Answering the Call for Corporate Social Responsibility
What is interesting about CSR is its recent rise in popularity amongst corporations who are embracing the concept even though it is by and large not compulsory. Whereas corporate governance practices are a requirement of publicly listed companies, there are no regulatory requirements legislating CSR.
Having said that, if corporations are not practicing CSR, they are risking being non-competitive as it becomes something of the norm rather than the exception.
Possibly the closest move towards a worldwide CSR standard is ISO26000 (International Standards Organization) which is a guideline being developed for social responsibility. Social responsibility embraces the same concept as CSR only that it relates not only to corporate (which puts the "C" in CSR) but also government and non-government organizations.