Corporate Social Responsibility (CSR) is typically described as self-regulation that is part of a corporation's business model and strategic plan. In a perfect world, CSR means that a business monitors itself to make sure it adheres to legal, ethical, environmental, and international standards across its operations.
The more visible aspect of CSR is a corporation's willingness to promote and support community, national, and global causes. Corporations do this through corporate philanthropy, cause-related marketing, and sponsorships. CSR aspires to honor people, planet, profits...in that order.
There is much controversy about Corporate Social Responsibility. Proponents say that there is a strong business case to be made for CSR; while critics maintain that the only responsibility business has is to make profits for it shareholders.