["Corporate Social Responsibility and Environmental Management, Volume 33, Issue 3, Page 3225-3246, May 2026. ", "\nABSTRACT\nSocial licence to operate (SLO) is increasingly prevalent in social performance and environmental management of impactful sectors. To date, however, research into SLO for major infrastructure development remains limited. This study introduces the SLO for Infrastructure Model using Social Exchange Theory (SET) to build on leading SLO models from other major sectors. The model is constructed from a multi‐year Australian study involving over 1500 survey responses, analysed using Partial Least Squares‐Structural Equation Modelling. The study contributes novel insights into the key factors driving SLO in major infrastructure and responds to critical questions and gaps in the broader SLO literature to offer new perspectives on the role of trust. The study highlights the importance of perceived benefits and perceived risks to SLO, not only for their large effect sizes on community acceptance, but also as key mechanisms through which other predictors of SLO boost and transmit their influence onto the community acceptance necessary to earn and maintain a social licence.\n"]