SILESIAN UNIVERSITY
SCHOOL OF BUSINESS ADMINISTRATION IN KARVINÁ
STAKEHOLDER MANAGEMENT AND
ENGAGEMENT
MEANING AND ORIGINS STAKEHOLDER - INFLUENCE ON CSR APPROACH
Ing. Pavel Adámek, Ph.D. CORPORATE SOCIAL RESPONSIBILITY/PEM-NACSR
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
OUTLINE OF THE LECTURE
1. A stakeholder approach to CSR
2. The stakeholders' participation
3. Four Levels of commitment to the stakeholder approach
4. Research examples - influence of CSR activities towards stakeholders
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
INTRODUCTION
• Stakeholder theory challenges the traditional view of the firm: shareholders/stockholders are the owners of the company. An inclusive stakeholder approach makes commercial sense, allowing the firm to maximize shareholder wealth, while also increasing total value added.
• Today, CSR is focused on a stakeholder model which has become widely accepted among contemporary business organisations.
• Stakeholder theory argues that there are other parties involved with a legitimate "stake" in business decisions, including:
- Communities and their governmental bodies
- NGOs and other community groups
- Employees and unions
- Suppliers and customers
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
INTRODUCTION
• Organizations are expected to mange responsibly an extended web of stakeholder interest across increasingly permeable organization boundaries and acknowledge a duty of care towards traditional interest groups as well as silent stakeholders - such as local communities and the environment.
• CSR cannot be imposed against the will of enterprises, but can only be promoted together with them under involvement of their stakeholders.
• For most small and medium-sized enterprises, especially microenterprises, the CSR process is likely to remain informal and intuitive.
• Large companies operate on international markets, they have to be responsible for stakeholders and more competitive to survive on these markets.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
INTRODUCTION
Stakeholder Identity, Power and Legitimacy
• In general, who are the new stakeholders making claims on the business enterprise?
• What are their "missions"?
• What is the source of their legitimacy?
• What are their goals in a particular domain that affects our business?
• What is the source, "location" and legitimacy of their power in a particular situation?
• How likely are they to use their power in a given situation?
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
1. A STAKEHOLDER APPROACH TO CSR
• The first definition of stakeholder approach was articulated by Edward Freeman, who in his 1984 book Strategic Management: A Stakeholder Perspective developed what has come to be known as stakeholder theory.
• Stakeholder theory addresses the question of what or who really matters to corporations.
• Like stakeholder theory, CSR implies that an organization identifies its various stakeholder groups and then attempts to balance their respective needs within the organization's overall strategy.
• Management should not only consider its shareholders in the decision making process, but also anyone who is affected by business decisions.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
1. A STAKEHOLDER APPROACH TO CSR
• Clarkson's typology of stakeholders is the most widely cited and accepted.
Clarkson (1995) distinguishes primary and secondary stakeholders.
• Primary stakeholders are those "without whose continuing participation the corporation cannot survive as a going concern" (shareholders and investors, employees, customers and suppliers, and also governments and communities „that provide infrastructures and markets, whose laws and regulations must be obeyed, and to whom taxes and other obligations may be due");
• whereas secondary stakeholders are "those who influence or affect, or are influenced or affected by, the corporation, but they are not engaged in transactions with the corporation and are not essential for its survival".
Sustainability
Realization of Sustainable society
►Security products and services
►Environmentally Friendly Products
►CS Management
►Protection of Customer Information
►Social Contributions
►Corporate volunteering
►Collaborative dialogue with residents
►Community Investment
►Equal Employment Opportunity
►Work-life balance
►Respect for human rights education
►Safe and healthy workplace
•Dividend
•IR Information Disclosure •Auditing Enhancements •Eco Fund
►Taxes-Tax incentives ►Request Policy
►Environmental protection policy ►Collaboration with NGOs
CSR Procurement Calibration fair trade Green Procurement
CSR Activity Policy
......................
