Should CSR be regulated?

Most of the comments I have received are of the opinion that most businesses practice CSR just as a means of improving their profit margin. Someone even suggested that it should be regulated which brought me to this particular point about regulating CSR.
Naturally anything that people do which is tagged voluntary should be left to their freewill and so should be the case of CSR because it is something which is done voluntarily by corporations. As defined by the European Commission, CSR is a concept whereby companies integrate social and environmental concerns in their business operations and in their interaction with their stakeholders on a voluntary basis.
There are a lot of arguments about whether CSR should be regulated or not. There is even a call for its regulation and one of the ways suggested for the regulation of CSR is by compulsory CSR reporting by corporations. Some people have argued that regulating CSR may push companies towards compliance and will risk making them passive about CSR because they will be doing it just to tick their names that they have done CSR. Some others have argued that compulsory reporting of CSR will just add another burden to the already heavy administrative burden corporations have to bear. Muller, cited in an article by EU business on CSR reporting, makes a strong case that CSR should not be regulated. He stresses that CSR must be seen in the light of its voluntary nature. He adds that "Imposing compulsory reporting clauses on a voluntary activity is tantamount to nonsense". http://www.eubusiness.com/SMEs/ueapme-csr.2007-03-06/ He goes on to argue that obligatory reports on CSR will not make enterprises more socially responsible on the contrary it will put them on the defensive and scare them away from CSR.
On the other hand, there are also arguments that CSR should be regulated. Rowe cited in Jennifer McNulty’s article on Corporate Regulation makes a case for the regulation of CSR. He argues that if corporations were serious about CSR they would not oppose its regulation. He says history has shown that “in the absence of strong government regulation, corporate responses to populist movements have minimal impact”. http://currents.ucsc.edu/05-06/11-07/rowe.asp . Cutlip et al (2006) seem to share a similar view to Rowe’s in their statement that corporations have always had obligations to the society but many companies had to be forced to meet these obligations. Rowe emphasizes that only strict environmental regulations by government can force corporations to bear the cost of corporate pollution which is passed on to tax payers when neglected by corporations.
In my opinion I believe CSR should be regulated especially in developing countries like Cameroon, Nigeria and others because so many corporations cause a lot of industrial and environmental pollution and do nothing about it because most of the governments do no force them to act responsibly. An example is the environmental pollution of the Niger Delta region in Nigeria by Shell. If these corporations are not forced by regulations and even laws they will continue polluting the environment and do nothing about it.