Engaging in a genuine dialogue with stakeholders seems to be a pressing issue that corporate communicators are facing in implementing their CSR initiatives (Hess, 2008; Kaptein & van Tulder, 2003; O'Rordan & Fairbrass, 2008). However, communication features of stakeholder dialogue have yet been empirically delineated. Based on a qualitative case study of CSR initiatives by a sugar cane processing conglomerate in Thailand directed towards the sugar cane farmers as their beneficiary stakeholders, this paper attempts to characterize the lack of stakeholder dialogue from both parties. Group interviews with managers and in-depth interviews with farmers were conducted separately to identify their different perceptions, concerns, and the expected nature of dialogue. Findings from the study highlight the needs for participatory feature of CSR dialogue (Maclagan, 1999) as well as the perceived power imbalance that may exist in implementing CSR initiatives. Implications are also provided for corporate communicators to engage in genuine dialogue with their stakeholders.