There is so much debate these days on the role of the company. So I decided to go back to the beginning – the definition of a company. The Webster dictionary defines a company as “an association of persons for the purpose of carrying on some commercial or industrial enterprise or business.” But today no one would agree to this narrow definition as it is seen as an integral part of the society as according to one research customers too are switching brands in favor of socially responsible companies .The traditional governance model places management as solely accountable to investors. But a growing number of corporations accept that constituents other than shareholders are affected by the corporate activity, and therefore it must be answerable to them. Such other constituents are known as stakeholders which includes- employees, trade unions, customers, shareholders and investors, suppliers, competitors, local communities, government. In order to enhance the profitability, the corporations must take cares the needs of all its stakeholders.