: Idowu S., Sitnikov C., Moratis L. (eds) ISO 26000 - A Standardized View on Corporate Social Responsibility. CSR, Sustainability, Ethics & Governance. Cham, Switzerland, Springer Nature.
23 Pages Posted: 27 Jun 2019
Date Written: August 4, 2018
The International Organization for Standardization’s ISO 26000 on social responsibility supports organizations of all types and sizes in their responsibilities toward society and the environment. The standard's core subjects respect the rule of law as well as international norms on human rights and non-discrimination. ISO 26000 recommends that organizations ought to follow its principles on accountability, transparency, ethical behaviors and fair operating practices that safeguard organizations and their stakeholders' interests. Hence, this chapter presents a critical analysis on ISO 26000. This is followed by a discussion on the trade-offs between the costs and benefits for those organizations who intend following this social responsibility standard’s principles. Afterwards, this contribution posits that the stated purpose of ISO’s non-certified standard on social responsibility is to provide ‘guidance’ to its users as it is not an enforceable instrument. In conclusion, the author has put forward his implications for practitioners and policy makers. This chapter also suggested some future research avenues to academia.
Keywords: social responsibility, business, corporate social responsibility, CSR, CSR reporting, CSR disclosures, stakeholders, stakeholder engagement, International Standards Organization, ISO26000
JEL Classification: M00, M1, M10, M16
Suggested Citation: Suggested Citation