Baruch's Weissman Center for International Business Creates CSR-Sustainability Monitor
CSR Reports of 560 Companies Are Scored
NEW YORK, NY- November 28, 2012 – Baruch College’s Weissman Center for International Business has created the CSR-Sustainability MonitorTM that examines 560 CSR reports from national and international corporations. Corporate Social Responsibility (CSR) is a leading non-financial evaluator of corporate performance by shareholders. Scores for the Top CSR reports will be released during a launch event in January 2013.
CSR has become an important part of corporate communications efforts regarding the non-financial aspects of a company’s performance. These non-financial aspects have significant implications for a company’s internal and external stakeholders including institutional investors, public pension funds, civil society organizations, regulators, and news media. Financial analysts often view adverse public opinion on corporate social performance as a measure of long-term reputational risk to a company’s market value. CSR reports have largely been a response to the public’s interest in both corporate accountability and sustainability issues. Furthermore, these reports have become a competitive tool in reaching the company’s intended audiences when compared with its peers and competitors.
During the last decade, there has been growing global, public concern about the impact of corporate strategies and operations on the physical, economic, and socio-political environments. To address this concern, researchers at the Weissman Center for International Business, under the direction of University Distinguished Professor S. Prakash Sethi, have developed the CSR-Sustainability MonitorTM which is an analytic framework for the systematic and objective evaluation of CSR reports. In their research, the team reviewed and scored each report based on relevant topics in corporate social responsibility and sustainability. Reports were collected in 2011 and were reviewed in 2012. The scores were applied to 11 individual sections and weighted to provide a total score of 100.
The CSR-Sustainability Monitor:
- offers a range of objective measures for comparing reports in terms of their comprehensiveness, specificity of detail, quality, and accuracy of reporting;
- provides internal corporate accountability officers with an external and independent evaluation tool, and provides guidance for companies initiating their own CSR reporting;
- enables companies to compare their reports across their industry, region, and market capitalization;
- minimizes the “free rider” problem; the facilitated comparison of report quality will induce all companies--both those currently publishing CSR-S reports and those planning to do so in the future--to create high quality reports;
- creates a market-driven incentive for companies to improve their CSR reporting to gain competitive advantage, as an alternative to greater regulation in this area.
About the Weissman Center for International Business:
Founded in 1994, the Weissman Center for International Business is designed to enable Baruch College to respond to the global economy with programs appropriate to a preeminent school of business. Guided by an advisory council of distinguished executives, the Center’s activities enrich Baruch students’ preparation for careers in the global work-place by building bridges between the worlds of academia and international business.
About Baruch College:
Baruch College is a senior college in the City University of New York (CUNY) with a total enrollment of more than 17,000 students, who represent 160 countries and speak more than 100 languages. Ranked among the top 15% of U.S. colleges and the No. 5 public regional university, Baruch College is regularly recognized as among the most ethnically diverse colleges in the country. As a public institution with a tradition of academic excellence, Baruch College offers accessibility and opportunity for students from every corner of New York City and from around the world. For more about Baruch College, go to http://www.baruch.cuny.edu/.
Manny Romero, (646) 660-6141, firstname.lastname@example.org