This chapter argues that viewing corporations as political actors in developing countries provides additional insights for understanding the relationship between corporate social responsibility (CSR) and social development. It introduces a framework from the “political” CSR literature that is geared towards evaluating multistakeholder initiatives (MSIs) from a normative point of view. The chapter suggests that this framework provides a solid theoretical basis for examining the potential of firms, through their engagement in MSIs, to contribute to social development. It argues that social development is one effect of the increased democratic legitimacy of an MSI. The chapter utilizes the “political” CSR lens to assess the developmental implications of a set up MSI in the garment sector in Bangladesh. It focuses on the Accord on Fire and Building Safety in Bangladesh, since the Accord represents an MSI in which actors from more than one sphere of society cooperate whereas the Alliance for Bangladesh Worker Safety represents a purely business led initiative.