Stakeholders are individuals, groups, or organizations that have an interest in or are affected by a company’s operations, decisions, and activities. The concept of stakeholders is central to Corporate Social Responsibility (CSR) and business ethics, emphasizing the importance of addressing the needs and expectations of various parties involved with or impacted by a business. The term “stakeholder” was popularized by R. Edward Freeman in his 1984 book “Strategic Management: A Stakeholder Approach.” Freeman's Stakeholder Theory argues that businesses should create value for all stakeholders, not just shareholders. This approach challenges the traditional shareholder-centric view, which prioritizes maximizing shareholder returns, by advocating for a more inclusive perspective that considers the interests of all parties affected by business activities. Stakeholders can be broadly categorized into two groups: internal and external stakeholders. Internal stakeholders include individuals and groups within the organization, such as employees, managers, and shareholders. Employees are crucial stakeholders as they are directly involved in the company’s operations and can influence its success. Ensuring fair wages, safe working conditions, and opportunities for professional development are essential aspects of CSR related to employees. Managers are responsible for decision-making and strategic planning, and their actions significantly impact the company’s direction and performance. Shareholders, or owners, invest in the company and expect returns on their investments, making their interests aligned with the company's financial success. External stakeholders encompass entities outside the organization that are affected by its activities. These include customers, suppliers, communities, government bodies, and the environment. Customers are vital stakeholders whose satisfaction and loyalty are critical to the company’s success. CSR initiatives aimed at ensuring product safety, quality, and ethical marketing practices are essential for maintaining customer trust and loyalty. Suppliers provide the necessary goods and services for the company’s operations, and fostering ethical and sustainable supply chain practices is crucial for maintaining positive relationships and ensuring long-term sustainability. Communities are significantly impacted by corporate activities, especially in areas where companies have a physical presence. CSR initiatives that support local education, healthcare, infrastructure, and environmental conservation can enhance community well-being and strengthen the company's social license to operate. Government bodies regulate business activities and ensure compliance with laws and regulations. Engaging with government stakeholders and adhering to regulatory requirements is essential for maintaining operational legitimacy and avoiding legal issues. The environment is a non-human stakeholder that is increasingly recognized in CSR and sustainability discourse. Companies impact the environment through resource extraction, emissions, waste generation, and land use. Sustainable business practices that minimize environmental harm and promote conservation are critical components of CSR. These practices include reducing carbon footprints, managing waste effectively, and utilizing renewable resources. Effective stakeholder management involves identifying key stakeholders, understanding their interests and concerns, and engaging with them through transparent communication and collaboration. Companies use various tools and frameworks to manage stakeholder relationships, such as stakeholder mapping, which helps identify and prioritize stakeholders based on their influence and interest.