The definition of CSR given by the European Commission mentions that CSR is 'A concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.'
The key word in this definition is 'voluntary'. Therefore, companies are not obliged to conduct CSR activities, but they still do it. The reason for why they are investing in such activity, though, is another discussion. Some may say that companies use CSR just to for their own reputation. It is true, but today CSR has developed in such way that it is a matter of competitiveness. Therefore, it has become more than an option, but rather a necessity. Still, not compulsory. And after all, it is a win-win situation. Companies win good reputation, and society is is doing better.
But I believe it has no sense to regulate this activity. Isn't that enough that the evil masterminds of capitalism are paying taxes to the government? And maybe they're not that evil since they voluntarily invest in society's well-being. I don't argue that they are the guarding angels, but rather pragmatic.
I think the core of this controversial discussion is to mentain the boundary between CSR and law abiding activity, which is very blur nowadays. For example, there are laws that limit carbon dioxide emissions, but still companies describe their attempt to reduce their emissions as CSR activity. Maybe this matter should be looked at from a macro-economic perspective. History has demonstrated that after a period of highly deregulated systems which approached perfect capitalism, crises appeared which were followed by the keynesian concept of welfare state. Therefore, CSR was easier to detect in a highly deregulated environment, but today, in the context of globalization and, recently, economic crisis, laws came out that overlap the activity of CSR.
In this case, should the definition be changed?