Corporate Social Responsibility is a business approach, focused on creating a sustainable development by delivering economic, social and environmental benefits for all stakeholders. It suggests solutions to a number of contemporary business issues and it is the base of modern business management. It is generally considered a very powerful instrument that can highly contribute to achieving competitive advantage. Integrating socially responsible business models involves the embracement of responsible company’s practices and activities related to the environment and all the stakeholders, and not focusing exclusively on the short-term profit. Corporate social responsibility has nowadays been recognized as an imperative concept, not just within the everyday business practice, but within all the aspects of the civil society, including the government, associations and socially responsible individuals. Successful corporate management aims to balance the business’s interests with the main stakeholders requirements. Therefore, corporate management tends to associate different areas, which is the criteria of determining the business success. The main segments of the corporate governance include power, authority and responsibility in its core activities and practices, which has led to the development of the mechanisms (internal and external) that should be strictly incorporated into every business. The balance between these two types of mechanisms highly determines the business efficiency and its positive impacts, but it can as well minimize the issues and the potential conflicts.