ABSTRACT
In the continuity of stakeholder theory, much of the current literature on (corporate) governance and business ethics looks at how organizations involve their stakeholders at different decision-making levels (Carroll, 2004; Clarkson, 1995; de Graaf & Herkströter, 2007; Freeman & Reed, 1983). According to Freeman (1984), stakeholders are ‘any group or individual who can affect or is affected by the achievement of an organization’s purpose’ (p. 148), typically, the owners, the managers, the workers, the volunteers, the fi nancing bodies, the partners, the suppliers, the customers/ benefi ciaries, etc. A continuum of involvement can be highlighted, from the rather passive strategies (stakeholder information) to the more active ones (stakeholder representation). Among the latter, involvement or ‘co-optation’ of stakeholders in the governance structures such as the general assembly and the board of directors is increasingly presented as a strategy mirroring a long-term relationship between the organization and a particular stakeholder category (Mitchell, Agle, & Wood, 1997).
