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8/18/2019 9 Stakeholder Addedum
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Business and Global Society
HULT INTERNATIONAL BUSINESS SCHOOLMBA Class 2: Socio Econo!ic Syste!s:
Sta"e#olde$s% Institutions and Go&e$nanceA''EN'UM: STA(EHOL'ERS)$o*esso$ +oanne La,$ence
1
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• -#at is co$.o$ate /o&e$nance0
• -#o 1/o&e$ns co$.o$ations0
• -#y ,ould /o&e$nance !atte$0
2
From Government to GovernanceManagement Systems
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•Corporate governance is the system by which companies are and managed .
• It in3uences #o, t#e ob4ecti&es o* t#e co!.any a$e set and a#o, $is" is !onito$ed and assessed% and #o, .e$*o$!ance iso.ti!ised5
• T#ey encou$a/e co!.anies to c$eate &alue 6t#$ou/# ent$e.$einno&ation% de&elo.!ent and e7.lo$ation8 and .$o&ide accounand cont$ol syste!s co!!ensu$ate ,it# t#e $is"s in&ol&ed5
• T#ey de9ne #o, t#e acto$s enco!.assed by it conduct t#e!sel&eeac# ot#e$
• ASX Principles of Good Corporate Governance and Best Practices Recommendations 2!!" as #$oted on %ttp&''corpgov(net'li)rary'corporate*governance*de+n
"
Corporate Governance System
http://var/www/apps/conversion/tmp/scratch_4/NULLhttp://var/www/apps/conversion/tmp/scratch_4/NULLhttp://var/www/apps/conversion/tmp/scratch_4/NULLhttp://var/www/apps/conversion/tmp/scratch_4/NULL
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-HAT IS A STA(EHOL'ER0
Ho, ,ould you defne t#e!
#tt.s:,,,5youtube5co!,atc#0&;bIRUaLc&)e
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• G$ou.s o$ indi&idual on ,#ic# an o$/anisation de.endent *o$ its continued su$&i&al 3Stanford Resear4nstit$te 156"7
• Constituents ,#o #a&e a le/iti!ate clai! on t#9$! 3/ill 8 9ones 15527
• >olunta$y sta"e#olde$s bea$ so!e *o$! o* $is"as a $esult o* #a&in/ in&ested so!e *o$! o*ca.ital% #u!an o$ 9nancial% so!et#in/ o* &alue
in a 9$!5 In&olunta$y sta"e#olde$s a$e .laced a$is" as a $esult o* a 9$!s acti&ities5 But ,it#out#e ele!ent o* $is"% t#e$e is no sta"e5 3Clar:son 15
• Any /$ou. o$ indi&idual ,#o can a?ect o$ isa?ected by ac#ie&e!ent o* a 9$!s ob4ecti&es6=$ee!an% @
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•
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@5'ESCRI)TI>E:Co$.o$ation as constellation o*coo.e$ati&e% co!.etiti&e inte$ests eac# ,it# int$insic&alue5
25 INSTRUMENTAL: Sta"e#olde$ !ana/e!ent andac#ie&e!ent o* co$.o$ate .e$*o$!ance /oals connecte
D5 NORMATI>E: Sta"e#olde$s #a&e int$insic &alue in an
t#e!sel&es% and not !e$ely *o$ t#ei$ ability to *u$t#e$inte$ests o* anot#e$ /$ou.5
5 MANAGERIAL: Not si!.ly desc$i.ti&e o* situations o$elations#i.s% but $eco!!ends attitudes% st$uctu$es a.$actices t#at to/et#e$ constitute sta"e#olde$
!ana/e!ent5
Sta"e#olde$ )e$s.ecti&es
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National Cultu$es Re3ect a)e$s.ecti&e: 6i5e5% St$uctu$e'ete$!ines Be#a&io$8
6
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• Ca.italis! 6=$ee Ma$"et8
• 1Social Ca.italist
• Socialis!
• State O,ned Ca.italis! 6SOC8• Co$.o$ations
• =a!ilyO,ned Businesses
• )$i&atelyHeld Businesses
Econo!ic% Business Models Re3ect a )e$s.ect
5
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-#ats -$on/ -it# T#is )ictu$e0
THECOR)ORATIO
N
S$pply C%ainAssociates
Governments .mployees
4nvestorsS%are%oldersand 0enders
C$stomersand $sers
Dnions
Reg$latoryA$t%orities
9E Partnersand Alliances
Private,rganisations
0ocal Comm$nitiesand Citiens
So$rce& Managing t%e .@tended .nterprise=Post et a1!
