This paper is aimed at designing a research programme to improve the communication with the stakeholder through the analysis of the managerial actions in order to create shared value. At the core of this research we propose to observe the relationships between management actions and the strategic conversations. Thus the dialogue and the communication become the key tool for strategic change. Two fields of analysis are proposed: the dialogue between stakeholders and among the scholars of share value creating. Our hypothesis is that enterprises are formed and changed through sequences of thoughts and actions, in which the medium is always conversational. Thus dialogue becomes the privileged method of intervention in strategic change. This dialogue is always constructive because it proceeds through positive feedbacks and feed-forwards. A dialogue is aimed at including the stakeholders and their arguments, in a relationship oriented to the mutual understanding.. A good relationship with potential customers, NGOs, citizens, governments and other stakeholder is not some vague objective that’s good to achieve, if possible. It is a determinant key of competitiveness. But it is necessary to recognize that traditional Corporate Social Responsibility (CSR) fails the challenge by separating stakeholder engagement from business. In this way shared value creating becomes part of the culture of the company and as such it is fully integrated into strategy, thus finding its natural place in the value chain. The creation of long-term value is only possible through the implementation of a strategy to develop economic and social conditions simultaneously. For a company it is a strategic decision to fund the creation of value that binds to improving the quality of life of employees and the communities in which it operates. In the first part of the paper we introduce some basic concepts, the terminology and the model of the relationships between managerial actions, communication processes and stakeholder engagement. In the second part of the paper, to better understand the link between stakeholder engagement and shared value creating we consider one company that has distinguished itself, one time for scandals, now for shared value creating: Nestlé. The paper shows how implementing a shared value approach is an opportunity not only to contribute to good works, but also to redefine core business strategies, simultaneously creating value for society and for shareholders.