The article explores whether companies in Malaysia have shifted towards considering the interests of stakeholders like shareholders, employees, customers, and the community in their decision-making. The researchers interviewed board members of Malaysian listed companies and found that factors like sustainability, values, ethics, and corporate and individual attributes influence stakeholder corporate governance practices. The study suggests that current corporate governance theories may not fully explain how board members actually behave in relation to stakeholder interests, leading to the proposal of a new practical theory on stakeholder corporate governance.