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The concept of corporate social responsibility has brought about fundamental changes regarding the approach of the private sector to various segments of society, and it represents one of the most dynamic and most complex processes that the private sector encounters in the world of globalization. It is considered a frame within which companies take responsibility for the consequences of the impact they have on society, economy and environment, at the same time increasing their profit, reducing the negative impact of their business, and ensuring sustainable development and ethical business. This article aims to explain the emergence of this phenomenon and its function in modern business, as well as present Telenor’s contribution to the development of cultural production in Serbia and its unique concept of socially responsible business, which the company has been successfully implementing in thirteen countries where it operates.