Question

What is the "triple bottom line"? How does this relate to ethics and corporate social responsibility?

Answer 1

The triple bottom line is the concept that suggest that companies have to concentrate on social and environmental issues just as they applied on profits. The Triple bottom line assist that there should be three bottom lines in place of one, which are profit, people, and the planet. Triple bottom line helps to attain a company's level of dealings commitment to corporate social responsibility, CSR and its effects on the environment over a period of time.

The ethical behavior which is based on the concept of the triple bottom line(3BL). The triple bottom line generally refers to the essence of profit, social responsibility of the environment, which are now the piece of the extended scopes of corporate issues.

Many of CSR theories agreed that the basis of an idea is the Triple Bottom Line method that was introduced in 1987 as the Brundtland Commission. This study is also called as 3Ps or three pillars. It also states that a company must be responsible for three components which are Profit, People and Planet, that is economic health, social and environmental responsibility.Only if a company is concerned for all three aspects of Triple Bottom Line also called as sustainenance or sustainability because all of them are closely related.