From Disclosure to Democracy? A Content Analysis of Stakeholder Engagement Processes in Sustainability Reports

Abstract

As sustainability reporting has become mainstream, questions remain about whether disclosed stakeholder engagement supports more democratic forms of corporate accountability. This study examines the extent to which stakeholder engagement disclosures in sustainability reports reflect practices associated with stakeholder democracy and how these disclosures have evolved over time. Using a qualitative content analysis of sustainability reports from 50 mining and energy companies, comparing 2015 and 2022 disclosures, we find that engagement remains predominantly indirect, uneven across stakeholder groups, limited in its inclusion of marginalized groups, and weakly specified. While some companies broadened and diversified their disclosures, others stagnated or regressed. The study contributes to sustainability reporting research by showing that breadth, depth, and uptake are complementary dimensions for assessing disclosed stakeholder engagement. We argue that the mainstreaming of sustainability reporting has not systematically translated into broader inclusion, stronger dialogic practices, or greater uptake of stakeholder input into organizational processes.