Kaptein, M. & Van Tulder, R. (2003) Toward Effective Stakeholder Dialogue. Business and society review (1974). 108 (2), 203–224.A company's license to operate and grow is no longer seen exclusively in terms of maximizing profits. Embedding an organization in society—in a sustainable manner—has become a condition for continuity and growth. Sustainable development requires that a company's performance be valued positively by the stakeholders, in financial, environmental, and social terms. The financial bottom line moves aside for the triple bottom line, in which profits are linked to environmental (planet) and social (people) value. To an increasing extent, both primary and secondary stakeholders are calling companies to account directly for their triple bottom line. “Civil society is demanding greater accountability and transparency from business” according to the World Resources Institute and the World Business Council for Sustainable Development. The number of international NGOs registered by the Union of International Associations has more than doubled since 1985, and now amounts to 40,000.4 However, the public's impression of how companies deal with issues of sustainability does not always seem to be positive. Research by CSR Europe in 2000 revealed that half the European population believes that insufficient attention is paid to socially responsible business practice. A study by the Conference Board showed that half the U.S. population said that, when making recent purchases, they had taken the social performance of the company into consideration. In most countries, the government adopts a more wait-and-see attitude. In particular, a growing group of shareholders and investors attaches significant importance to the sustainability of a company. If this is not for ethical reasons, then it is because the same shareholder is also part of the society and benefits (indirectly) from sustainable development. And if this perspective is also missing, then there is also the insight that sustainable business practice is beneficial for the profitability of the company and therefore of direct importance to the shareholders. Research by the Social Investment Fund revealed that the market for sustainable investment increased tenfold in the 1990s.8 At the end of the 1990s, this market amounted for more than USD 2 trillion. In view of the interests in and attention being paid to sustainability, can it be assumed that companies will create new forms of self-regulation and sustainability independently and autonomously, or is outside help required? In this article, we want to examine how, in addition to—and in interaction with—voluntary business codes and sustainability reporting, a stakeholder dialogue can contribute to effective self-regulation. First, we look at the advent of stakeholder dialogue in the context of the increasing use of company codes and sustainability reporting. We then define the characteristics of stakeholder dialogue and examine what conditions are needed for this to progress effectively. Next, we look at the possible outcomes; and, finally, conclude with an initial analysis of four companies that developed four different forms of stakeholder dialogue.