Findings-the empirical evidence shows that there is a need for a stand-alone mandatory CSR to achieve stakeholder accountability. It also shows that there are demands from 'stakeholders to right to know' about the company's social and environmental performance along with stakeholder engagements. There is a perceived demand for administrative reform along with institutional supports that can contribute to the CSR development in Bangladesh. These administrative reforms would encourage transparent corporate social and environmental practices. Given the socio-economic and vulnerable environmental conditions of Bangladesh, stakeholders in this study suggested contextually relevant CSR guidelines towards greater accountability.Research limitations/implications-This paper is one of the few engagements based studies which explore the perceptions of less economically powerful stakeholders towards CSR developments in an emerging economy, Bangladesh. The findings of this study using the theoretical lens of accountability with administrative and institutional reforms, leads us to conclude that companies in Bangladesh have low level of CSR towards stakeholder accountability and stakeholder engagements.Originality/value-The paper contributes to the CSR literature by highlighting the needs of CSR from the stakeholder's accountability perspective.