In a world where more than 50 of the world's top economies are corporations, where Wal-Mart's GDP is bigger than Denmark's and where foot-loose capital and the rising power of corporations are said to be eclipsing the sovereignty of nation states, it's no surprise that people are demanding that big business be more accountable and that more and more corporations are going through the motions of implementing voluntary corporate social responsibility programs.

This is no fad. The vast amounts of money pouring into pension funds will keep the heat on companies to take social and environmental issues into account.

But voluntary codes may soon be replaced by mandatory requirements. Now the trend is for lawmakers to bring in legislation for companies to toe the line on CSR. It's a trend examined by lawyer Michael A Levine from Epstein Becker & Green in his piece Legislating Corporate Social Responsibility.

Levine looks at legislation now on the cards which clearly underpins the belief from lawmakers that voluntary codes are not working. The Decent Working Conditions and Fair Competition Act could be the first of many new laws that will reshape CSR.

It is a trend that's happening in Australia as well, something I look at here.

As I point out, this reflects a shift that's now happening worldwide. Voluntary codes of practice might well be a relic from a time when environmental and CSR issues were less politically loaded. As Levine points out, it's becoming a case of walking the talk, or walking the plank.