Stakeholders.docx - Stakeholders Businesses have many stakeholders the people and groups that interact in some way with the business and have a vested

Stakeholders.docx - Stakeholders Businesses have many...

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Stakeholders Businesses have many stakeholders: the people and groups that interact in some way with the business and have a vested interest in its activities. In this sense you are a stakeholder of your school. Businesses are expected to be enterprising, to comply with the law, and be socially just and ecologically sustainable in their operations. They are expected to practise ethical management and do the ‘right’ thing in the interests of all stakeholders. Many businesses are now extremely sensitive to public opinion and strive to be recognised as being good corporate citizens. Businesses recognise that they increase their chances of success when they pursue goals that align with the interests and expectations of their main stakeholders. All businesses, therefore, must attempt to fulfi l certain responsibilities to their stakeholders as highlighted in fi
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Unformatted text preview: gure 3.27. EXERCISE 3.2 BizWORD A stakeholder is any group or individual who has an interest in or is affected by the activities of a business. Influences in the business environment • CHAPTER 3 81 Shareholders • Provide information about the business’s performance • Produce an annual report • Manage the funds so a reasonable return is paid Employees Fair pay and conditions • Provide safe working environment • Access to training and development Environment • Consider impact on environment • Care and preservation of the environment • Sound and responsible environmental management Managers • Support the actions of management • Provide adequate resourcing levels and lines of communication Customers • Quality products • Fair prices • Service during and after sales • Safety Society / general public • Fair and honest busi...
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