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The purpose of this article is to demonstrate, based on an extensive study of the Shell-led Camisea gas project in Peru, how what we believe to be a new approach to dealing with stakeholders, focusing on sense-making and combining industry dynamics and stakeholder empowerment, was developed. The project's success was measured by the fact that, unlike similar projects around the world, it did not meet with major opposition during its 4-year life span. Those involved in the Camisea project succeeded in creating an open approach to building stakeholder relationships, allowing them to navigate through a number of diverse and challenging socio-political and ecological issues. An integral part of Shell's approach was acting upon its commitment to high standards of operation and values. The insights from this case clearly indicate that stakeholder management and theorizing can profit from a less controlled, open and sense-making oriented strategizing with stakeholders.

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A comprehensive evaluation of the whole network of stakeholders is needed to assess the firm value.A sound method is needed to compare the subjective perceptions of the stakeholders, and to objectify these through a process of mediation.The evaluation of the stakeholder network is qualitatively sounder when it is conducted by an impartial party or a facilitator.A model combining mediation with the 'Stakeholder View' is proposed as a novelty method to manage performance and wealth.The management together with stakeholders will need to develop an accounting system for measuring achievement and success. M anagement should focus on interacting and partnering with all stakeholders to enhance corporate performance and firm's value. 1 JEL classifi cation codes: M10, M14.Figure 7. Pfi zer identifi ed holistic performance indicators of good stakeholder interaction practices with stakeholders.

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