8.112 CSR is essentially about how an organisation takes account of its economic, social and environmental impacts in the way it operates, maximising the benefits and minimising the downsides.

8.113 In May 2003, the UK Department of Trade and Industry and the Forum for the Future hosted a workshop for business, non-government organisations, academics and government to debate the links between competitiveness, productivity and the increasingly important role of intangible assets, as well as sustainability and CSR. The broad conclusion, with some qualification, was that sustainability makes a positive contribution to business success. The key is to look at CSR as an investment in a strategic asset or distinctive capability, rather than an expense. The debate highlighted the importance of taking a balanced approach to assessing performance, rather than concentrating solely on one aspect, for example shareholder value.

8.114 The Forum for the Future has described on its website what a sustainable society should look like using The Twelve Features of Sustainable Society , which are grouped under five capitals Natural Capital; Human Capital; Social Capital; Manufactured Capital; and Financial Capital. They go on to say that IF we invest appropriately in all capital stocks, AND achieve the flow of benefits the statements under each Capital would be true. That means that the statements represent the OUTCOME of a successful capital investment strategy for sustainable development that is, a sustainable society.

8.115 Work is continuing on identifying the links between CSR...