Looking outside of the US, CSR is for sure more than a trend or a PR tool. Look across the pond and you will find for example UK government from this month (Oct 2007) requiring all listed companies to report on their community engagement, as well as social and environmental issues as part of their business review.
This follows a recommendation that the European Community made in a white paper already in 2004, as they found that CSR on a volunteering basis have had little impact - neither for the community, nor providing measurable long-term business benefits.

Ruth Brannvall