In the contemporary conditions of the pronounces dynamism of competition, clearly articulated demands of the social community and increasingly loud ecological requirements, socially responsible business activities become an indispensable strategy of responsible and ethical management of the company. Depending on how well companies manage socially responsible projects, it depends on the degree of sustainable development and the level of quality of relations with the community. Having this in mind, the paper aims to provide a better and more complete understanding of socially responsible behavior of companies in relations with the social community. Consequently, the significance of social responsibility and the role of social investments for community development are in the focus of the paper. The competencies of corporate social responsibility managers for community development have also been analyzed in order to better understand the new role and responsibility of companies.