Businesses have traditionally been seen as reluctant participants in equality policy initiatives. However, emerging governance guidelines increasingly advocate for gender mainstreaming, encouraging active business engagement. Our research examines this potential transformation, focusing on the role of businesses adopting Corporate Social Responsibility (CSR) practices compared to traditional equality policy actors – governments, equality organizations, and academia – within the Colombian context. Using a collaborative governance framework and participatory decision-making techniques, we identify potential role shifts toward proactivity and specific contributions from each actor group. Our findings highlight discordant mutual expectations, or “role mismatch”, and divergent perceptions within the business sector, which may undermine traditional actors. These insights emphasize the risks inherent in business participation in equality policy. By delineating contributions and clarifying self-perceptions and mutual expectations, we offer a practical approach to designing participatory processes that foster mutual recognition, trust, and shared responsibility as foundations for advancing equality policies.