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Stakeholder Relationships, Social
Responsibility & Corporate Governance
“Degree to which a firm understands & addresses
                   stakeholders demands & concerns”
   Three set of activities are involved;
    I.     Generating data about stakeholders & impacts on them
    II.    Disseminating information throughout the organization
    III.   Organization’s responsiveness towards stakeholders’
           concerns
   Identifying stakeholders that are relevant
   Characterizing their relevant concerns
      Online Forums
      Representatives
      Concerned Managers

   Evaluating impact
   Facilitating communication of information
   Distributing information about;
      Nature of relevant stakeholders

        Stakeholder issues
        Current impact on firm

   Distribution of information should be formally
   Consists of initiatives that a firm adopts to ensure that
    it abides by or exceeds stakeholder expectations & has
    a positive impact on stakeholders’ concerns
   Involving concerned stakeholders on Priority basis
   meeting overly aggressive financial or business
    objectives
   meeting schedule pressures
   helping the organization survive
   rationalizing that others do it
   resisting competitive threats
   saving jobs
   personal values
   supervisor influence
   senior management influence
   internal drive to succeed
   performance pressures
   lack of punishment
   friends/coworker influence
I.     Conflict of Interest
II.    Honesty and Fairness
III.   Communications
IV.    Organizational Relationships
   exists when an individual must choose whether to
    advance his/her own interests, the organization’s, or
    others’
   Examples include bribes or personal payments, gifts,
    or special favors intended to influence decision making
   following applicable laws a regulations & not
    knowingly harming stakeholders
   Is advertising prescription drugs on TV and in
    magazines fair?
   refers to the transmission of information and the
    sharing of meaning
   Examples: deceptive advertising, product safety
    information, & product composition
   behavior of organizational members toward
    stakeholders
   Includes confidentiality, meeting obligations &
    deadlines, not pressuring others to behave unethically
   Accounting
   Finance
   Management
   Marketing
   Human Resource
   CSR can improve profits?
   CSR can promote respect for their company in the
    marketplace which can result in higher sales, enhance
    employee loyalty and attract better personnel to the
    firm
   CSR activities focusing on sustainability issues may
    lower costs and improve efficiencies as well
Philanthropic: “giving back” to society

         Ethical: following standards of acceptable
             behavior as judged by stakeholders


    Legal: abiding by all laws & government regulations


Economic: maximizing stakeholder wealth and/or value
Formal systems developed by organizations for
                 Accountability, Oversight & Control
   Accountability- How closely workplace decisions are aligned
    with firm’s strategic goals & objectives
   Oversight- A system of checks and balances that limit
    employees’ opportunities to deviate from firm’s goals
   Control- Process of auditing and improving organizational
    decisions & actions
   Organizations should develop some processes for managing ethical
    concerns of stakeholders
   The most effective process consists of following steps;
     I.    Assessing the Corporate Culture
     II.   Identifying Stakeholder Groups
     III. Identifying Stakeholder Issues
     IV. Assessing Organizational Commitment to Social Responsibility
     V.    Identifying Resources & Determining Urgency
     VI. Gaining Stakeholder Feedback
   Must align with organization’s goals & objectives
   First step is to identify organizational mission, norms & values
   Sources -
         Mission Statement

         Annual Reports
         Sales brochures
         Websites

   “Example”
   Goal is to recognize stakeholder needs, wants &
    desires
   Level of power may vary, depending upon the nature
    of involvement of stakeholders
   Some Power vs. Most Power
   Example
   Understanding the nature of the main issues of concern
    to the stakeholders
   Can be settled down through;
        Collaboration
        Negotiation

   “Example”
   How much the organization is inclined towards being socially

    responsible?

