Generally, the essence of the concept of a socially responsible business activity (corporate social responsibility) can be best observed in a company's effort to adjust its business activity to societal demands and thus accomplish its own economic goals. In its relationship with stakeholders a company must act in an ethical and responsible manner, expressing both its social responsibility and good faith. This paper analyzes the application and implementation of standards of social responsibility in business activity in selected segments of the public and private sector. Relationship with stakeholders is being highlighted while analyzing the tools of social responsibility. In the Republic of Croatia the development of socially responsible business activity is examined by reviewing the work of institutions that promote socially responsible business activities. Through the content analyses of reports made by business organizations, in which their commitment to a socially responsible activity is declared, it is feasible to obtain a full picture of functions, as well as differences of these two sectors. In each business organization a field of inquiry needs to be well defined in which a given business organization maximizes its social responsibility, i.e., a field in which a company makes a significant contribution, as well as a field in which socially responsible business activity is recorded by business index. Socially responsible business activity is not a static affair; it is a dynamic process yielding positive results and as such equally applicable in the public and private sector, small or large business organizations.