CSR Policy
CSR Philosophy
Corporate Philosophy MVCV
Source: http://www.fuiikura.co.ip/ena/csr/qroup csr/communication.html
Fujikura corporation - stakeholders in detail
SHAREHOLDERS & FINANCIAL COMMUNITY
Dividen
ds, interest, fees
Stock performance, stability of stakeholder base, financial capacity
Appeal of social responsible investment (SRI), governance including CR
w
GUESTS
z
®
1! Si
Loyalty, enriched guest experience, authenticity / personalisation
Guest involvement inCR initiatives, 'sustainable' guest experience
T
'iflQ EMPLOYEE
Wages, social security contributions, profit-sharing, employee stock ownership
Operational excellence, loyalty, customer service Wellbeing at work, engagement, diversity
INTERACTION WITH STAKEHOLDERS
Following consultation with Global Group Departments. AccorHotels has developed stakeholder maps to help identify its stakeholders. determine the type of dialogue fostered with each and compare stakeholder and corporate views on various CR issues. AccorHotels maintains constant communication with key stakeholder groups as detailed throughout this report. This diagram provides an overview of the main stakeholders identified and the key topics associated with each.
Expenditure and earnings
Appealing brands, strong digital traffic, network growth, new markets
Engaged brands and brand content, licence to operate. CR innovation
Wealth management, restructuring 'Green' buildings
LOCAL COMMUNITIES
avu 11
ENVIRONMENT
CD
Corporate philanthropy, donations, partnership
Local acceptance, offering local services, appeal of regions
Managing scarcity of resources (water, power, raw materials, food) and the 'carbon' constraint
PUBLIC AUTHORITIES
Compliance, cooperation Local buy-in
DEVELOPMENT PARTNERS
®Franeh Franch
hisses, owners of managed hotels:
se fees, management fees, marketing fees
Property investors (hotel property owners): fit":
Appeal / differentiating factors, new services offered
Strong CSR and ethical standards, offering CR serv ces
J
SUPPLIERS &
BUSINESS PARTNERS
P'ccuremei:, comrr si oris. subsides Cost management, innovation Optimisation of resource use, co-innovation
Support for local economy, solidarity, sustainable tourism
Programs for reducing environmental impacts
©
C ash f Civ- i "r a ™ Acc c r H c t £ ^ to stakeholders tat % of revenue";
©
Cash flows from stakeholders to AccorHotels (as % of revenue)
Value creation lever for AccorHotels
CR levers that strengthen value creation
Source: https://images.iobsataccor.com.au/wp-content/uploads/AccorHotels-Corporate-Responsibilitv-Rep
ACCOR HOTELS
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
MATERIALITY MATRIX
at ~z.
0
1
—I
a.
x
LU
ce
LU
Ch
_l O X LU
it
_L
LL
c
to
nn
avij
IL in
Workplace safety
Corporate goverance
Water
Adaptation to climate change
Solidarity & inclusion
Biodiversity on land
Marine biodiversity
Circular economy & waste
to w 9>
Accessibility
Pollution (air & soil)
MS
to
■3   H3 O1
W9
Health, safety & security
Healthy & sustainable Food
Food waste
Energy & greenhouse gas emissions
Regulatory compliance
Combating child sex tourism
Diversity
Social dialogue
¥ if
Eco responsible products & services
Sustainable relationships
Personal data protection
Stakeholder dialogue
		
JO  o o	Service quality & guest experience	
to	Worklife quality	
		
w to ift to $
Human rights
Compliance with ethical commitments
rn_l
III« M
Compensation & recognition
Training
Local employment
in uu
Combating prostitution
urchases
MODERATE
HIGH
IMPACT ON THE BUSINESS OF THE GROUP
CRITICAL
Source:
https://imaaes.iobsataccor.com.au/wp-content/uploads/AccorHotels-Corporate-Responsibilitv-Report-2017.pdf ACCOR HOTELS
V"0 Employees ^Suppliers ^Environment Guests '|v|j Local communities ^ Public authorities and civil society
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
CO
Every year, one major innovation to interact withi our guests around sustainable development
100% of our hotels implement Planet 21s 16 mandatory actions
10 key hospitality product categories are eco-Friendly (owners and nominated suppliers) ft ,°, P.
