Stakeholder dialogues
Companies do not operate in isolation from society
and their stakeholders have a legitimate interest in
the way they do business.
Companies which think that addressing - leave alone
involving - stakeholders is a burden, need to change.
By involving stakeholders in key decisions that shape
day-to-day operations, companies gain an understanding
of current and emerging issues and can best balance
interests and improve their performance.
Companies must systematically seek out dialogue with
their stakeholders. Engagement takes several forms,
with active and differentiated communication with various
stakeholder groups . The engagement is multi-layered
being local, national or international based on the
location of the stakeholders. It is an opportunity to
adapt to new requirements at an early stage, avoid the
associated risks and explore opportunities. The process
acts as a catalyst to drive sustainability agenda and
enables the company to take greater account of a wide
range of issues in its planning and decision making.
Clear, effective and honest communications with stakeholders
enhances the transparency of businesses and demonstrates
their commitment to being accountable.
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