Compiled Slides - Stakeholder Influence Stakeholders are...

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Stakeholder Influence Stakeholders are more or less central to all approaches to business responsibility or CSR Obligations we have to each group are critical o Obligations mandated by law o Obligations we impose on ourselves because of the values we hold The Pragmatic Perspective o Things you must do because they are required The Principled Perspective o Things you must do because they are the “right” things to do given your values What are the Legal Requirements in Dealing with this Stakeholder Group? What are the Moral Obligations You Have in Dealing with this Stakeholder Group? What Impact or Influence Has this Stakeholder Group Had on Business? Managers and executives generally have the right “values,”– that is, they know what they should do when circumstances call on them to take a stand or make a hard choice… [b]ut businesspeople usually don’t act on their values, our research shows, because they don’t consider such action to be part of their jobs. Businesspeople view moral and ethical dilemmas as exceptions Problems We Strive to Avoid o Moral Muteness - managers seldom discuss with their colleagues the ethical problems they routinely encounter o Moral Myopia – near sidedness or blindness to ethical dilemmas Where Do Stakeholders Fit in the Scheme of the Corporation? Corporate Governance o How the corporation is run Corporate Governance:How a Company is Run by the Business Roundtable Who is the Business Roundtable? General Responsibilities of the Board of Directors and the CEO/Senior Management Specific Duties of the Board of Directors Specific Duties of the CEO/Management BR and Ethical Operation of a Business: A Pronouncement Where do Shareholders Fit? Structure and Operations of the Board & The Role of Committees Corporate Governance Who is the Business Roundtable? o BR is an association of CEOs of major US corporations o Advocating public policies that ensure vigorous economic growth, a dynamic global economy, and a well-trained and productive US workforce essential for future competitiveness General Responsibilities of the Board of Directors and the CEO/Senior Management o The responsibility of management to operate the company in an effective and ethical manner that produces value for shareholders o Responsibility with help of audit committee to produce financial statements
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o Compensation committee should adopt and oversee the compensation of the CEO and senior management Specific Duties of the Board of Directors o Select and oversee the CEO o Board’s role is oversight Specific Duties of the Board of Directors o Plan for management development and succession o Oversee and understand corporation’s strategic plans and monitor the implementation of those plans.
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