There will always be cases to cite exceptions to the theory of corporate governance. I'm sure it is tempting for some here to point out the Savings and Loan scandal. This took place shortly after I completed my program in business, so I was indoctrinated in business theory without this, but I don't believe it can be reason enough to swing the other way with corporate regulation.
More on topic of charity, being a corporation that seeks to respond to their stakeholders (stockholders and board of directors), responsible citizenship will dictate that they actively participate in philanthropy. In this respect, they are very much like a citizen. Social duty will provoke charitable contribution without their hand being forced by the government. The government doesn't force many of the initiatives that corporations create to be responsive to their communities where they are established and on a national level; the free market does. Free enterprise drives good stewardship of the system. If a corporation is not seen as "socially responsible", the impact will be that they will open the door to competition that is.