- if UU H
The employee engagement index increases every year
Each country implements a health/ wellbeing at work program
35% of hotels' General Managers are women by 2017
Employees' perception of the Group's high level of CSR engagement is increasing CSR index
Engage our GUESTS in sustainable experiences
;o a
Every year, one major innovation to develop alternative and responsible models
Our'CSR and ethical risk management' process is deployed among 100% oF our partners (owners and nominated suppliers)
Co-innovate with our PARTNERS to open new horizons
m
Plsnet21
HMD 6jp
Work hand-in-hand with local COMMUNITIES
for a positive mpact
■ 100% hotels engaged in a citizen or solidarity project
■ 100% of our hotels implement our program against child sexua exploitation
■ 10 million trees planted with out Plant for the Planet program
by 2021
4P KJHE.J.S1I
ID v.ii ■■ ■. Miirmit!
100% of renovated or new hotels are low carbon buildings (owned and leased hotels)
-5% of energy consumption per room and -5% of water consumption per night by 2018 (owned, leased and managed hotels)
65% of waste from hotel operations is recovered in our hotel
JriaETHfllFAUl
CUHOMV
Source: https://imaaes.iobsataccor.com.au/wp-content/uploads/AccorHotels-Corporate-Responsibilitv-Report-2017.pdf
ACCOR HOTELS
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
CELEBRATING EVERY ACTION
The launch of the 2016-2020 Planet 21 program includes a new brand designed to engage stakeholders with our sustainable development journey. During a guest's stay, they will see Acting Here' markers around their hotel. These markers help identify our sustainable development actions including some that may also require participation by stakeholders.
Here, eco-friendly amenities reduce your impact
Here, your towel plants trees
WWfc^ Here, food waste is separated and sent to composting
Here, eco-fnendly products are used to treat pool water
\ /-/ere. vegetables and herbs ' are food mile free
Here, solar panels power your stay
Here, energy efficient lighting and appliances reduce energy consumption
Here, flow controls reduce toilets, taps and showerheads water consumption
Here, electric car charging cuts CO2 emissions
Here, local, organic and seasonal products are on the menu
Source: https://imaaes.iobsataccor.com.au/wp-content/uploads/AccorHotels-Corporate-Responsibilitv-Report-2017.pdf
ACCOR HOTELS
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
ACCOR HOTELS video
2017 Corporate Responsibility Report ACCOR HOTELS
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
1. A STAKEHOLDER APPROACH TO CSR
•  The difficulties in managing the relationships from the perspective of
business management and stakeholders are issues such as:
1. Divergent and often conflicting expectations between stakeholders.
2. Contextual complexities, that are further complicated by varying interpretations arising out of different geographical regions and cultures.
3. The challenge of identifying what might be con-sidered to be "best practice" with regard to CSR stakeholder dialogue strategy and then com-municating this to stakeholders.
•  Cumulatively, the expected benefits to organisations that succeed in meeting CSR expectations of key stakeholder groups are increased company revenue and profitability, lower costs, easier access to finance, and a greater capability to innovate.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
1. A STAKEHOLDER APPROACH TO CSR
•  These indicates which interest groups are for business crucial :
- how they are treated;
- whether the mechanism of strategic CSR is developed;
- how are inform its stakeholders (stakeholder dialogue) about targeted activities;
- how to evaluate these activities (feedback to management or owners);
- are these findings regularly used to promote the interests of the company or for the benefit of a comprehensive approach to CSR in all areas?
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION
The role of stakeholder engagement
• Engaging with stakeholders early ensures that issues addressed in the CR policy and report are the most meaningful.
• The insights gained from this exchange also provide new business opportunities.
• Corporate reputation is enhanced much more than by pushing forward the most charitable initiatives if these are unrelated to the main concerns of the stakeholders.
•  The usual forms of engagement measurement (outreach, media analysis, social media evaluation ...) constitute very precious data for CSR reports. In particular those recommended in the AA1000 (materiality, inclusivity, completeness).
