The notion of CSR is currently growing through a process of institutionalization, since both the quality and the quantity of initiatives related to this issue are raising and improving. An implication of this tendency may be the transformation of CSR practices into a praxis, devoid of substantial meanings for an organization and its stakeholders. The article challenges this hypothesis, presenting the results of a research into two multinational companies that are deeply involved in CSR. The perspective of an organizational disclosure, that implies an actual engagement of stakeholders, emerges as a possibility for preserving the effectiveness and genuineness of CSR practices.