1.  Introduction

Effective governance has become a key focus area as organisations respond to globalisation, regulatory changes, and rising societal expectations (Buhmann, Fonseca, Andrews & Amatulli, 2025:5). At the centre of these governance debates lies stakeholder engagement, a practice recognised as essential for accountability, legitimacy, and sustainable value creation (Buhmann et al., 2025:3–4). Engagement was formerly viewed as a voluntary or incidental activity, but it is now widely accepted as a governance mechanism that enables organisations to align their strategic goals with the broader societal demands (Kujala, Sachs, Leinonen, Heikkinen, & Laude, 2022, p. 1137).

Stakeholder engagement’s significance comes from its ability to extend governance beyond shareholder primacy by embedding ethical dialogue and consultation into decision-making (Buhmann et al., 2025:1–3). Establishing trust with a variety of stakeholders, such as staff, clients, investors, regulators, and communities, is becoming increasingly important to an organisation's legitimacy (Buhmann et al., 2025:3–4). In this way, engagement functions not only as a managerial tool but also as a governance requirement that reflects global calls for corporate accountability and responsibility (Buhmann et al., 2025:82).

Stakeholder engagement has evolved conceptually and practically across multiple fields, including management studies, sustainability, and business ethics (Kujala et al., 2022:1138). While initially associated with corporate social responsibility, it has evolved into a crucial component of governance systems, particularly within risk-based due diligence frameworks (Buhmann et al., 2025:82). These developments mark a shift from limited compliance-based approaches toward inclusive and participative models that prioritise transparency, responsiveness, and long-term value creation (Kujala et al., 2022:1139).

Conflicts between managers and shareholders are highlighted by agency theory, which frequently calls for monitoring systems to resolve misaligned interests (Abdullah & Valentine, 2009:90). In contrast, stewardship theory sees managers as reliable stewards who are committed to the success of the organisation (Yusoff & Alhaji, 2012:57). Stakeholder theory broadens the perspective by recognising managerial duties to multiple groups whose interests carry value and must be balanced for legitimacy and sustainability (Abdullah & Valentine, 2009:91). Together, these theories present stakeholder engagement as a governance tool that can be used to balance conflicting demands while maintaining organisational effectiveness (Yusoff & Alhaji, 2012:55).

Acting as a bridge between boards and organisational operations, management as the guardians of governance are tasked with embedding stakeholder concerns into their corporate purpose, mission, and strategy (Samans & Nelson, 2022:105). Their duties also include fostering inclusive discourse, upholding open lines of communication, and striking a balance between the immediate needs of investors and the long-term requirements of stakeholders (Maak, 2007:330). Boards provide strategic oversight, but the day-to-day responsibility for operationalising engagement remains with management, highlighting the interdependent nature of governance roles (Fernandez & Thams, 2019:162–163).

Internal auditors as the gardeners of governance (Lenz & Jeppesen, 2022) also play an active role in strengthening stakeholder engagement (Lenz & Enslin, 2025). As independent assurance providers, they interact with boards, management, regulators, and broader society to enhance transparency and trust (IIA, 2024:14–15). Internal audit contributes through risk-based assurance and advisory functions that reflect stakeholder concerns, thereby reinforcing governance systems (Sarens & De Beelde, 2006:3–4). Their role extends beyond compliance by embedding inclusivity and accountability into assurance processes, directly linking stakeholder expectations to governance outcomes (Gao & Zhang, 2006:730).

Together, these perspectives confirm that stakeholder engagement is a governance necessity that connects accountability, transparency, and sustainability (Buhmann et al., 2025:3-4). It empowers managers to operationalise governance principles, enables auditors to safeguard trust and legitimacy, and provides organisations with the foundation to navigate complex stakeholder demands (Buhmann et al., 2025:4).

This essay therefore examines stakeholder engagement by first presenting its conceptual foundations, then considering management’s role, followed by internal auditors’ responsibilities and strategies, and wrapping up with key considerations. The purpose of this study is to examine how management, as guardians of governance, enhance organisational accountability through stakeholder engagement, and to explore how internal auditors as gardeners of governance provide assurance and advisory support to strengthen this process.