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION
Phases and factors in engaging with stakeholders
• Phases of managing stakeholder dialoque
1. Selection of stakeholders
2. Stakeholder dialog
3. Interpretation of information from dialogue
4. Decisions about company actions
5. Response to the dialogue through activities
• Key factors in acting on stakeholder dialogue
1. Awareness that an issue exists
2. Commitment to prioritize and resource an issue
3. Capacity/availability of resources to tackle an issue
4. Consensus amongst the company and its stakeholders over the issues and relevance of stakeholder dialogue in general
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION
• The stakeholders' participation type covers information notification, specific consultation, communication and common action.
• Information notification helps stakeholders gain a better understanding through information release and collect stakeholders' expectation.
• Specific consultation is to understand and respond to the stakeholders' expectation in a direct and effective approach through consultation on specific topics.
• It includes survey of stakeholders, comments and suggestions collected from stakeholders, active response to stakeholders' questions and participation in stakeholders' forum.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION
• Communication is to make dialogues with the representatives of stakeholders to find out solutions and incorporate their advice into corporate decisions. It includes dialogues and meetings with stakeholders and high-level talks.
• Common action is to deepen cooperation, integrate resources, complement each other's advantages, jointly hedge risks and share benefits to achieve a win-win situation.
• It includes cooperation agreement signing, cooperation to propel sustained development plan and jointly launch social welfare activities for cooperation alliance.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION
• Managers perceive a variety of stakeholder groups. They give a high priority to a stakeholder, if they believe that this stakeholder has a legitimate claim, which calls for immediate action (i.e. urgent), and possesses the power to influence organization's activities.
• According to Mitchell et al.'s classification of stakeholders, if
a stakeholder possesses only one of the three attributes, they are called latent stakeholders and have low stakeholder salience.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION Model of stakeholder salience
• Further, the dynamic qualities are accommodated by explain how stakeholders can shift between classes by attaining or losing one or more attribute.
POWER		1	2*\ LEGITIMACY	
			/ 4 \ \	
		f 5	V7 / °\ 1	
URGENCY			j$^y 8	
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION
•   Among these latent stakeholders, if the only attribute is power, then they are called dormant stakeholders (Area 1);
if their only attribute is legitimacy, they are called discretionary stakeholders (Area 2),
POWER	1	~~2"\ LEGITIMACY	
		( 4 \ \	
	/ 5	V7 / *\ I	
URGENCY		8	
and if their only attribute is urgency, then they are termed as demanding stakeholders (Area 3).
Stakeholder salience is moderate if two attributes are present and such stakeholders are called expectant stakeholders.
Among the expectant stakeholders, those having power and legitimacy are dominant stakeholders (Area 4);
those having legitimacy and urgency are dependent stakeholders (Area 6) and those with power and urgency are called dangerous stakeholders (Area 5). If all three elements are apparent in a stakeholder relationship (Area 7), then management have a clear and immediate mandate to attend and give priority to that stakeholder's claim. Stakeholders that have none of the three attributes are identified as non-stakeholders (Area 8).
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
Stakeholders matrix
High influence and low stake:
H&f:c!lc with care
Low influence and low stake:
Low influence and high stake:
INTEREST
LOW STAKE
HIGH STAKE
Power-Interest Grfd
\SJti
Keep Manage Satisfied Closely
Monitor KeeP Informed
Interest
.....■■
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
2. THE STAKEHOLDERS' PARTICIPATION
The approach of stakeholders'participation
participation
^yp6       approach of participation
stakeholders
basic requirement
Information notification
Staff training, correspondence, corporate brochure, corporate website, corporate publicity, news release and work report
Employees, investors, customers, governments, generation companies, vendors, communities, societies and news media
Appropriate approach to information disclosure and timely response to stakeholders' concerns
Specific consultation
Questionnaire, expert interview, specific forum and visit
Investors, customers, governments, generation companies and specific organizations
Full consideration of suggestions and opinions from all interested parties
Communication
Multi-party forum, high-level talks, collective negotiation and regular consultation
Employees, investors, governments, generation companies, vendors, communities and environmental protection societies
Mutual trust, dialogue on an equal footing, sufficient communication, agreement and win-win situation
Participation in association, Common action project cooperat on, joint campaign and alliance
Customers, governments, generation companies, vendors, communities and societies
Win-win cooperation for comprehensive value
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
STAKEHOLDERS' PARTICIPATION PROCEDURES
Identify Topics: Collect and sort out subjects.
