<p align="justify">This paper discusses the concepts of stakeholder, reputation and social capital and their relevance forcorporations in modern society. The paper argues that there is a special demand for reputation managementin today’s corporate communications and public relations due to fragmented publics and stakeholders, as wellas to increased public interest in corporations. The introduction of real-time media has also imposed newdemands which corporations today must meet to survive. Different stakeholders possess the ability to benefitbut also to harm the corporations through corporate reputation. Cultivated stakeholder relations can beespecially beneficial to corporate reputation and long-term development, and the social ties that stakeholdersembody can even be seen as social capital for the corporation. A new concept of “Faith-holders” is alsopresented to better describe corporate social capital.<P>