2.  Literature review

2.1  Overview of Stakeholder Engagement

Stakeholder engagement is now a crucial part of governance of modern organisations and is closely linked to accountability and sustainability calls (Buhmann et al., 2025:3–4). It is a concept and an approach to management that draws inspiration from impact assessment, stakeholder theory, human rights and business, providing organisations with a framework for engaging with individuals (Buhmann et al., 2025:3–4). As organisations transitioned from traditional one-way management to more expansive ideas that acknowledge the role of stakeholders in generating long-term value, the idea started to become more relevant in the early 2000s (Kujala et al., 2022:1139).

Stakeholder involvement is now central to corporate sustainability since it is included in risk-based due diligence activities that seek to discover and steer clear of adverse effects on society and the environment (Buhmann et al., 2025:3, 82). The shifts reflect mounting social frustration with participation processes that have not delivered or resulted in any substantive benefits for those concerned stakeholders (Buhmann et al., 2025:82). Stakeholder engagement research has been spread across disciplines such as business and society, management and strategy, and environmental management that has made it difficult to conceptualise an integrated framework (Kujala et al., 2022:1138). There have been difficulties, yet stakeholder engagement is well accepted to be critical in disciplines such as innovation, learning and strategic decision-making (Kujala et al., 2022:1137).

It also remains at the core of accountability programs such as corporate social responsibility and sustainable development activities (Kujala et al., 2022:1137). This proves that stakeholder engagement is not only a theory but a practice that has practical application in a wide range of sectors (Buhmann et al., 2025:4, 153). Such foundations make it imperative to study the conceptual definition of stakeholder engagement, which is the focus of the following section (Buhmann et al., 2025:81).

2.1.1  The Concept of Stakeholder Engagement

The concept of stakeholder engagement is a normative action that values inclusive, two-way and meaningful communication between organisations and stakeholders (Buhmann et al., 2025:81). It is established as a process that is transgressive to compliance, and which requires organisations to take into consideration the opinions of those most affected by their activities (Buhmann et al., 2025:109). One of the most widely used stakeholder definitions is any individual or group that can affect, or be affected by, an organisation’s objectives (Buhmann et al., 2025:90).

This definition has importance in that it distinguishes affected stakeholders, who can be referred to as rights holders, from non-affected stakeholders who may not be directly harmed by organisational behaviour (Buhmann et al., 2025:88). The engagement process is an active two-way communication that avoids superficial consultations and instead seeks to establish trusting relationships and long-term partnerships (Buhmann et al., 2025:110). Engagement also varies from stakeholder management in that it is interactive and dynamic in nature and not defensive and risk-based (Jeffery, 2009:8).

To succeed, organisations will need to address engagement as a systematic process with stages that involve planning, consultation, building trust, implementation and monitoring (Jeffery, 2009:25–26). The process should be founded on common values and ought to represent all stakeholder groups, especially vulnerable communities (Jeffery, 2009:56–58). Engagement should therefore not be an event but a constant process involving commitment from both sides (Jeffery, 2009:120–121). These characteristics prove that stakeholder involvement is a powerful tool to address issues of governance and be the basis of comprehending the way the theories of governance outline its operation (Kujala et al., 2022:1160).

2.1.2  Corporate Governance Theories

Corporate governance theories provide the basis for the explanation of why the stakeholder involvement is needed and how it can be implemented (Abdullah & Valentine, 2009:6; Yusoff & Alhaji, 2012:52-53). The agency theory explains the managers as agents and shareholders as principals’ relationship and identifies the agency issue emerging when managers pursue their own self-interest instead of shareholders' interests (Abdullah & Valentine, 2009:89-90). Monitoring devices such as boards of directors, audits, and information systems eliminate the problem by reducing agency costs (Yusoff & Alhaji, 2012:53-54).

The stewardship theory offers a contrasting view by conceptualising managers as stewards that are motivated by organisational success and consequently have their interests aligned with that of the firm (Abdullah & Valentine, 2009:90). Managers in this theory are perceived to be dependable and able to protect shareholder wealth with minimal monitoring (Yusoff & Alhaji, 2012:57). The stakeholder theory is more advanced than the shareholder focus of the other theories in that it recognises that managers have a duty to a wide range of groups including employees, customers, suppliers and communities (Abdullah & Valentine, 2009:91). The theory argues that all these interests have intrinsic worth and that they must be weighed against each other to ensure long-term legitimacy and value creation (Yusoff & Alhaji, 2012:24, 55).

