Corporate Social Responsibility, or CSR, is a mechanism by which companies
hold themselves to a set of legal, ethical, social and ecological
standards. It is a form of business self-regulation that has developed
alongside greater public awareness of ethical and environmental issues.
Within CSR there are multiple types of action:
CSR often involves liasing with "stakeholders" in order to seek the best outcome for both the business and the local community and environment. A stakeholder is a party that has an interest in a company and can either affect or be affected by the business. The primary stakeholders in a typical corporation are its investors, employees, customers and suppliers. However, the modern theory of the idea goes beyond this original notion to include additional stakeholders such as a community, government or trade association.
Learn more about CSR here