Define Objectives: Make clear the
expectations on the role and result of
stakeholders' participation.
Learn Expectations: Expectations and
requirements of stakeholders.
Analyze Impact: Analyze the possible
impacts from stakeholders.
Make Plans: Specify participation rules,
resource back-up and work plan.
Implement Plans
Evaluate Performance: Evaluate results and efficiency.
Improvement: Timely summarize experiences, optimize regulations and process and keep progressing.
Evaluate Performance
Analyze Impact
Implement Plans
Customers
With its wide range of products - from electric devises to social infrastructure systems - Toshiba Group has a diverse range of customers, including individual and corporate customers as well as government and public bodies.
Global environment
We are promoting business activities in harmony with the global environment.
\
v Shareholders/ Investors
Toshiba has 300,871 shareholders. Of the 6.52 billion shares issued, 9-2% are held by financial institutions, 16.0% by individuals and others, and 72»2% by foreign corporations (not induding less-than-one-unit shares, as of March 31, 2018).
NPOs/NGOs
We cooperate with and draw on the strengths of NPOs and NGOs on areas such as the environment, human rights, and social contributions, and always endeavor to engage in constructive dialogue with them.
Governments and public bodies
Stakeholders
Suppliers
/
Toshiba Group operates worldwide. Governments and public bodies of many countries are also our customers.
Local communities
Toshiba Group has major business sites in over 30 countries worldwide. In carrying out our business operations, we respect the cultures, history, and customs of people in each region.
Toshiba deals continuously with some 4,600 suppliers worldwide ( as of March 31,2018)
^ Employees
Approx. 140,000 people work forToshiba Group at 389 companies, including approx. 90,000 employees working in Japan and approx. 50,000 employees overseas (as of March 31,2018).
Source: https://www.toshiba/ww/en/csr/enaaaement/stakeholders.html
TOSHIBA - MAJOR STAKEHOLDERS
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
SOCIETAL RESPONSIBILITIES AS A CONTINUUM
'Do no harm'
Perspective
'Positive force'
Environment
Products
Employees
Communities
Government Shareholders
Stakeholders Society
Minimise environmental footprint.
Be a market-driven product and service provider.
Create jobs and ensure health and safety.
Avoid negative impacts on local communities.
Comply with rules and regulations.
Maximise short-term shareholder value.
Meet expectations of primary stakeholders.
Be an accepted member of society.
Be on the forefront of sustainable innovation.
Develop and market new "ethical" products and services.
Invest in education, career development and diversity.
Contribute to the community well-being.
Move bevond rules and regulations.
Maximise long-term shareholder value.
Meet expectations of primary and secondary stakeholders.
Be an respected member of society.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
A PRACTITIONER-BASED MODEL OF SOCIETAL
RESPONSIBILITIES
• The managers believe that the firm will be a good corporate citizen that creates value for the firm, the community and the wider society.
• The responsibilities for the products/services, workforce and environment are closely linked to the firm's internal operations, but also create value for a number of stakeholders in the firm's environment.
• Product and service provision satisfies customer needs, employees benefit from HR activities and environmental improvements make society better off.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
3- FOUR LEVELS OF COMMITMENT TO THE STAKEHOLDER APPROACH
• Company stakeholder responsibility requires that companies be committed to a stakeholder approach to management on the following four levels:
1. Basic Value Proposition - the entrepreneur or manager needs to understand how the firm can make the customer better off, and simultaneously offer an attractive value proposition to employees, suppliers, communities, and financiers.
- How do we make our stakeholders better off?
- What do we stand for?
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
3- FOUR LEVELS OF COMMITMENT TO THE STAKEHOLDER APPROACH
2. Sustained stakeholder cooperation - the competitive, macro-economic, regulatory, and political environments are so dynamic they necessitate constant revision of the initial stakeholder arrangements.
