The managerial answers to the demands to the environment conservation are varied: some companies have opted for ignoring such pressures, while other companies have assumed an environmental responsibility. However, inside this group, we could observe different postures: companies that try to be anticipated to the pressures and demands of the stakeholders (proactive position) and companies that are limited to respond to such pressures and demands (reactive position). By the other hand, in the last case companies can have two different objectives: (a) to pursue an image of concern for the environment, without incorporating the environmental variables in their management models and the making decisions processes and (b) to assume a environmental responsibility incorporating the environmental variables to their management processes and developing instruments to improve their environmental performance. The aim of this paper is to analyze the strategy followed by a Portuguese company belonging to the paste and paper sector.