The governance gap and regulatory failure associated with economic globalization are well discussed in the literature. 10 This inability of governments to hold corporations accountable through democratic institutions and processes led to increasing public discontent in the 1990s. As civil society organizations became increasingly frustrated with corporate unaccountability and governmental inaction, they began to bypass the political level by targeting corporations directly. Through "naming and shaming," boycotts, demonstrations and confrontational tactics, NGOs managed to attack corporate brands, legitimacy, and in some instances corporate profits. CSR emerged as a corporate response to these civil society pressures. While the term "CSR" appeared as early as the 1950s, 11 its present form is closely linked to the anti-globalization movement beginning in the 1990s. 12 CSR is most commonly defined as going "beyond compliance," that is, practices where companies voluntarily improve their social and environmental performance. 13 Furthermore, CSR is understood to be "beyond charity," as it concerns how companies integrate social and environmental concerns into their core business operations. 14 The debates on CSR and on global governance are becoming increasingly intertwined. 15 In many instances, CSR initiatives simply consist of unilateral or ad hoc projects from single companies, such as developing a code of conduct, a CSR report, or specific projects to improve social and environmental practices in the company without any wider governance implications. However, several CSR initiatives have started out as or developed into soft law institutions with coregulation through multi-stakeholder participation and monitoring of compliance. These initiatives range from very loose soft law arrangements like the UN Global Compact, with weak compliance mechanisms, to more stringent initiatives, like the OECD Guidelines for Multinational Enterprises. Thus, the boundary between CSR initiatives and soft law is often blurred. 16 Some of the soft law initiatives that originated out of the CSR movement, like the Global Reporting Initiative (GRI) and the Forest Stewardship Council (FSC), have even acquired hard law characteristics. These transitions between CSR, soft law and hard law, indicate that CSR is indeed relevant to the study of global governance and that the