Governance has moved beyond mere fulfilment of legal requirements. The corporate debacles of the last decade and more have indicated how very respectable corporate organisations across the globe succumbed to greed and compromised on ethics and organisational value systems. Corporate Governance is mainly concerned with the intrinsic nature, purpose, integrity, and identity of an organisation. It encompasses the entire gamut of organisational stakeholders. While a lot of literature is available in the field of Corporate Governance, an analysis of corporate organisations in terms of their stakeholder-related initiatives has hitherto not been attempted. In this paper, the author has used the case study of an Indian multinational corporation — Larsen & Toubro’s Engineering, Construction and Contracts Division (ECC) — and has attempted to study its practices with respect to two major stakeholders: the Shareholder and the Government. ECC is a market leader in the Indian construction industry and has been associated with some of the most prestigious governmental, commercial, and religious construction projects in the country over the last six decades. Triangulation of data has been gathered for this case study primarily through personal interviews with top executives of the Company and responses to an Executive Perception Survey on the Shareholders and the Government. This has been supplemented through other information available in the public domain.

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