Although the literature on organizational values is plentiful, little is known about the process of formulating them. Both in theory and practice, stakeholder groups are treated dramatically differently when it comes to their engagement in the values formulation process and there is no consensus on whether, whom, and how much to involve when adopting values statements. The aim of the current article is to offer a model for stakeholder engagement in the process of formulating organizational values statements. Three distinct levels of engagement are proposed-”information, consultation, and partnership. The model rests on the idea that the higher the impact of the values statement on stakeholders, the higher the level of their engagement. The model was tested in four banking sector organizations operating in Estonia.
