Stakeholder Collaboration and the Illusion of Shared Value in Integrated Reporting: A South African Perspective

This study critically examines the authenticity of stakeholder collaboration in the creation of shared value by South African companies, with a focus on integrated reporting practices. Unlike prior research that assumes stakeholder engagement as inherently participatory, this paper reveals a significant gap between reported collaboration and actual practice. Drawing on stakeholder theory and collaborative governance, the study adopts a qualitative approach using a thematic analysis of integrated reports from the top 100 JSE-listed companies (2017–2020) and semi-structured interviews with socio-economic (SE) community representatives. The findings reveal a dominant “buffering” approach — where firms create value independently and distribute it post hoc through corporate social investment (CSI), rather than engaging stakeholders in co-creation. The study also highlights the largely symbolic use of Sustainable Development Goals (SDGs), with minimal evidence of implementation or measurable outcomes. This research contributes original insights by exposing the performative nature of stakeholder engagement in the South African context and challenges the conflation of philanthropy with shared value. It calls for a shift toward inclusive, sustained partnerships where SE stakeholders have decision-making power. The study advances the discourse on integrated reporting and sustainable development by providing a critical lens on stakeholder inclusivity and the operationalisation of shared value.