The main aim of this article is to reflect on the possibilities of developing pluralist university government in the current political and social context, which requires university institutions to be much more open and connected to their social environments, particularly from a knowledge society perspective. It analyses a number of aspects relating to the implementation of stakeholder participation in university government, including decision-making processes and the supervision of university activities by society, as an expression of universities' greater social responsibility. Taking a stakeholder theory approach, it identifies the main characteristics of people, groups and institutions either affected by or interested in university affairs, and considers the importance of striking up positive relationships with the social environment. Based on the literature in this field, the authors put forward a number of theoretical proposals to identify not only the interested parties, but also their roles in the decision-making processes of universities' day-to-day operations.