One of the major trends characterizing recent developments in Management and Human Resource Management (HRM) is the growing emphasis on organization and employee performance management systems. Internationalization, intensification of competition, the increasing complexity of operations and higher expectations from customers and stakeholders have elevated the importance of performance management policies and practices as a way to increase organizational performance. To develop sustainable performance management systems, stakeholder-centered performance should be measured. In this research, the involvement of key stakeholders in development and implementation of a performance management system is explored. Derived from 20 interviews with the key implementers of performance management at 20 units (faculties, centers, and institutes) of a Thai university, strong shared vision, self management and autonomy, and change management are also discussed.