This chapter first outlines theory and literature on CSR and Stakeholder Relations focusing on the different perspectives and the contextual and dynamic character of the CSR concept. CSR reporting challenges are discussed and a model of analysis is proposed. Next, our paper presents the results of a case study showing that companies use different and not necessarily consistent strategies for reporting on CSR. Finally, the implications for managerial practice are discussed. The chapter concludes by highlighting the value and awareness of the discourse and the discourse types adopted in the reporting material. By implementing consistent discourse strategies that interact according to a well-defined pattern or order, it is possible to communicate a strong social commitment on the one hand, and to take into consideration the expectations of the shareholders and the other stakeholders on the other hand. The focus is on the use of discourse types representing different perspectives or argumentation strategies.