In this episode of The Sustainable Business Podcast R. Edward Freeman, a distinguished professor at the University of Virginia Darden School of Business, joins Prof. Dr. Laura Marie Edinger-Schons as her guest. As a leading expert on stakeholder theory and stakeholder management, Ed’s expertise has been pivotal in shaping these concepts. Over the course of his career, he has gained a wide range of experiences and has worked in a variety of areas. His journey includes examining stakeholder theory during his PhD in Philosophy, working as a consultant, teaching at Darden University, writing influential books such as “Strategic Management and Stakeholder Approaches” (1984), and being a speaker. During the interview, Ed sheds light on the significance and key components of stakeholder theory in the business sector. The conversation explores whether the paradigm shift between a shareholder and stakeholder view of firms has already happened or not. Ed also describes the challenge of navigating heterogenous stakeholder preferences, especially when companies address politically controversial topics and geopolitical conflicts. Additionally, he shares his opinion on whether proactive players can drive the global adoption of sustainability management and reporting.