Abstract

Two key elements define the modern-day version of a socially responsible corporation: (1) targeting business activities on value creation in three dimensions, and (2) maintaining relationships with stakeholders. In this article, we argue that a proper understanding of Corporate Social Responsibility (CSR) lies in the intrinsic link between these two elements. A relational approach to CSR is called for. Circles of stakeholders reflect the level of involvement of different stakeholders with a corporation and the dynamics of their relations. In a globalising world, connecting corporations to outer-circle groups of stakeholders can be substantially rewarding. Partnerships with Non-Governmental Organisations (NGOs) present a useful strategy for governance for the benefit of all.