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Syste!s >ie,:Inte$connected%Inte$de.endent% In3uential
e!.loyees
Local /o&e$n!ent
s#a$e#olde$scomm$nities
su..lie$s
Custo!e$s
Mana/e$s
11
Media
Partners
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? = a net,o$" o* interrelated sta"e#olde$c$eate% sustain% and en#ance its &aluec$eaca.acity
6a co!.anys8 lon/ te$! su$&i&al and sucis dete$!ined by its ability to establis# and!aintain $elations#i.s ,it#in its enti$e neto* sta"e#olde$s55F
Post et al
T#e E7tended Ente$.$ise:A Syste! o* Sta"e#olde$s
12
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Sta"e#olde$s C$eate a Co!.le7 >alue 1-e
13
0ocal COR)ORATION
Go&e$n!ents
Su..ly C#ain Associates
+> )a$tne$s and Alliances
LocalCo!!unitie
sandCitiens
Unions
E!.loyee
s
In&esto$sS#a$e#olde$s andLende$s
Custo!e$s and
Use$s
Re/ulato$y
Aut#o$ities
)O
RESOURCEBASE
IN'USTRSTRUCTURE
SOCIAL )OLITICAL ARENA
So$rce& Managin.nterprise((( Pos
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• B) and 'ee.,ate$ : in t#e inte$est o* s#a$e#olde$ &alue% dest$oyed
• A&e$a/e =o$tune JJ co$.o$ate li*es.an is @ yea$s today co!.a$edyea$s in t#e .ast5 T#e nu!be$ #as declined *$o!
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S#i*tin/ E!.o,e$!ent55
Globalisation )#aseI
E!.o,e$edco$.o$ations
Globalisation )#ase II
E!.o,e$edsta"e#olde$s
E!.o,e$ed
Consu!e$s
E!.o,e$ed NGOs
E!.o,e$d Media
So$rce&ert%er and C%andler Strategic CS1
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Sta:e%olders > Motivations
1
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? -%e capacity of a +rm to generate s$staina)le Hover time is determined )y its relations%ip Hit% csta:e%olders=(
The ability to manage relationships, and todevelop and implement policies + practices
take into account goals and concerns o allrelevant stakeholders is a core managemencompetence..”
• Post Preston > Sac%s ?Managing t%e .@tended .nterprise
Ne, Co!.etency: Sta"e#olde$Mana/e!ent
1
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• Ho, ,ould you /o about !a"in/ decisions
,#en sta"e#olde$s ,it# &a$yin/ needs and.e$#a.s con3ictin/ needs a$e in&ol&ed0
• Ho, do you identi*y and .$io$itie t#esesta"e#olde$s $elati&e to t#e /oal% &ie,in/t#e! #olistically and as a inte$connected0
• Ho, do you c$eate a st$uctu$e t#at .$o&ide*eedbac" loo.s% and on/oin/ en/a/e!ent ensu$e on/oin/ ali/n!ent0
Ho, To Mana/e Relations#i.s0
16
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• -#at is it ,e a$e t$yin/ to ac#ie&e0
• -#o a$e t#e .$i!a$y% seconda$y sta"e#olde$s t#ose ,#o #a&e&ested inte$est in t#e issue% decision o$ ob4ecti&e0 -#at is t#e
•. -#at a$e t#ei$ needs% issues% !oti&ations ando$ in3uences0 -t#e $is"s0 6e5/5 )ESTEL analysis 8
•. Is t#e$e an et#ical .$inci.le at sta"e0 A$e ,e .otentially &iolatio$ a *unda!ental #u!an $i/#t o* t#is sta"e#olde$ /$ou.0
•. -#at !i/#t be unintended conseuences% e7te$nalities o* ou$ a-#at a$e t#e t$adeo?s i5e5 ,#at !i/#t ,e #a&e to /i&e u. in o/et so!et#in/0
•. -#at a$e t#e *eedbac" loo.s0 Ho, can ,e !onito$ eac# $elationes.ecially t#e inte$$elations#i.s to enable us to balance
needsbene9ts o&e$ ti!e0
Syste!s T#in"in/ and Sta"e#olde$s
15
St " # ld
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Sta"e#olde$Mana/e!entEn/a/e!ent : )$ocessModel
Ste.
