This empirical paper explores mechanisms by which stakeholders are granted a voice in corporate decision-making processes. A systematic analysis of stakeholder engagement of 51 companies participating in UK’s Business in the Community’s Corporate Responsibility Index is presented, showing the type of stakeholders companies engage with, by which means, as well as the impact of such engagement. We found that leading firms are moving from risk- to opportunity-based engagement using open and long-term engagement mechanisms to align their decisions with their stakeholders’ views and concerns. As results indicate that companies are granting stakeholder views to shape important governance aspects such as policies as well as monitoring and measuring progress, we propagate the term stakeholder governance for advanced forms of stakeholder engagement.