The question of delegation in a modern context of public governance finds its origin in the decentralization policy of public services. The result of decentralization was, indeed, particularly in the social sector, that public sector contracts with associations to realize his missions. The aim of this paper is to understand in a stakeholder's perspective this contractual relation from an association's point of view and the nature of the public value creation. Analysis reveals that there is a large variety of stakeholders, that they have different expectations, but also that the public shared value is fragile because of some stakeholders.
