The European Parliament (EP) would like small and medium-sized businesses (SMEs) to participate in an initiative for corporate responsibility, it was announced today.

Defined by the EP as promoting "the voluntary integration of environmental and social considerations into business operations, over and above legal requirements and contractual obligations", the Corporate Social Responsibility (CSR) plan is targeted at firms of all sizes.

However, SMEs will be encouraged to take part through a joint partnership with intermediary bodies who will advise on issues relevant to smaller companies.

CSR calls for businesses to become more transparently accountable to their employees and trade unions, as well as to investors, consumers, communities and various interest groups.

The EP would like upcoming research into CSR to focus on the correlation between competitiveness and sustainable development at several levels, including its relationship regarding SMEs.

Examples of CSR in the UK include the Pension Act Amendment of 2001 and guidance on company reporting.