The concept of socially responsible business has been defined by many theorists and relevant institutions. The concept has evolved throughout history. At a modern time, a socially responsible company is considered to be a volunteer and above-law company that contributes to social development, environmental protection, respect for human rights and transparent management, promoting the interests of various stakeholders. Socially responsible business has become a standard practice in a developed world because it has proven that all stakeholders have benefit from the application of this concept. No criticism of the concept of corporate social responsibility is focused on the concept itself, but on misapplication or misuse. In order for corporate social responsibility to become a regular mode of business, the involvement of educational institutions, media, non-governmental organizations, and especially the government is needed. The paper deals with the theory of socially responsible business: terms, definitions, evolution of the concept, area, dimension and concept critique. The development of socially responsible business in the European Union and the Republic of Croatia is presented chronologically. The European institutions promoting corporate social responsibility and key stakeholders, measures and mechanisms to promote corporate social responsibility have been presented. Briefly, the provisions of the new Accounting Act, which will increase the transparency of the large and the competitiveness of small and medium-sized enterprises in the Republic of Croatia, are briefly outlined. In accordance with the provisions of the Act, large entrepreneurs, along with the financial statements, should also publish reports containing non-financial information in accordance with Directive 2014/95 / EU (environmental, social and human rights, anti-corruption and bribery issues). By looking at the information presented on the corporate pages of the three companies, good practice of socially responsible business in the Republic of Croatia is presented. Business that takes care of the social community, the individual, and the environment can surely be a way of solving or alleviating many problems of the contemporary world.