"It´s always better to do something than nothing at all". A study on CSR culture within Icelandic power companies

Abstract: In a world of increasing demands of energy, sustainable natural energy resources have never been more important. Power companies aspiring to harness this energy must now showcase their commitments to corporate social responsibility (CSR). The term CSR has gone through various changes throughout the past fifty years, and the change in definitions has been influenced by various actors, stakeholders and interested parties, with the most influential definition coming from Archie Carroll’s CSR pyramid in 1979. In Iceland, the term has not received much attention. Icelandic power companies possess a great deal of experience in harnessing sustainable energy, both hydro and geothermal. Recent initiatives from the Icelandic government reveal future intentions of partnership with developing countries within the energy sector. Thus, the question comes to mind how Icelandic power companies view CSR and how these views will be implemented in projects in developing countries. This study seeks to achieve an understanding of the current situation of CSR within Icelandic power companies. For this purpose, a qualitative methodological approach is employed with interviews and observation. The findings indicate that CSR within Icelandic power companies is still in development, and the financial crisis in 2008 had a big financial influence on future plans for CSR.