So i get the gist of it, but what can they ACTUALLY do?

Examples of action companies take in the name of CSR:
articulating a relevant organisational philosophy and incorporating it into mission, vision and values statements
drafting a meaningful code of ethics that is consistently applied
revising employment relations strategies
social and environmental reporting and audits
strategic philanthropy
undertaking pro bono work
employee volunteering
public education programs
mentoring programs
corporate community partnering
cause-related marketing
community forums

Examples to follow.