Abstract

ESG and CSR standards stem from the desire for corporations to benefit society. Companies have been researching ways to enhance the community and the environment through their activities. A more dynamic strategy considering an organization's internal and external aspects has replaced outward-looking analysis. Misunderstanding the differences between ESG and CSR leads to the interchangeability of both terms. Though similar, these concepts serve different goals and have other qualities. This paper will throw light on the concept of CSR and ESG and their evolution. It will also discuss changes resulted from CSR to ESG considerations in corporate governance processes in an elaborative manner.

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