Corporate Social Responsibility is an important factor in the development arena, because its programs address a wide array of social and economic issues which include poverty alleviation through activities like education, health-care provision, infrastructure development and employees’ welfare consideration. However, the concern is that a lot of companies may only be engaging in purely strategic and rhetoric CSR in order to meet their business goals, and not really considering the needs of all stakeholders. This study therefore sought to mainly investigate if the stakeholders in the area of operation of Illovo Sugar Malawi Limited, namely the local people and employees, were both satisfied that the corporation’s CSR was contributing to improving their livelihoods. Applying the stakeholder theory, the study examined the relationship between the company’s CSR and stakeholder satisfaction. A qualitative research approach was mainly used to effectively achieve this goal. Exploratory data was generated and analyzed using content analysis, while the relationships between the CSR variables- namely philanthropy, employee welfare, healthcare assistance, education assistance and infrastructure development- and the stakeholder satisfaction variables, namely stakeholders’ attitude towards the company and stakeholder-company relationships, were measured quantitatively using Statistical Package for Social Scientists. The study found that the company was not impartial in its CSR initiatives towards the stakeholders in its area of operation.