This paper investigates the views of multi-stakeholders on the governance quality of existing forest management strategies for red panda (Ailurus fulgens) protection in Nepal, focusing on forest governance in general, red panda conservation programmes and natural habitat protection in particular. The study deployed two surveys in August and September 2020. The first survey was conducted online for the stakeholders with internet access; for those without, it was conducted over the phone. While the results reveal almost similar perspectives among the stakeholders regarding the effectiveness of the red panda management approaches, they differ significantly between the online survey and telephonic survey, in terms of the relative scores given to these initiatives. In depth, follow-up interviews revealed that marginalised groups had little access to income generation from conservation activities and few capacity-building opportunities. These findings indicate that while management strategies for red panda conservation were generally considered effective by online survey participants which are generally more privileged, this is less effective for marginalised people. Local people, who are typically resource-poor and reliant on the forest, continue to endure inequitable resource distribution and benefit sharing. Consequently, greater attention should be paid to balancing the conservation needs and basic needs of forest-dependent communities through capacity building, income generation and alternative sources of livelihood.