The license-to-operate approach, by contrast, is far more pragmatic. It offers a concrete way for a business to identify social issues that matter to its stakeholders and make decision about them. This approach also fosters constructive dialogue with regulators, the local citizenry, and activities-one reason, perhaps, that it is especially prevalent among companies that depend on government consent, such as those in mining and other highly regulated and extractive industries. That is also why the approach is common at companies that rely on the forbearance of their neighbors, such as those, like chemical manufacturing whose operations are noxious or environmentally hazardous. By seeking to satisfy stakeholders, however, companies cede primary control of their CSR agendas to outsiders. Stakeholders’ views are obviously important, but these groups can never fully understand a corporation’s capabilities, competitive positioning, or the trade-offs it must make. Nor does the vehemence of a stakeholders group necessarily signify the importance of an issue-either to the company or to the world. A firm that views CSR as a way to placate pressure groups often finds that its approach devolves into a series of short-term defensive reactions-a never-ending public relations palliative with minimal value to society and no strategic benefit for the business.