Purpose: The study examines stakeholder perceptions of Corporate Social Responsibility (CSR) effectiveness in Guyana's oil sector, focusing on community benefits, environmental accountability and local content implementation.

Methodology/Design: Drawing on legitimacy theory and stakeholder theory, the study employed a case study design with 20 semi-structured interviews across four stakeholder groups: community members, civil society organisations, government officials and corporate representatives. Thematic analysis guided data analysis following Braun and Clarke's six-phase framework.

Findings: Three themes emerged for RQ1: insufficient and inequitable benefit distribution, tokenism versus tangible outcomes, and the participation deficit. For RQ2, three themes emerged: contested environmental governance, the local content paradox, and trust as a function of procedural and substantive justice. The findings reveal significant perceptual divides, with community members and civil society expressing profound dissatisfaction while government and corporate representatives offered more favourable assessments, reflecting a fundamental legitimacy gap between corporate CSR claims and community lived realities.

Implications: The findings offer actionable insights for policymakers to strengthen CSR oversight and community engagement, for corporations to align investments with genuine community needs, and for civil society to amplify marginalized voices. Addressing the legitimacy gap, participation deficit, and accountability failures is urgent for translating Guyana's oil wealth into sustainable development.

Originality/Value: The study contributes to CSR scholarship by providing empirical evidence from Guyana, an underexplored petrostate context, and extends energy justice scholarship by demonstrating how perceptions of procedural and recognition justice shape CSR legitimacy.