Olu AlukoAngela Pinilla-UrzolaEshani Beddewela2026-03-222026-03-22201610.5465/ambpp.2016.17331abstracthttps://doi.org/10.5465/ambpp.2016.17331abstracthttps://andeanlibrary.org/handle/123456789/66090The emerging concept of multi-stakeholder CSR governance challenges previous conceptualisations of CSR. It argues that CSR configurations involve participation from multiple stakeholders. This conceptualisation of CSR extends prior definitions of ‘self-regulated’ CSR, to include actions of state and non-state actors. Multi-stakeholder CSR governance emphasises relational governance exchanges between multiple actors as new CSR configurations emerge. Specifically, it places relational governance at the centre of new CSR transformations. While the analytics of relational governance provide us with an understanding of the embedded relationship between multiple actors, we however still require further exploration of the interplay of power between these actors. Drawing on neo-institutional theory, using qualitative interview data with key stakeholders, we examine theoretically power interactions that occur between governments, businesses and civil societies as they collectively stimulate CSR interventions within a developing country context. We do this by examining a soft regulative initiative, the GPP, a new CSR/sustainability guideline for the banking industry in Colombia. With our findings we show the complexities of multi-stakeholder CSR governance. We highlight from this study, the power inequalities, divergent interests and resource dependencies relationship that occurs between governments, businesses and civil societies as a new CSR configurations emerged. Keywords:Government, Businesses, International Organisations, Power, Relational Governance, CSR, Sustainability, Banking, ColombiaenCorporate social responsibilityCivil societyCorporate governanceStakeholderSustainabilityBusinessContext (archaeology)Global governanceGovernment (linguistics)Public relationsarticle