pollution, use of child labor in production processes, respect for human rights, equality gender and other social concerns, among others, have caused an increase in pressure to companies so that they do not exceed certain limits of ethics in business.
This has prompted companies to not only meet legal requirements, but tend to adopt voluntary environmental improvements in their production process, implement environmental management systems or facilitate the reconciliation of work and personal life of their workers.
Until now the main and only objective is to achieve business and maximizing profit, but concerns over the issues mentioned above should make decisions in the company had into account the concepts of Corporate Social Responsibility (CSR hereafter).
A priori one might think that companies listed either by their size, image enhancement or by their obligation to give information to the market, most institutions were comply with the implementation of measures recommended socially responsible policies issued by the National Securities Market (CNMV). These measures are contained in the text known as Conthe Code (CNMV, 2006), their implementation is not mandatory for companies but they are free to follow or reject the recommendations contained therein. Despite this autonomy, the CNMV recommends the use of this code and requiring companies that have followed him to substantiate why you have done so.
The Unified Code of Good Governance, known as Conthe Code (last president of the CNMV in the time of writing) is a text harmonization and updating of the recommendations of the Olivencia (Special Commission for the Study of Code Ethics for Boards of Directors, 1998) and Aldama (Special Commission for the Promotion of Transparency and Security in the Markets and Listed Companies, 2003), on good corporate governance. In the 58 recommendations set out corporate governance among which are the remuneration to directors and senior management, operation of the board, bylaws and general meeting, among other issues. As the board of directors recommended that independent directors represent at least a third of the total (recommendation number 13) and that outside directors are a majority (recommendation number 10), also promotes gender diversity within the council (recommendation number 15).
Another fundamental issues which are encompassed within the RSC include measures to respect human rights and decent working conditions that promote health and safety , the OHSAS 18001 (Occupational Health and Safety Management Systems issued by the entity British Standards Institution contains a number of specifications concerning safety and health at work.
The implementation of CSR measures in the company not only due to improving social welfare, but also favors the creation of value in the company , since, among others, brings benefits such as customer loyalty, attract investors or positioning and brand differentiation versus competitors (Balaguer, 2010)
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