'Better Stakeholder engagement ensures Good Governance'. In light of this sentence, elaborate the role of stakeholders in governance.

Stakeholders are characterized by their relationship to the company and their needs, interests and concerns, which will be foremost in their minds at the start of an engagement process. However, as the process unfolds they soon take a particular role with related tasks and responsibilities. The following are just some of the different roles that stakeholders can play: Experts, such as academicians, who have been invited to contribute knowledge and strategic advice to the company's board. Technical advisors with expertise on the social and environmental risks associated with particular technological and scientific developments invited to sit on scientific and ethical panels in science-based industries. Representatives of special interests, such as employees, local communities or the environment, commonly invited to participate in stakeholder panels to review company performance and/or reporting practices. Co-implementers, such as NGOs, who have partnered with the company to implement a joint solution or program to address a shared challenge. Stakeholders can only be well informed and knowledgeable if companies are transparent and report on issues that impact stakeholders. Both parties have an obligation to communicate sincerely and attempt to understand, not just be understood.