The question may be raised whether the era of CSR is over and the rise of a systemic approach to ESG is now taking place. The aim of this paper is to explore the dimensions along which the concepts of CSR and ESG show similarities and differences. It will also show how deeply CSR can be integrated into a company's strategy or whether it can be a superficial complementary, add-on activity in the life of the company. The paper will also discuss the life-creating reasons for CSR, while presenting the criticisms of CSR for its immeasurability and the dangers of the greenwashing phenomenon. It is in the light of these criticisms that the rise of the ESG approach will be examined. The study also aims to explore the extent to which ESG can respond to the limitations of CSR and how well it can be integrated into corporate governance and decision-making processes. By comparing the two approaches, the paper shows that CSR and ESG are not mutually exclusive but rather both are part of an evolutionary process – ESG can be seen as a measurable and transparent extension of CSR. While CSR tends to make companies responsible actors in a qualitative way, ESG uses quantifiable indicators to assess a company's sustainability practices and social initiatives.

Keywords: Corporate Social Responsibility, Environmental, Social, Governance, CSR-integtaion, colorwashing