Workshop on International Law, Natural Resources and Sustainable Development The Stakes of Multi-Stakeholder Initiatives: Thinking Critically about MSIs as a Tool of Global Governance in the Extractive Industries Deval Desai School of Law, School of African and Oriental Studies, London Amelia Evans Institute for Multi-Stakeholder Initiatives, Harvard University, Boston In the last decade, multi-stakeholder initiatives (MSIs) have emerged as a valuable tool of global economic governance, present in sectors as diverse as labour, manufacturing, and natural resources. They are particularly prominent in the extractive industries, where they have flourished by successfully incorporating government actors. While the literature on MSIs has highlighted this proliferation, we identify from practice an emerging trend of professionalization: MSIs are developing clear, standardizable and transplantable bureaucratic structures, making them amenable to replication and further accelerating their growth. We also note that MSIs are not yet subject to clear regulation, understood in the loosest sense to mean serious endeavours to define the boundaries of their possibilities as tools. There is no clear machinery for the circulation of lessons and practices in their “field”, nor is there an understanding of whether MSIs are effective at addressing their underlying aims. In this sense, the accoutrements of a profession are accruing to MSIs as products, but not as tools of governance. We argue that this combination of proliferation, professionalization and the absence of regulation is having a profound impact on the current configuration of MSIs. Their current horizons are broad and undefined, leading to a significant amount of diffuse generative energy without evidence that these efforts translate to improved governance. Some MSIs are expanding their scope to include new industries; others are co-operating, merging and consolidating; and yet others are turning to for-profit structures. We explore how these trends might impact the emergence of norms, participation, and the policy relationship between the global, national and local.