This book - the first of a two-volume series - argues that, today,
stakeholder thinking has evolved into the study of interactive,
mutually engaged and responsive relationships that establish the
very context of doing modern business, and create the groundwork
for transparency and accountability. This book makes it clear that
in today's societies successful companies are those that recognize
that they have responsibilities to a range of stakeholders that go
beyond mere compliance with the law or meeting the fiduciary
responsibility inherent in maximizing returns to shareholders. If
in the past the focus was on enhancing shareholder value, now it is
on engaging stakeholders for long-term value creation. The process
of engagement creates a dynamic context of interaction, mutual
respect, dialogue and change - not a one-sided "management" of
stakeholders. Indeed, the authors believe the very term
"stakeholder management" to be outdated and corporate-centric.
Companies can manage their relationships with stakeholders, but
frequently cannot actually manage the stakeholders themselves,
because, as the activist and collaborative initiatives described in
this volume suggest, company-stakeholder relationships are not
one-way streets and different institutions bring different agendas,
goals and priorities to the engagement. There are clear
implications to the way in which stakeholder thinking is unfolding
today. If in the past corporate "social" responsibility was simply
seen as profitability plus compliance plus philanthropy, now
responsible corporate citizenship - or corporate responsibility -
means companies being more aware of and understanding the societies
in which they operate. Corporate responsibility means recognising
that day-to-day operating practices affect stakeholders and that it
is in those impacts where responsibility lies, not merely in
efforts to "do good". Companies are now faced with a wide array of
challenges that mean that senior executives and managers need to be
able to deal with issues including greater accountability, human
rights abuses, sustainability strategies, corporate governance
codes, workplace ethics, stakeholder consultation and management.
Stakeholder thinking needs to capture these new realities. The
global reach of multinational corporations has served to highlight
the need for the (re)integration of business into society,
relationships into stakeholder relations, and ethics into
managerial practice. The rise in power of global activism involving
NGOs, and global business involving multinational corporations,
makes it even more critical today for companies to consider the
power and interests of corporate stakeholders when developing
strategic plans. The interactivity and mutuality of relationships
described in this book make it clear that firms and stakeholders
share the power and responsibility to influence both the profit
potential of the firm and how the benefits of the firm's success
impact on society. This important volume brings together leading
academic thought on stakeholder thinking for the first time.
Unfolding Stakeholder Thinking will be indispensable to corporate
managers, NGOs and academics seeking greater understanding of the
dynamics of stakeholder thinking in a world of rapidly changing
responsibilities.A companion volume, Unfolding Stakeholder Thinking
2, focusing on practical issues such as relationship management,
communication, reporting, and performance, is also available.
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