The current Master Plan of the Spanish Agency for International Development Cooperation (AECID) includes references to the need to promote public-private partnerships and to collaborate with the private sector «around shared goals of poverty reduction and sustainable human development». In this context, non-governmental organizations face a multi-faceted discussion: how should the relationship of NGOs with multinational companies be? Should they support companies that claim to act ethically and responsibly? Regarding the goal of poverty reduction, is it necessary to weave an alliance between the "private sector" and the world of development cooperation? Here arises a central question: what should be the role of NGOs when implementing policies on Corporate Social Responsibility (CSR)?