The aim of this thesis is to provide a better understanding of how a large organisation strives to balance the needs of its stakeholders. It draws on conflicting views from prominent theorists such as Milton Friedman and R. Edward Freeman for its inspiration and foundation. This thesis describes, explores and tries to explain what is involved in stakeholder management, corporate and social responsibility and stakeholder theory. A case study within the Body Shop has been conducted. The findings of this study suggest that the Body Shop, although doing an admirable job of this difficult balancing act, is only able to do so by the participation of socially responsible investors at boardroom level. This study also provides ways in which the Body Shop and other organisations can improve their performance to all stakeholders. This study does furthermore show that ethics is such a big area that it is difficult to cover all the different topics involved in stakeholder management.