With globalization, "sustainable development" is concerned not only with economic development but also with the development and resolution of social and environmental problems. Despite different interpretations, the number of companies in the world that are realizing the economic benefits of CSR (Corporate Social Responsibility) policies has been on the rise in the past decade. CSR commitments go beyond the desire for higher profit and show that businesses are fully aware of their responsibilities to employees, customers, community and the environment. Many companies use CSR as a new business approach when they realize that it can help enhance the role of managers, improve financial situations, strengthen the motivation of staff, inspire customer loyalty, and bolster corporate reputation in society.
The challenges facing world companies from the application of CSR are clear. The CSR awareness of a company may be considered an index proportional to the success of that company on the path of development. Multinational corporations or powerful companies apply a set of rules outlining responsibilities or proper practices (called a code of conduct or code of ethics) and standards like SA8000, WRAP, ISO 14000 and GRI, and regard them as their commitments to the world. Titans are paying highly for an ideal business model with a highly competitive system, sustainable development and more social responsibility. For example, Best Buy — the international retailer of consumer electronics and entertainment software — is famous for applying a product recycling program. Starbucks has shared hands in many community activities. The world's largest Internet search provider, Google, treats its employees as "gold." In addition to guaranteeing the quality of life of employees, protecting the environment, and developing products that benefit both consumers and the environment, companies also set up funds and donate to charity to contribute to the development of the society and community. Oil group Royal Dutch Shell established charity foundations, including the Early Learning Centre in South Africa to educate children and teach skills for adults. The World Bank (WB) and pharmaceutical company Merck launched an initiative to develop a $50 million foundation that includes donating Mectizan products to help 28 African countries cure diseases. Billionaires like Bill Gates and Warren Buffett and their companies' foundations contribute significantly to the eradication of disease through their donations.
In developed countries, social responsibility expenses used for research and development are more than those for charity purposes although philanthropic money is not insignificant. In conclusion, corporate social responsibility is playing an increasingly important role in fostering sustainable practices and economic development as well as the observance of laws and ethics throughout the world.