Resumen del autor, extraído del trabajo. The Royal Dutch/Shell Group of Companies has been at the forefront of corporate sustainability reporting in recent years. Following major controversies in 1995, the company undertook a global review of stakeholder attitudes and priorities, and subsequently launched a new series of reports, beginning with Profits and Principles – does there have to be a choice?, published in 1998. A second report, People, Planet and Profits – an act of commitment, was published in 1999, and a third, How do we stand?, appeared in May 2000. The company also maintains a widely used web-site (www.shell.com), a key purpose of which is to engage stakeholders worldwide. This paper draws on the Shell experience in engaging external stakeholders, setting it in the context of wider trends and initiatives. The paper stresses the fundamental importance of stakeholder engagement in understanding the sustainable development agenda – and in identifying priority areas for action and investment. The Shell experience suggests that, while there are certainly risks involved in stakeholder engagement, the opportunities significantly outweigh the costs. The paper concludes with some lessons learnt for any company considering following this path.