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A number of disparate but interconnected forces such as
deregulation and globalization, rapid advances in communications
technology and the rise in the power of the consumer and civil
society have now combined to bring corporate responsibility to
prominence in many corporate boardrooms. In this information age,
the ramifications of not addressing best practice in environment,
workplace, marketplace and community could range from bad press
coverage to complete market exclusion. These are perilous times for
the social construct of modern capitalism.In today's society
successful companies will increasingly be those that recognize that
they have responsibilities to a range of stakeholders that go
beyond compliance with the law. If in the past the focus was on
enhancing shareholder value, now it is on engaging stakeholders for
long-term value creation. This does not mean that shareholders are
not important, or that profitability is not vital to business
success, but that in order to survive and be profitable a company
must engage with a range of stakeholders whose views may vary
greatly. If in the past corporate social responsibility was simply
seen as profitability plus compliance plus philanthropy, now
responsible corporate citizenship means companies being more aware
of and understanding the societies in which they operate. This
means senior executives and managers being able to deal with a wide
range of issues including greater accountability, human rights
abuses, sustainability strategies, corporate governance codes,
workplace ethics, stakeholder consultation and management.The aim
and scope of Perspectives on Corporate Citizenship is to help
capture and distil these and other emerging trends in terms of
content, context and processes, in one concise volume. With
contributions from the *creme de la creme* of leading thinkers from
around the world, Perspectives on Corporate Citizenship is
essential reading for students, scholars and all serious thinkers
on one of the most critical issues of our time.
This book is the companion to "Unfolding Stakeholder Thinking:
Theory, Responsibility and Engagement", which examined many
emerging theoretical and normative issues and was released to
acclaim in October 2002. "Unfolding Stakeholder Thinking 2"
collects a series of essays by leading researchers worldwide to
focus on the practice of stakeholder engagement in terms of
relationship management, communication, reporting and performance.
As stakeholder relationships and business in society have become
increasingly central to the unfolding of stakeholder thinking,
important new topics have begun to take centre stage in both the
worlds of practice and academia. The first part of the book makes
clear that simply engaging with stakeholders is insufficient to
build successful stakeholder strategies. Companies, considered as
the focal entity in a relationship, also need to actively
communicate with stakeholders and manage their relationships.
Dialogue is essential but can only be useful if companies listen to
the messages that stakeholders are sending them. It is also
essential to understand the role of power and influence in
stakeholder engagement strategies especially if partnerships or
collaborations emerge from the relationships that are engendered.
The book examines a wide range of corporate-NGO collaborations to
determine what makes them effective - and what makes them fail.
Conflict management in stakeholder alliances is also discussed. The
second part of the book addresses the critically important element
of emerging schemes for the assessment, measurement and reporting
of business in society and relationships involving stakeholders. A
variety of current approaches to stakeholder assessment and
reporting are discussed here including social auditing and
sustainability reporting. The evolution of stakeholder thinking has
led to a new view of the firm as an organism embedded in a complex
web of relationships with other organisms. The role of management
becomes immensely more challenging, when stakeholders are no longer
seen as simply the objects of managerial action but rather as
subjects with their own objectives and purposes. This book captures
the complexity of managing relationships with stakeholders and will
provide both practitioners and researchers with a wealth of
information on the benefits and consequences of this practice.
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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