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Corporate Social Responsibility (CSR) is now actively promoted as a form of socio-economic governance between market forces and state controls; to solve problems of social disintegration and business hubris. Critical aspects of CSR practice in transnational food manufacturing corporations are examined here to test the wider suitability of CSR as a systemic remedy for the socio-environmental problems associated with market economies. This article asks particularly whether firms can apply CSR policies which maintain or improve the stakeholder interests of employment and socio-environmental integrity while simultaneously pursuing operational policies shaped by financialised business strategies. Although firms have advanced CSR policies, these are shown to have little impact on the rationalisation of their UK operations by the global shareholder-value strategies of the biggest global food multinationals. Investigation shows a bias towards external and brand-related, rather than internal priorities of job security and the social capital of workplace communities. The closure processes of two firms’ plants show, in particular, that opportunities to treat employees and related interest as stakeholders are incompatible with the prioritisation of shareholder value. The latter also means that CSR is moulded into a business strategy to support corporate brand image and reputation rather than to guide or manage business policies towards socially and environmentally sustainable operations and stakeholder partnerships.