IB - Module 11

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stakeholder
bắt đầu học
any group or individual who can affect or is affected by the achievement of the organisation's objectives
equity stakes
bắt đầu học
direct ownership; shareholders, directors, minority interest owners
economic or market stakes
bắt đầu học
economic interest; employees, customers, suppliers
influencer stakes
bắt đầu học
have interests; trade organisations, government agencies
Economic theory of the firm
bắt đầu học
Organisation is supplied with materials by employees, investors, suppliers and provides products to customers
Stakeholder theory
bắt đầu học
economic theory and governments, political groups, communities, trade associations; you must aim for building mutually reinforcing relationships with each of these groups and do it this way that does not trade off the interest of other group
externalities
bắt đầu học
any of these transactions between two parties may have negative consequences to the third party
stakeholder management
bắt đầu học
fragmented among various departments; focus on managing relationships; emphasis on buffering the organisation from stakeholders interfering with intend operations
stakeholder collaboration
bắt đầu học
new approach; integrated management approach; focus on building relationships; emphasis on bridging and creating opportunities & mutual benefits; long-term goals; coherent approach driven by mission, values & corporate strategies
CSR
bắt đầu học
Corporate Social Responsibility; economic, legal, social and environmental responsibilities of an organisation towards society
Sustainable development
bắt đầu học
adapting business strategies and activities that meet the needs of the enterprise and its stakeholders today while protecting, sustaining and enhancing the human and natural resources that will be needed in the future
integrated reporting
bắt đầu học
companies who choose stakeholder management use it as a tool to report on their company's progress
What to report? 4 principles defining content
bắt đầu học
materiality, stakeholder inclusiveness, context, completeness
1st principal of integrated reporting: Materiality
bắt đầu học
topics & indicators reflecting the organisations economic, social impact
2nd principal of integrated reporting: Stakeholder inclusiveness
bắt đầu học
identify stakeholders
3rd principal of integrated reporting: Context
bắt đầu học
Organization's performance in wider sustainability context
4th principal of integrated reporting: completeness
bắt đầu học
report contains significant material topics & boundaries to reflect the significant economic, social and environmental impact ts enabling stakeholders to assess the organisations performance
Issue - 1st definition
bắt đầu học
a matter of concern related to the organisations decision and operations
Issue - 2nd definition
bắt đầu học
Issue - 2nd definition point of conflict in opinions and judgements regarding company's decisions and operations
How to deal with sustainability issues?
bắt đầu học
1. Diagnosis - issue identification and analysis; 2. Strategic options (Reactive and Proactive)
Reactive strategic options
bắt đầu học
1. Buffering - stonewalling the issue, denying there is an issue (defensive); 2. Bridging - accommodating stakeholder concerns, often after pressure
Proactive strategic options
bắt đầu học
thought leadership - staking a positive leadership position on an issue that benefits stakeholders (also a form of bridging)
Choice of strategy depends on
bắt đầu học
the intensity of the issue; the importance of an issue to the organisations stakeholder groups; values and beliefs of managers in an organization; increasingly growing perceptions of industry responsibility
Why CSR activities are pursued?
bắt đầu học
They are pursued not only in order to improve profits, but to address important concerns of the wider society
Sustainability - definition
bắt đầu học
the ability to meet the needs of the present without compromising the ability of future generations to meet their needs
triple bottom line
bắt đầu học
economic, social, environmental performance that simultaneously satisfies the demands of the stakeholder groups
primary stakeholder groups
bắt đầu học
the constituents on which the firm relies for its continuous survival and prosperity - shareholders, employees, customers, suppliers, governments, communities
secondary stakeholder groups
bắt đầu học
those who are affected or affect the corporation, but are not part of the transaction - trade unions, social groups, i.e. Greenpeace
2 anpporaches to why stakeholders matter
bắt đầu học
1. Instrumental view - treating stakeholders well may indirectly help financial performance; 2. Normative view - firms ought to be self-motivated to do it right cuz they have societal obligations
Shared Value Creations
bắt đầu học
CSR that focuses on activities that are good for both the firm and its stakeholders; can be done in 3 ways
Ways of creating Shared Value
bắt đầu học
1. Company can look for unmet social needs in the community; 2. Modifying their business practices to increase benefits for external stakeholders; 3. Initiatives can be launched that create value for a local community but indirectly benefit the company
hypernorms
bắt đầu học
norms considered valid anywhere in the world - i.e. respect for human dignity

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