Ethical behavior and corporate social responsibility are conventionally seen as obligations of a business to go beyond what is dictated by law and economics to attend to the interests of stakeholders, other than its owners or shareholders, and to pursue long-term goals that are good for society. Corporate responsibility can be thought of as a four-storey pyramid, with economic responsibilities at the base, and philanthropic responsibilities at the top; in-between are the legal and ethical responsibilities of business.

Lecture on the topic of “Ethics and Corporate Social Reponsiblity: a Key to Sustained Competitiveness” was conducted by Dr. Theodore Panayotou (Cypros) on May 6, 2009. The lecture revealed different aspects within the business ethics as a management tool and corporate social responsibility as a competitive strategy. Corporate social responsibility is a source of competitive advantage that creates value for both business and society. Therefore, CSR is not simply the cherry on the top, it is one of the ingredients of the cake.