Corporate social responsibility (CSR) is increasingly being seen as a fundamental necessity of corporate operations, if companies and brands are to be seen favourably in the eyes of the public - and employees.

Not-for-profit charity, Mission Australia, is a major benefactor of CSR initiatives by American Express, and said that investors, customers and employees believe that economic growth should be linked to environmental and social well-being.

"By embracing corporate social responsibility, a company can also increase its competitive advantage, as consumers place more value on good and ethical conduct", the charity said.

Mission Australia said corporate social responsibility is essential for organisations looking beyond the short term and is fundamentally about improving the sustainability of the business, whether by increasing brand value or helping to recruit and retain quality staff.

Indeed, last week the latest CSR promotion by American Express was brought to fruition in the heart of Sydney, where a 'pop-up' restaurant was established for three days as part of its Room for Thought campaign.

The project is the biggest CSR initiative undertaken by the global brand this year, and sees ideas voted on by the public brought to life in partnership with a celebrity mentoring program, with actress Miranda Otto, designer Peter Alexander and musician Paul Mac all participating.

Members of the public were invited to submit socially responsible ideas in the areas of community, fashion and music, with the three winning ideas (voted on via Facebook) being turned into reality for three days.

American Express said their CSR activities are community-minded campaigns that enable the brand to "help members of the community to realise their potential", and allows them to demonstrate good corporate citizenship in a visible way.

Elle Formica, a University of Sydney student and winner of the community section of the American Express Room for Thought competition, told Human Capital that while the competition could be perceived as 'good PR', the company was genuinely open to flexibility and a range of ideas.

On CSR initiatives Formica said, "The more companies who do [CSR campaigns], the more others have to keep up with each other."

She added, "I think consumers are looking for more ethical corporations, and perhaps it's especially important for American Express to be involved in projects such as this because they are associated with finance and making money."

Formica said that through the experience she had realised that corporations can be useful in working with individuals and communities, with projects of such size otherwise being difficult to undertake.