17 May 2007 
 
We are in the early stages of implementing corporate social responsibility [CSR] in Australia compared to the rest of the world, said Gail Rehbein, Principal, Inspired Change at the Brisbane Chartered Accountants Business Forum today. 
 
"Business is more than making money for shareholders, it is about taking environmental and community responsibility. Australian business can not succeed in a society that fails. The environmental issues Australia is facing is a fundamental reason why CSR should be incorporated as part of normal business practice," said Rehbein. 
 
CSR is operating a business in a manner that meets or exceeds the ethical, legal, commercial and public expectation that society has of business. 
 
"We should all start the conversation with our employers, our colleagues and our families and consider what we can do to be socially responsible in our own specific context. Community and customer concern for environment and social issues is a strong catalyst for businesses to make progress in their CSR agendas." 
 
CSR is voluntary whereas in the UK companies are required to consider environmental and social impacts in their decision-making. Integrating CSR into Australian businesses is evolutionary, reflecting changing social values. Currently only 23 per cent of the top 100 Australian companies are compiling with CSR reports in 2005.  
 
The financial services sector has lead the way in CSR implementation in Australia with Westpac rated in the top 100 in the global most sustainability companies report. Westpac began its CSR journey in 1998 in response to community and customer concerns. 
 
The Corporate Responsibility Index was introduced to Australian companies in 2003 to monitor progress. In 2006 only 31 companies participated in the report. 
 
There are many potential benefits for companies that adopt CSR policies:

• Longevity of operation
• Employee commitment
• Customer satisfaction
• Reputation
• Public good