In conclusion, stakeholder engagement has progressed from a disconnected theoretical academic concept to a governance foundation underpinned by processes and theories of business governance. Together, the concept and the theories render engagement essential to legitimacy, accountability, and long-term sustainability, making the way clear for the discussion of management's guarding role in operationalising the principles.

2.2  Management's Role in Stakeholder Engagement

Management plays a central role in stakeholder engagement, acting as the guardians of governance bridging board strategic direction with the organisational operating reality (Samans & Nelson, 2022:105). Executive leaders also contribute by crafting corporate purpose, values, mission, and vision, which requires soliciting opinions from employees and other stakeholders (Samans & Nelson, 2022:105). At the same time, responsible leadership must excel in stakeholder interaction, with managers acting as brokers and facilitators of relationships based on trust and inclusiveness (Maak, 2007:337-338).

In practice, management guides the implementation of strategy and the deployment of capital, offering recommendations on long-term growth, takeovers, and shareholder capital allocation for board approval (Samans & Nelson, 2022:107-108). This operational role extends to one-on-one stakeholder interactions, which are typically handled by management unless extraordinary circumstances involve non-executive directors (Samans & Nelson, 2022:111-112). Management also ensures transparency through disclosure, providing boards with regular updates on sustainability performance and stakeholder issues (Samans & Nelson, 2022:104-106).

Furthermore, the role involves integrating stakeholder expectations into areas such as supply chain monitoring, workforce diversity initiatives, and compliance with evolving regulations (KPMG, 2021:2–4). Management’s responsibilities are thus both strategic and pragmatic, requiring them to act as communicators and implementors of board guidance (Strandberg, 2023:24–25). These twin responsibilities place management as guards at the centre of daily engagement activities while boards provide oversight, forming the foundation for understanding the shared responsibilities between management and the board (Fernandez & Thams, 2019:163-166). Finally, management must implement enterprise risk management systems, identifying, prioritising, and integrating material ESG risks into general business operations (Samans & Nelson, 2022:111).

2.2.1  Management’s Responsibility in Stakeholder Engagement

Both boards and management have the responsibility of stakeholder engagement, with management functioning as the guardians of governance who carrying out engagement and the board ensuring strategic oversight (Strandberg, 2023:24). Management is to ascertain and sit down with shareholders and other key stakeholders and report to the board on the nature and outcome of such interaction (Strandberg, 2023:25, 28). Boards approve the corporate purpose, but management is charged with operationalising it in a way that reflects stakeholder priorities and long-term sustainability (Samans & Nelson, 2022:104-105).

This partnership requires long-term co-operation, wherein boards set the firm's risk appetite and management sets mechanisms to manage conventional as well as ESG risks (Samans & Nelson, 2022:108). Boards also impose responsibility through integrating stakeholder-inclusive performance goals into executive compensation, ensuring management to comply with ethical and performance standards (Samans & Nelson, 2022:111). Responsible leadership extends the accountability in this sense by emphasising managers' ethical duty in guarding and balancing competing stakeholder interests and to act as global corporate citizens (Maak, 2007:329-330).

Management should also build enduring relationships with stakeholders by involving them in participative discussion and by building networks that affirm social capital (Maak, 2007:330). They highlight the role of management in forging trust, ensuring transparency, and formulating corporate strategy based on stakeholder expectations (KPMG, 2021:1–2). At the same time, boards are relied upon by management for strategic advice and oversight to help ensure that their stakeholder practices are authentic  and  sustainable  (Fernandez  &  Thams,  2019:162-164).  The interconnectedness of these functions proves that management does not act alone but as part of a system of governance, weighing accountability against operating performance (Samans & Nelson, 2022:107).

