Introduction:
One of the 12 winners of the Golden Peacock Award 2014 for its corporate social responsibility practice is a company that has been recognized for its outstanding commitment towards fulfilling its social responsibilities. The Golden Peacock Award is a prestigious honor given to organizations that demonstrate excellence in corporate social responsibility (CSR) practices.

Background:
The Golden Peacock Awards are presented annually by the Institute of Directors (IOD) in India. The awards aim to recognize organizations that go above and beyond in their CSR efforts, taking into account various aspects such as environmental sustainability, community development, and ethical business practices. The 2014 edition of the awards saw 12 organizations being recognized for their exceptional CSR practices, and one of them stood out as a winner.

Corporate Social Responsibility Practice:
The company that won the Golden Peacock Award in 2014 showcased exemplary CSR practices that set them apart from their competitors. Some key aspects of their CSR practice include:

1. Sustainable Development: The company demonstrated a strong commitment to sustainable development by implementing initiatives that reduce their environmental impact. This could include adopting renewable energy sources, implementing eco-friendly manufacturing processes, and promoting waste management and recycling.

2. Community Engagement: The company actively engaged with the local community by supporting various social causes and initiatives. This could include funding education programs, supporting healthcare facilities, providing employment opportunities to underprivileged individuals, and contributing to community development projects.

3. Employee Welfare: The company prioritized the well-being and development of its employees. They may have implemented programs that promote work-life balance, provide training and skill development opportunities, and offer competitive benefits and remuneration packages.

4. Ethical Business Practices: The company demonstrated a commitment to ethical business practices by conducting their operations with integrity and transparency. They may have implemented strict codes of conduct, adhered to fair trade principles, and maintained high standards of corporate governance.

5. Stakeholder Engagement: The company actively engaged with its stakeholders, including employees, customers, suppliers, and shareholders, to understand their needs and concerns. This could involve regular communication, feedback mechanisms, and initiatives aimed at addressing stakeholder expectations.

Conclusion:
The company's recognition as one of the 12 winners of the Golden Peacock Award 2014 for its corporate social responsibility practice highlights its commitment to making a positive impact on society. Through sustainable development, community engagement, employee welfare, ethical business practices, and stakeholder engagement, the company has demonstrated its dedication to being a responsible corporate citizen. This recognition serves as an inspiration for other organizations to prioritize and invest in CSR practices for the betterment of society and the environment.