Corporates have a responsibility to the various stakeholders to which they are related in some form or the other. All these stakeholders have some expectations from the corporates. It is the commitment of the corporates to satisfy the stakeholders' expectations for their money value or other sacrifices and sufferings they might have made towards the benefit of the corporations. This is called corporate social responsibility. Different facets of this movement along with the initiatives of some reputed corporates have been highlighted in this article.

Corporate Social Responsibility (CSR) has become the buzzword these days in the corporate community all over the globe. Corporations have virtually become the legal owners of the key property in a modern developed society and these are widely held publicly owned corporations. These corporations are of the people, by the people and for the people and as such owe these people to a considerable extent. This public character underlies the present debate for whose benefit businesses should be run. There has been a dramatic shift to the predominance of the `shareholders interest'. Development of new ways of governance coined as corporate governance has been set in motion, and the more extensive and expanded goals of corporates are emerging as CSR.

In any country, the prevailing theorem is that a business should be run exclusively in the interest of shareholders and as such addition of shareholders value was considered to be the prime goal of the corporates. But, gradually, with the development of stakeholders model and the emergence of corporate governance in corporate management, it is being increasingly recognized that a business should be run for a balance of interests of all its stakeholderscustomers, employees, suppliers, shareholders, creditors, government, community, society and so on. This would amount to a major shiftshareholders' value creation to stakeholders value creationin running of businesses primarily to create and maintain social harmony, which means that corporations are to be run in the interest of future economic growth and prosperity.

The Accounting World Magazine, Corporate Social Responsibility, CSR, Stakeholders, Corporate Governance, Corporate Management, Decision-Making Process, Information Technology, Non Governament Organizations,NGOs, Private Sector Companies, Business Ethics, Business Models.