Asked by Poppin galaxy on May 23, 2024
Verified
Define stakeholder and stakeholder responsibility.Explain any two of the four themes
found in firms with a proactive commitment to assessing its stakeholder ethics
Stakeholder Responsibility
The obligation of an organization to consider the interests and wellbeing of all its stakeholders in its decisions and actions.
Stakeholder Ethics
Principles and standards guiding how stakeholders' interests should be considered and addressed in decision-making processes.
Proactive Commitment
The dedication to take initiative and anticipate future problems, needs, or changes.
- Understand the definition, importance, and responsibility of stakeholders in an organization.
Verified Answer
KW
Kadesa WilsonMay 23, 2024
Final Answer :
Stakeholders are individuals or groups that have interests,rights,or ownership in an organization and its activities.Stakeholder responsibility holds that leaders and other employees have obligations to identifiable groups that are affected by or can affect the achievement of an organization's goals.
There are four different themes found in firms with a proactive commitment to assessing its stakeholder ethics: disclosure,communication and engagement,proactive management and creating shareholder value.In disclosure,the firm is transparent,providing comprehensive stakeholder environmental information to the public.The firm produces reports annually that review its stakeholder and environmental policies,goals,and achievements as well as financial performance.In communication and engagement the firm actively seeks to communicate with various groups about its environmental performance.This allows the organization to present progress made and to learn from the groups about what future expectations may be.In proactive management,the firm is committed to going beyond minimum compliance requirements and integrating stakeholder responsibility into board governance,executive compensation,and management policies.The leaders integrate stakeholder and environmental issues into both day-to-day operations and into its managerial,executive,and fiduciary governance.And finally,in creating shareholder value,the organization views stakeholder responsibility as central to its long-term efforts to create shareholder value.It looks at how stakeholder and environmental issues can affect sales,costs,and reputation.recognizes the need for diverse workforces,managers,and boards to relate to the increasing diversity of its consumer base.The firm recognizes that proactive leadership of environmental and stakeholder risks can substantially lessen the uncertainties and liabilities created by changing regulatory requirements and new knowledge of emerging risks.
There are four different themes found in firms with a proactive commitment to assessing its stakeholder ethics: disclosure,communication and engagement,proactive management and creating shareholder value.In disclosure,the firm is transparent,providing comprehensive stakeholder environmental information to the public.The firm produces reports annually that review its stakeholder and environmental policies,goals,and achievements as well as financial performance.In communication and engagement the firm actively seeks to communicate with various groups about its environmental performance.This allows the organization to present progress made and to learn from the groups about what future expectations may be.In proactive management,the firm is committed to going beyond minimum compliance requirements and integrating stakeholder responsibility into board governance,executive compensation,and management policies.The leaders integrate stakeholder and environmental issues into both day-to-day operations and into its managerial,executive,and fiduciary governance.And finally,in creating shareholder value,the organization views stakeholder responsibility as central to its long-term efforts to create shareholder value.It looks at how stakeholder and environmental issues can affect sales,costs,and reputation.recognizes the need for diverse workforces,managers,and boards to relate to the increasing diversity of its consumer base.The firm recognizes that proactive leadership of environmental and stakeholder risks can substantially lessen the uncertainties and liabilities created by changing regulatory requirements and new knowledge of emerging risks.
Learning Objectives
- Understand the definition, importance, and responsibility of stakeholders in an organization.