Corporate social responsibility and sustainable development within the EU legal framework: adapt or be left behind

Abstract

Corporate Social Responsibility (CSR) has evolved considerably, shap-
ing corporate governance systems and modern practices. In the latest centu-
ries, companies began to assume the responsibility of balancing profit maxi-
mization with creating and maintaining a balance between the needs of their
customers, employees, and society at large. This shift led to companies being
viewed as stewards of their various external relationships, resulting in corpo-
rations assuming social and economic responsibilities1. Today, with increasing
environmental issues and rising societal expectations for more ethical corpo-
rate behavior, CSR has evolved from a simple philanthropic program to an im-
perative paradigm of contemporary sustainable business practices.