Corporate governance is based on certain underlying principles such as corporate ethics, accountability, disclosure and reporting followed on a wide spectrum of corporate practices. In order to meet the needs of various stakeholders, in this era of globalization, it has been observed that numerous companies are adopting the corporate social responsibility practices by incorporating the notion of corporate governance as a vehicle of pushing the management to consider broader ethical considerations.

Required:

1. Explain the stakeholder concept in practicing Corporate Social Responsibility.

2. Differentiate between philanthropic model of CSR and social web of CSR.

c.Why Corporate Social Responsibility is important to a corporate governance practice?