LEADERSHIP & STRATEGY
Business Chief North America gains insight from BSR on the importance of shared value and trust to drive effective stakeholder engagement
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O ver the last 10 months , COVID-19 has had an exponential impact on industries and organisations , regardless of size or location . As a result stakeholder management has never been more important or come with greater challenges . The business and economic uncertainty that has come with COVID-19 , has increased the need for organisations to develop robust , defensible and flexible stakeholder management strategies and tools in order to be effective . “ Stakeholder engagement is – and will remain – a core element of the sustainability toolkit ,” comments BSR in its Five Step Approach to Stakeholder Management report .
BSR defines stakeholder management as “ a fundamental component of materiality assessments , which are then used to inform sustainability strategy , reporting , and disclosure . Corporations need strategies in order to understand and respond to existing and emerging societal concerns . Without input from key stakeholder groups , any approach
DECEMBER 2020