What is corporate social responsibility and how can businesses practice it?

"Corporate social responsibility is the concern of businesses for the welfare of society as a whole. It consists of obligations beyond just making a profit and goes beyond what is required by law or union contract. Corporate philanthropy is the practice of charitable giving by corporations; it includes contributing cash, donating equipment and products, and supporting the volunteer efforts of company employees. Strategic giving is the practice of tying philanthropy and corporate social responsibility efforts closely to a company’s mission or goals and targeting donations to the communities where a company does business. Social investing is the practice of limiting investments to securities of companies that behave in accordance with the investor’s beliefs about ethical and social responsibility to encourage businesses to be more socially responsible. Stakeholders are individuals or groups to whom a business has a responsibility; they include employees, customers, the general public, and investors."