In 2005 a pan-European stakeholder consultation was carried out. This structured feedback process intended to address needs/concerns/viewpoints of specific stakeholders.

The interest groups can be divided into 4 categories:
- Group 1: Customers (financial institutions, fund managers, institutional investors, national Social Investment Forums, etc.).
- Group 2: Corporate stakeholders (industry associations, trade unions, etc.).
- Group 3: Civil society actors touched by SRI, public administrations.
- Group 4: Auditors and experts in non-financial rating and accountability.

Due to limited resources the stakeholder consultation was executed in two formats that are considered to be the most effective:
- Format 1: 24 interviews with core stakeholders including NGO’s, trade unions, academics, financial experts, clients, companies, SIFs (face-to-face or by telephone.
- Format 2: 6 regional focus group meetings (UK, Benelux, German speaking countries, France, Scandinavia, Italy).

72 people from 9 European countries were contacted in the course of the stakeholder consultation, which took place from July to September 2005.
A variety of experienced CSR/SRI practitioners coming from different backgrounds contributed their views on the draft version of the Standard and the Transparency Matrix.