2.2.2  Management's Challenges in Stakeholder Engagement

It is truly challenging for management to effectively carry out stakeholder engagement due to competing demands that make it difficult to pursue long-term goals (Samans & Nelson, 2022:104). Short-term investor expectations incline both managers and boards toward short-term focusing on financial performance at the expense of longer-term stakeholder considerations, maintaining investment in important areas such as research and development at a low level (Samans & Nelson, 2022:116). This is compounded by narrow constructs of directors' duties that traditionally emphasise shareholder dominance and restrict more general stakeholder obligations (Samans & Nelson, 2022:104-105).

Yet another challenge is the "say-do gap" whereby companies publicly commit stakeholder interests but fail to convert these into their governance structure, creating transparency and credibility issues (Samans & Nelson, 2022:105). This issue of credibility is then reiterated at the operational level because managers might find themselves caught between cross-pressures in reconciling demands from different stakeholders since meeting the demands of one stakeholder group would be exclusionary to another (Maak, 2007:330-333).

Internal challenges also arise from boards lacking adequate awareness of ESG issues, thus management lacking full support from stakeholders for stakeholder initiatives (Samans & Nelson, 2022:104). Other challenges are having to balance transparency and confidentiality, whereby transparency in communication is necessary to involve stakeholders but must be balanced with the need to keep confidential business-sensitive information (KPMG, 2021:3–4). Internal transparency deficiency in boards also undermines management because limited information sharing reduces the extent of guidance they receive (Fernandez & Thams, 2019:164-165).

In conclusion, management is charged with the pivotal task of providing stakeholder engagement, balancing board oversight with operational needs. While it plays a dominant role in linking strategy and stakeholder expectations, it also has chronic problems with short-term pressures, competing demands, and transparency matters. Both these perspectives underscore management's role as both implementer and negotiator.

2.3  Internal Auditor's Role in Stakeholder Engagement

Internal auditors occupy a unique position within organisational governance, because of the mandate requiring interaction with a wide variety of stakeholders ranging from boards and management through to regulators and society (IIA, 2024:14–15). Employees, customers, vendors, financial institutions, external auditors, and society at large are some of the stakeholders in this regard (IIA, 2024:15). Internal audit is seen as an activity that creates, retains, and enhances organisational value by providing independent, risk-based, and objective assurance, guidance, insights, and foresight to the board and management (IIA, 2024:15). Internal audit thus makes a direct contribution towards stakeholder confidence and reputation by way of quality monitoring and transparent communication (IIA, 2024:15).

The role of the Chief Audit Executive (CAE) is particularly central in that it involves leading the audit function to interact effectively with stakeholders through the building of trust and making assurance and advisory results accessible to them (IIA, 2024:77). The interaction is of particular importance in the public sector, where stakeholders extend beyond boards and management to include citizens, service users, and elected members (IIA, 2024:117). Internal auditing is also seen as an effective tool for governing bodies and senior management to help them achieve business goals through objective assurance on governance, risk management, and internal control procedures (IIA, 2019:1–2).

Internal auditing strengthens corporate governance through greater accountability and confidence between management, boards, and broader stakeholder groups (Gao & Zhang, 2006:730). Not only does it play a role as an assurance provider but also as a dialogue and conflict management channel, hence maintaining the firm in the long term (IIA Malaysia, 2019:10–18). This is what characterises that internal audit's value addition is beyond compliance since it extends to the development of good stakeholder relations and incorporating stakeholder expectations into assurance practices (Sarens & De Beelde, 2006:1-3). The overall function of internal auditors, therefore, forms the foundation to understand their more specific responsibilities in stakeholder engagement (IIA Fiji, 2023:7).

2.3.1  Responsibilities of Internal Auditors in Stakeholder Engagement

Responsibilities of internal auditors in stakeholder engagement are far-reaching and grounded in their assurance and advisory mandates (IIA, 2019:1–2). Internal auditors must have relationships and trust with key stakeholders such as boards, senior management, regulators, and other parties of assurance (IIA, 2024:77). The CAE must ensure that the internal audit strategy is aligned with stakeholder requirements and is reviewed periodically with the board and senior management (IIA, 2024:63). These responsibilities denote the auditor's role in enhancing governance, risk management, and internal control processes by acting as the gardeners of governance who cultivate healthy and transparent organisational practices (IIA, 2019:2).