-   What are the principles or values on which we base our everyday engagement with stakeholders?
3. An understanding of broader societal issues - todays managers must recognize and respond to a rising number of international issues, without the moral compass of the nation, state or religion as a guide. A pro-active attitude is necessary towards all stakeholder groups.
Do we understand how our basic value proposition and principles fit or contradict key trends and opinions in society?
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
3- FOUR LEVELS OF COMMITMENT TO THE STAKEHOLDER APPROACH
4. Ethical leadership - recent research points to a strong connection between ethical values and positive firm outcomes such as sustained profitability and high innovation
Proactive ethical leadership is possible only if there exists a deep understanding of the interests, priorities, and concerns of the stakeholders.
-   What are the values and principles that inform my leadership? What is my sense of purpose? What do I stand for as a leader?
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
4. RESEARCH EXAMPLES - SIGNIFIKANCE INFLUENCE OF CSR ACTIVITIES TO STAKEHOLDERS
• The target group for the study were SMEs operating in the Czech Republic. The research was conducted in 2012.
• In the survey was included 229 companies.
• The research areas of CSR are based on the requirements of the three basic pillars of CSR - economic, environmental and social. The respondents could choose scale with the values (1-5), the value 5 was represented by the "most important,,.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
4. RESEARCH EXAMPLES - SIGNIFIKANCE INFLUENCE OF CSR ACTIVITIES TO STAKEHOLDERS
Stakeholders that are the most influenced by CSR activities in Czech SMEs
local community
media
government
employess
3,5
competition
customers
suppliers
owners
—micro enterprises —small enterprises
Rank	Stakeholders	Total SMEs (scores)
1	Customers	2,607
2	Employees	2,074
3	Suppliers	2,048
4	Owners	1,865
5	Competition	1,511
6	The Government	1,105
7	The Local community	1,000
8	Media	0,965
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
4. RESEARCH EXAMPLES - SIGNIFIKANCE INFLUENCE OF CSR ACTIVITIES TO STAKEHOLDERS
Sequence of significance influence of CSR activities to
stakeholders in Czech SMEs
Sequence	Stakeholders	Micro (scores)	Sequence	Stakeholders	Small (scores)	Sequence	Stakeholders	Medium -sized (scores)
1	Customers	2,173	1	Customers	2,726	1	Customers	3,308
2	Suppliers	1,692	2	Employees	2,356	2	Employees	3,250
3	Employees	1,288	3	Owners	2,288	3	Suppliers	2,885
4	Owners	1,250	4	Suppliers	1,959	4	Owners	2,500
5	Competition	1,212	5	Competition	1,685	5	Competition	1,865
6	The Government	0,846	6	The Government	1,397	6	The Government	1,212
7	Media	0,769	7	Media	1,178	7	The local community	1,212
8	The local community	0,769	8	The local community	1,178	8	Media	1,058
Source: Own research
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
SUMMARY - TEN PRINCIPLES OF COMPANY STAKEHOLDER RESPONSIBILITY
1. Bring stakeholder interests together over time.
2. Recognize that stakeholders are real and complex people with names, faces and values.
3. Seek solutions to issues that satisfy multiple stakeholders simultaneously.
4. Engage in intensive communication and dialogue with stakeholders not just those who are "friendly".
5. Commit to a philosophy of voluntarism - manage stakeholder relationships yourself, rather than leaving it to government.
STAKEHOLDER MANAGEMENT AND ENGAGEMENT
SUMMARY - TEN PRINCIPLES OF COMPANY STAKEHOLDER RESPONSIBILITY
6. Generalize the marketing approach.
7. Never trade off the interests of one stakeholder versus another continuously over time.
8. Negotiate with primary and secondary stakeholders.
9. Constantly monitor and redesign processes to better serve stakeholders.
10. Act with purpose that fulfills commitments to stakeholders. Act with aspiration toward your dreams and theirs.
Recomended study:
Chandler, Werther, Jr. „Strategic Corporate Social Responsibility", 2014, chapter 2. Blowfield and Murray, Corporate Responsibility, 2014 (chapter 9)