There is growing recognition that global food system transformation requires a fundamental shift in norms, perspectives and structural inclusion and exclusion of different actors in decision-making spaces. As multistakeholder governance approaches become increasingly common, significant concerns have been raised about their ability to deliver such change. Such concerns are based on case study findings repeatedly highlighting their susceptibility to corporate capture. This study goes beyond individual case studies, examining global multi-stakeholder initiatives (MSIs) whose stated aim is to drive a healthier and more sustainable food system. It identified and categorised actors within these MSIs, drawing on social network analysis to provide insights into actor centrality, power structures, and how this might impact MSIs’ potential to drive transformative change. Thirty global MSIs were included in our sample, including a total of 813 actors. Most actors were based in high-income countries (HIC) (n = 548, 67%). The private sector (n = 365, 45%) was the most represented actor category, comprising transnational corporations (TNCs) (n = 127) and numerous others representing their interests. NGOs, affected communities and low- and middle-income country actors remain underrepresented. The central involvement of TNCs which rely on the production and sale of unhealthy and unsustainable commodities represents a clear conflict of interest to the stated objectives of the MSIs. These findings lend weight to concerns that MSIs may reflect rather than challenge existing power structures, thus serving to maintain the status quo. This indicates a need to critically examine the use of multistakeholder governance approaches and their ability to drive global food system transformation.