There's some good, quick advice in this month's McKinsey Quarterly about how companies can ensure that CSR initiatives drive value for customers, shareholders and NGOs.
Here's the article, "What really drives value in corporate responsibility?" One thought I'd add is that companies should go beyond solely communicating that they can do well and do good "in tandem, without trade-offs." Ideally, the most effective and sustainable CSR makes the business stronger, including in areas such as product quality. It's additive. "Doing good is great for business" is even stronger positioning for companies and, in fact, all stakeholders.