Internal auditors also have the role of facilitating communication by fostering formal and informal dialogue in providing a shared understanding of risk management, roles, and organisational priorities (IIA, 2024:77). This includes providing independent and objective opinions on internal controls, a role that guarantees trust and accountability (Sarens & De Beelde, 2006:3-4). Auditors also have the responsibility to reconcile their work with evolving risks, ensuring that planning and assurance procedures remain responsive to changing business conditions (Sarens & De Beelde, 2006:3-5). Feedback mechanisms are also a critical responsibility since auditors must seek feedback from boards and management to evaluate the relevance and effectiveness of the audit function (IIA, 2024:87).

Social auditing enlarges these gardening responsibilities further by requiring auditors to facilitate stakeholder dialogue, ensure that participation is inclusive, and make stakeholder interests an aspect of governance processes (Gao & Zhang, 2006:725). It requires auditors to be gardeners of trust, ensuring that exchanges are two-way and that recommendations are freely reported (Gao & Zhang, 2006:725). Accountable stakeholder involvement also necessitates that auditors demonstrate independence and professional scepticism and are free from mental biases that would compromise credibility (IIA Malaysia, 2019:17–19). The compounded burden of the above responsibilities advances the internal auditors' primary responsibility to stakeholders and directly informs the strategies they use to execute them (IIA Fiji, 2023:18).

2.3.2  Internal Auditors' Strategies for Stakeholder Engagement

Internal auditors employ various techniques to meet their stakeholder responsibilities, such as formal communication practices through to advanced risk-based methods (IIA, 2024:78). The CAE is reminded to communicate with stakeholders in formal meetings and informal chats since consistency in communicating leads to confidence building in the long term (IIA, 2024:78). Relationship management may also be delegated to team members to facilitate connections with business segments, IT, finance, and compliance functions and thereby imbed engagement throughout the audit function (IIA, 2024:78). The other method is proactive information sharing by leveraging newsletters, reports, and workshops to share risks, industry trends, and regulatory changes (IIA, 2024:78).

Risk-based auditing remains the central methodology, concentrating audit effort on matters most relevant to stakeholders and matching organisational priorities (Sarens & De Beelde, 2006:3). Social auditing reinforces this tool set by supporting formal stakeholder discussion and embedding engagement in multi-step processes of planning, consultation, reporting, and verification (Gao & Zhang, 2006:732–734). Internal auditors also make use of stakeholder relationship plans, mapping and classification of stakeholders so that organisational strategy can be aligned with engagement strategies (IIA Fiji, 2023:28–30).

Conflict resolution is also included in strategies because auditors are primarily subjected to tensions from stakeholders due to their independence and oversight role (IIA Malaysia, 2019:27–29). Conflict management skills emphasise active listening, issue-not-person communication, and reframing dysfunctional conflict into functional conversation (IIA Malaysia, 2019:27–29). For emerging areas like ESG, skills involve matching assurance actions with stakeholder salience, ensuring auditors balance audit committee, CEOs, and external stakeholders' demands with independence (Rakipi & D'Onza, 2024:523-526). These methods combined explain how internal auditors apply duties in practice to keep relevant interaction with many stakeholders meaningful (IIA, 2019:2).

In conclusion, internal auditors have a dual role, as they provide independent assurance while also serving as relationship-builders with various stakeholders. Their activities vary from trust building, communication, and transparency to independence and objectivity. By aligning their practices with organisational needs and governance standards, internal auditors enhance accountability, mitigate risks, and optimise long-term organisational value.

2.4  Key Considerations

Effective stakeholder engagement requires recognising the complementary roles of management and internal auditors in sustaining governance. Management, as guardians of governance, must ensure that engagement processes are ethically sound, strategically aligned, and embedded within operational practices. Key considerations for management include balancing short-term and long-term stakeholder interests, maintaining transparency while protecting confidential information, and addressing competing demands from diverse stakeholder groups. Ensuring that engagement translates into actionable insights for decision-making is essential for reinforcing organisational accountability and legitimacy.

