For several decades, the topic of the proper relationship between business and society has been debated intensely, both in academic research and in the reality of business practice. As far back as the 1950s and 1960s authors have debated whether businesses have social responsibilities, in addition to their more obvious economic responsibilities. The idea that businesses have responsibilities beyond profit maximisation is encapsulated in the term ‘Corporate Social Responsibility’, or ‘CSR’ for short.

Werther and Chandler define Corporate Social Responsibility (“CSR”) as “a view of the corporation and its role in society that assumes a responsibility among firms to pursue goals in addition to profit maximisation and a responsibility among a firm’s stakeholders to hold the firm accountable for its actions.”