Which governance theory do you see being applied in Corporate Social Responsibility and what do you think are the implications of this new concept on corporate governance in an institution?

The concept of Corporate Social Responsibility first emerged in the 1960s when a man named Bowen asked the endearing question of what responsibilities to society can business people be reasonably expected to assume? He postulated that businesses not only had legal obligations they also had responsibilities to their community. Today the concept of Corporate Social Responsibility has evolved from a simple opinion to a global mandate. It demands that companies should conduct its operations in a manner that promotes sustainable development. Which governance theory do you see being applied in Corporate Social Responsibility and what do you think are the implications of this new concept on corporate governance in an institution?