Internal auditors, as gardeners of governance, play a crucial role in nurturing trust and continuous improvement. Key considerations for auditors include maintaining independence and professional scepticism, facilitating inclusive dialogue, aligning assurance activities with stakeholder priorities, and proactively identifying emerging risks. Internal auditors must also employ strategies such as risk-based auditing, social auditing, and structured feedback mechanisms to ensure that stakeholder engagement contributes meaningfully to governance outcomes.

Together, these perspectives emphasise that governance operates as a protective and nurturing system, which aligns with the dual metaphor framing this literature review. The effectiveness of stakeholder engagement depends on ongoing vigilance, coordination between management and internal auditors, and responsiveness to evolving stakeholder expectations. Organisations must recognise that engagement is not a static compliance exercise but a dynamic governance practice that integrates strategy, accountability, and trust-building across all stakeholder interactions.

3.  Conclusion

The purpose of this study was to examine how management, as guardians of governance, enhances organisational accountability through stakeholder engagement, and to explore how internal auditors, as the gardeners of governance, provide assurance and advisory support to strengthen this process. Stakeholder engagement has emerged as a cornerstone of effective governance, providing the link between accountability, sustainability, and legitimacy in contemporary organisations. As outlined in the essay, engagement has evolved from a fragmented, discipline-specific concept into a recognised governance practice that shapes both corporate responsibility and long-term performance. By situating engagement within broader governance theories, it becomes clear that it is not simply an ethical expectation but a structural necessity for managing relationships and addressing risks in an increasingly complex business environment.

The discussion of governance theories highlighted why stakeholder engagement has secured its position within governance frameworks. Agency theory underscored the inherent tension between principals and agents, where monitoring is necessary to align interests. Stewardship theory offered an alternative perspective by portraying managers as stewards motivated by organisational success. Stakeholder theory extended this reasoning further by recognising the legitimacy of multiple stakeholder claims, emphasising inclusivity and long-term sustainability. Together, these perspectives reinforced the idea that engagement is central not only for shareholder accountability but also for the broader legitimacy of the organisation. The transition from theory to practice requires recognising engagement as both a governance principle and an operational imperative.

Management’s role in this regard proved especially significant. As the direct link between board oversight and operational realities, management carries the responsibility of operationalising stakeholder engagement through strategy development, transparent communication, and responsible leadership. Their role is pragmatic as well as strategic, requiring them to manage competing expectations and navigate tensions between short-term financial pressures and long-term stakeholder needs. The challenges faced by management, such as the “say–do gap” and the balance between transparency and confidentiality, revealed how demanding this responsibility is in practice. Nonetheless, management’s central position highlights its role as the driver of meaningful engagement, ensuring that governance commitments are implemented in ways that resonate with stakeholders. In this way, management acts as the guardians of governance, protecting the integrity of engagement processes while translating organisational commitments into practice.

Equally important is the role of internal auditors, whose independent assurance function makes them critical gardeners of governance. Positioned between boards, management, regulators, and external stakeholders, auditors enhance accountability and trust through objective assurance and advisory roles. Their responsibilities, ranging from aligning audit strategies with stakeholder needs to fostering inclusive dialogue, illustrate how internal audit embeds stakeholder expectations into governance systems. Strategies such as risk-based auditing, social auditing, and conflict resolution demonstrated that auditors act not only as compliance enforcers but also as facilitators of long-term value creation. This dual role of assurance provider and relationship-builder underscores the unique contribution of internal auditors to sustaining governance integrity. In this sense, internal auditors operate as the gardeners of governance, cultivating transparent practices, nurturing stakeholder trust, and addressing emerging risks before they compromise organisational accountability.”

Ultimately, stakeholder engagement represents the meeting point of theory, management practice, and assurance. It links the conceptual foundations of governance to the operational responsibilities of management and the oversight role of internal auditors. The essay therefore concludes that effective governance in the twenty-first century cannot be achieved without structured, inclusive, and transparent stakeholder engagement. It is through this engagement that organisations build legitimacy, secure trust, and safeguard their future in a dynamic and demanding environment. Together, these roles illustrate that effective stakeholder engagement relies on both the guardianship of management and the careful gardening provided by internal auditors.

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