Public administration studies claim that social capital is an intangible asset in public management, and that, as such, it provides access to development as also strengthens democracy. Yet little is known about how to create, manage and assess this resource. This research attempts to contribute to the practice of social capital by linking it with active listen-ing. Supported by an analysis on a learning process undertaken by a governmental body, this research shows that, when public leaders collaboratively reflect at a micro level about their real interaction with citizens, they close relationships both with the organization and with society, make it more explicit the value of the latter, and hence, increase their predisposition to identify and articulate social capital, as also to foster it. This research suggests some implications for public management.