Ste.
Ste.
Ste. D'ete$!ine
Ga.s
Ste. 2
Ste. @
Sta"e#olde$
Identi9cation
Gene$al Natu$e o*Sta"e#olde$ clai!s% !oti&ations% and
t#ei$ i!.lications
)$io$itiseSta"e#olde$ 'e!
'e&elo.O$/anisational Res.onses
Monito$in/And Cont$olResta$t
)$ocess
Sou$ce: )$e
2!
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•T#ose ,#o 1can a?ect% o$ be a?ectedF by t#e outco!e i5e5% t#ey #a&e a &ested i
,#at is doneoccu$s
•T#ose ,#o #a&e s.ecial e7.e$tise% o$ "no,led/e t#at can in*o$!
•T#ose ,#o !i/#t .$o&ide di?e$ent &ie,s% .e$s.ecti&es 6e5/5% NGOs8
•T#ose ,#o bea$ t#e $es.onsibility *o$ o&e$seein/ o$ i!.le!entin/ t#e .$o.osal% 6e!ana/e$s% e!.loyees8
•T#ose ,#o can in3uence% .e$suade ot#e$s5 6e5/5% !edia% o.inion leade$8• •T#ose ,#ose a..$o&al o$ buyin is needed to i!.le!ent 6e5/5 $e/ulato$s% local /o&
•T#ose ,#ose on/oin/ su..o$t is needed *o$ continued success 6e5/5% co!!unity% eNGOs8
%o are t%e Sta:e%oldersI&Some Criteria
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• Social
• Tec#nolo/ical
• Econo!ic
• En&i$on!ental
• )olitical
• Le/al Q Et#ical
22
4dentify& e(g( S-..P0. Analysis
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Sta"e#olde$ Analysis Tool
2"
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Sta"e#olde$s a$e classi9ed byatt$ibutes:
• Power to in3uence: ability toi!.ose its ,ill and b$in/ aboutdesi$ed outco!e5
•
egitimacy o* $elations#i.: ,it#inacce.ted social syste! o* no$!s%&alues% belie*s desi$able social/ood5
• !rgency o* clai!: ti!esensiti&e%c$itical t#e de/$ee to ,#ic#
delay is unacce.table and clai! is
Mate$iality% Rele&ance:)$io$itisin/
2
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•
Latent& 1 attri)$te
'o$!ant /ave poHer )$t $n$sed'isc$etiona$y /ave legitimacy )$t cannot press$re Je!andin/$rgency& ir:some not dangero$s
E7.ectant& 2 attri)$tes
'o!inant poHerf$l and legitimate 3most familiar to corporations
'e.endent legitimate and $rgent
'an/e$ous $rgency and poHer
'e9niti&e: Possessing all " attri)$tes
*From ?-oHard a -%eory o f Sta:e%older 4denti+cation and Salience Mitc%ell 8 Agle 1557
Att$ibutes: )$io$itisin/ Sta"e#olde$s
2
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Mapping Sta"e#olde$ Inte$ests &5 In3ue
2
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2
Materiality Matri@& Most relevanI!.o$tant to t#e
co!.anybut notto t#e
sta"e#olde$s
I!.o$tant to
co!.anyand
sta"e#olde$s
Noti!.o$tant
to t#eco!.anyo$ to t#esta"e#old
e$s
I!.o$tant to
sta"e#olde$s butnot t#e
co!.any
-im Mo%in, Changing the Business fromInside Out, p(
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)lannin/ I!.le!entin/ A*te$!at
Relati&e I!.o$tance: Ti!eline
26
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? Sta"e#olde$ en/a/e!ent is t#e .$ocess used bo$/anisation to en/a/e sta"e#olde$s to ac#ie&eacce.ted outco!es5
At t#is le&el% sta"e#olde$s d$i&e st$ate/ic di$e,ell as o.e$ational e7cellence55
6it8 !ust $esult in outco!es &alued by t#ose iand !ust be co!!unicated in a c$edible ,ay5FAcco$nA)ility 3AA7 Standard 1!!!
25
Sta:e%older .ngagement Proce