This article studies multi-stakeholder initiatives (MSIs) as spaces for both deliberation and contestation
between constituencies with competing discourses and disputed values, beliefs, and preferences. We review
different theoretical perspectives on MSIs, which see them mainly as spaces to find solutions to market
problems (economic approach), as spaces of conflict and bargaining (political approach), or as spaces of
consensus (deliberative approach). In contrast, we build on a contestatory deliberative perspective, which
gives equal value to both contestation and consensus. We identify four types of internal contestation which
can be present in MSIs—procedural, inclusiveness, epistemic, and ultimate-goal—and argue that embracing
contestation and engaging in ongoing revision of provisional agreements, criteria, and goals can enhance the
democratic quality of MSIs. Finally, we explore the implications of this perspective for theorizing about the
democratic quality in MSIs and about the role of corporations in transnational governance.