Stakeholder Management: Sustain License to Operate Through Stakeholder Engagement

Stakeholder Management: Sustain License to Operate Through Stakeholder Engagement

Alexandros G. Kostopoulos (CSR Hellas, Greece)
DOI: 10.4018/978-1-5225-7715-7.ch002
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The purpose of this chapter is to attempt a short but comprehensive record of the connection between sustainable development and stakeholders, to present the basic theoretical base on the topic, while describing fundamental principles of stakeholder management and means of relative engagement. The core assumption of this chapter is that corporate responsibility is perceived as the responsibility of an organisation to act in the interest of legitimate organizational stakeholders. Although stakeholder engagement is not a new concept, it is accepted as crucial to an organization's sustainability and success. For those reasons, the chapter focuses on the strategic approach of stakeholder management while describing briefly some important steps in implementing stakeholder engagement. The final section of the chapter focuses on the future of stakeholder engagement as well as on related risks that may arise for non-engagers.
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“We don’t have plan B because there is no planet B. We have to work and galvanise our action”, said UN Secretary-General on November 15, 2016 at his press conference during the COP22 for Climate Change taking place in Marrakech, Morocco. This was not the first time that the UN Secretary-General Ban Ki-Moon repeat the same message towards governments, businesses, civil-society, NGOs and stakeholders in general. Almost two years later on April 24, 2018 French President Emmanuel Macron delivered a rare address to US Congress in which he stated that “there is no planet B”, taking the lead in climate change battle, with the U.S. absent. When US President Donald Trump announced that the United States would drop out of the Paris Agreement for Climate Change, President Macron immediately launched a campaign called “Make Our Planet Great Again”.

Presented in July 2017, “Make Our Planet Great Again” is actually France’s Climate Plan containing a series of ambitious and innovative measures to embed the objectives of the Paris Agreement in public action and to involve all actors in this global fight. According to the plan, France is speeding up its commitment to achieve energy and climate transition on its own territory, within the European Union and at the international level. France is well-known for leading fights for human rights but nowadays more than ever is determined to lead (and win!) this battle on climate change.

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