Firuza S Madrakhimov RMIC - Volume 6, Issue 19 (2013), pp. 87-98 87 ROLE OF CORPORATE PHILANTHROPY IN BANKS Firuza S Madrakhimova University Of North America, USA ABSTRACT ne of the first manifestations of social responsibility, rooted in the deep past, can be regarded as charity, which being a form of compensation for the shortcomings of redistribution of public goods. In business community, we understand social responsibility as a society to compensate for the uneven distribution of income. Half of entrepreneurs agree that even a high income people do not want to be in "share" with the public. Originally charity was partial, because main owners of the businesses were making decisions of charity. Currently, however, there is a growing corporate charity, implementing and managing on behalf of the companies. Keywords: Philanthropy, Charity, Good Cause, Selfishness. INTRODUCTION In Russian practice, charities often defined as any fact allocation or transfer of goods, non- commercial activities of the organization. This includes helping the seniors and businesses, and financial assistance, please outsiders, and free services to their employees. In this role, charity functions as compensation for vulnerable people, and not a tool to influence the future of the state of society. In developed countries, as a rule, there is a good corporate planning charity, set priorities, evaluation criteria. This is where charity is not only an act of satisfying one’s feelings, wishes, in the form of ownership of the "good cause" and "selfish" investment. Thus, charitable activity falls within the definition of social investment, which (according to Western economic concepts) is defined as investment for profit or gain power and prestige. In other words, charity is one way of increasing the reputational capital. LITERATURE REVIEW The concept of CSR has been assigned different ideas and definitions through time. By 1950, the first CSR definitions were focusing on managerial levels (Wood, 1991). The main argument was that business executives had obligations beyond the economic interests of a firm. O Full Article Available Online at: Intellectbase and EBSCOhost  RMIC is indexed with Cabells, JournalSeek, etc. REVIEW OF MANAGEMENT INNOVATION & CREATIVITY Journal Homepage: www.intellectbase.org/journals  '2013 Published by Intellectbase International Consortium, USA