Mapping Meaningfulness: Stakeholder Engagement Models in Nordic Large-Cap Technology Firms

This article examines how stakeholder engagement is structured and practiced in corporate sustainability disclosures of Nordic large cap technology firms listed on Nasdaq Nordic Stock Exchange and assesses the extent to which such engagement enables meaningful stakeholder influence. It develops a typology of stakeholder engagement models and evaluates their implications for corporate governance and accountability.

The study is based on qualitative document analysis of 2024 sustainability and annual reports of large cap technology firms listed on the Nasdaq Nordic Stock Exchange as of 20 January 2026. Using an interpretive coding approach, stakeholder engagement practices were analysed in terms of the locus of responsibility, organisational design of engagement processes, and the degree of stakeholder influence on decision-making. This analysis led to the identification of four stake-holder engagement models.

Four models are conceptualised: centralised, decentralised, ecosystem-driven, and participa-tory (co-governance), ordered according to increasing levels of stakeholder influence. While the first three models are empirically observable, the participatory model is absent and functions as a normative benchmark. Overall, engagement practices remain predominantly consultative and compliance-oriented, with limited evidence of direct stakeholder influence on strategic decision-making.

The study relies on self-reported corporate disclosures and does not capture informal practices or internal decision dynamics. The typology nonetheless provides an analytical framework for organisations and regulators to assess whether stakeholder engagement moves beyond consultation toward meaningful influence in sustainability governance.