Principles for managing stakeholders are discussed in the context of UK construction practice. The number of stakeholders in a modern construction project can be large, presenting numerous interfaces that have to be managed. Meanwhile, each organization has its own characteristic disposition. Therefore, the interactions between diverse organizations in a project pose a high potential for conflicting stakes. Against this background, stakeholder management assumes high priority. Qualitative research was used to investigate the practice of stakeholder management with 12 UK companies in the construction sector. Interviews were held with these companies and content analysis was used to identify themes that demonstrate effective stakeholder management practice. Construct validity and a workshop underpinned the verification of underlying and frontline approaches for managing stakeholders. The underlying approaches include maintaining existing relationships, providing top‐level support and being proactive while the frontline approaches include the use of negotiations, trade‐offs, incentives and concessions.