Corporate philanthropic initiatives are now part of a larger concept of corporate social responsibility , in which strategic donations programs are designed to further business goals. Using a combination of theoretical literature, semi-structured interview methodology, and corporate and research reports, I collected data on how corporate social responsibility operates within nine large Canadian oil companies. This research focused on how philanthropy and business goals are linked, how philanthropy can be measured, and what relationships exist between the corporate and not-for-profit sectors. A central theme in the research is that corporate giving practices operate within a fundamental tension, with shareholder and social responsibility values at the heart of an ongoing tension. The question of the inherent value of socially responsible corporate behaviour remains a salient question, and lies at the heart of the debate between those favouring the profit motivated shareholder view and those espousing the values of socially responsible business practices.