Stakeholder demands and the introduction of the ‘triple bottom line’ as a means of reporting corporate performance, make it critical that South African companies assess why they should undertake corporate responsibility initiatives. This exploratory study (part two of a two-part study) investigated the issues that are being or should be addressed by companies under the banner of corporate responsibility and the reasons for this. The views of a convenience snowball sample of consultants, academics and practitioners of corporate responsibility, was gained by means of a Delphi technique. Content analysis was employed to categorise the views into themes. The findings indicate the need for corporate responsibility action in the areas of ecology, the environment, health and well-being, building human capital and in the encouragement of economic development. Cost benefit and defensive arguments dominate the case for corporate responsibility. There is little indication that organisations have identified the opportunity of corporate responsibility initiatives to increase innovation and organisational learning and its contribution to risk management. Recommendations are made regarding the assessment of investment in this area.