   Brings first three stages together to arrive at a common

    understanding of social responsibility

   Evaluating current practices

   Selecting concrete social responsibility initiatives

   Sources - Annual Reports, Webpages & Company Brochures
   Cost-Time ratio
   Two main criteria to be considered;
     - Level of Financial & Organizational resources
     - Level of urgency when prioritizing

   If an issue requires significant resources, it is to be
    considered “Urgently”
   What is stakeholder’s level of satisfaction?
   Can be through various ways;
    - Satisfaction & reputation Surveys
    - Blogs, Websites & Newsletters
    - Formal Research via focus groups, observation &
       surveys

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Business Ethics Lec 4,5

  • 2. “Degree to which a firm understands & addresses stakeholders demands & concerns”  Three set of activities are involved; I. Generating data about stakeholders & impacts on them II. Disseminating information throughout the organization III. Organization’s responsiveness towards stakeholders’ concerns
  • 3. Identifying stakeholders that are relevant  Characterizing their relevant concerns  Online Forums  Representatives  Concerned Managers  Evaluating impact
  • 4. Facilitating communication of information  Distributing information about;  Nature of relevant stakeholders  Stakeholder issues  Current impact on firm  Distribution of information should be formally
  • 5. Consists of initiatives that a firm adopts to ensure that it abides by or exceeds stakeholder expectations & has a positive impact on stakeholders’ concerns  Involving concerned stakeholders on Priority basis
  • 6. meeting overly aggressive financial or business objectives  meeting schedule pressures  helping the organization survive  rationalizing that others do it  resisting competitive threats  saving jobs
  • 7. personal values  supervisor influence  senior management influence  internal drive to succeed  performance pressures  lack of punishment  friends/coworker influence
  • 8. I. Conflict of Interest II. Honesty and Fairness III. Communications IV. Organizational Relationships
  • 9. exists when an individual must choose whether to advance his/her own interests, the organization’s, or others’  Examples include bribes or personal payments, gifts, or special favors intended to influence decision making
  • 10. following applicable laws a regulations & not knowingly harming stakeholders  Is advertising prescription drugs on TV and in magazines fair?
  • 11. refers to the transmission of information and the sharing of meaning  Examples: deceptive advertising, product safety information, & product composition
  • 12. behavior of organizational members toward stakeholders  Includes confidentiality, meeting obligations & deadlines, not pressuring others to behave unethically
  • 13. Accounting  Finance  Management  Marketing  Human Resource
  • 14. CSR can improve profits?  CSR can promote respect for their company in the marketplace which can result in higher sales, enhance employee loyalty and attract better personnel to the firm  CSR activities focusing on sustainability issues may lower costs and improve efficiencies as well
  • 15. Philanthropic: “giving back” to society Ethical: following standards of acceptable behavior as judged by stakeholders Legal: abiding by all laws & government regulations Economic: maximizing stakeholder wealth and/or value
  • 16. Formal systems developed by organizations for Accountability, Oversight & Control  Accountability- How closely workplace decisions are aligned with firm’s strategic goals & objectives  Oversight- A system of checks and balances that limit employees’ opportunities to deviate from firm’s goals  Control- Process of auditing and improving organizational decisions & actions
  • 17. Organizations should develop some processes for managing ethical concerns of stakeholders  The most effective process consists of following steps; I. Assessing the Corporate Culture II. Identifying Stakeholder Groups III. Identifying Stakeholder Issues IV. Assessing Organizational Commitment to Social Responsibility V. Identifying Resources & Determining Urgency VI. Gaining Stakeholder Feedback
  • 18. Must align with organization’s goals & objectives  First step is to identify organizational mission, norms & values  Sources -  Mission Statement  Annual Reports  Sales brochures  Websites  “Example”
  • 19. Goal is to recognize stakeholder needs, wants & desires  Level of power may vary, depending upon the nature of involvement of stakeholders  Some Power vs. Most Power  Example
  • 20. Understanding the nature of the main issues of concern to the stakeholders  Can be settled down through;  Collaboration  Negotiation  “Example”
  • 21. How much the organization is inclined towards being socially responsible?  Brings first three stages together to arrive at a common understanding of social responsibility  Evaluating current practices  Selecting concrete social responsibility initiatives  Sources - Annual Reports, Webpages & Company Brochures
  • 22. Cost-Time ratio  Two main criteria to be considered; - Level of Financial & Organizational resources - Level of urgency when prioritizing  If an issue requires significant resources, it is to be considered “Urgently”
  • 23. What is stakeholder’s level of satisfaction?  Can be through various ways; - Satisfaction & reputation Surveys - Blogs, Websites & Newsletters - Formal Research via focus groups, observation & surveys