Much has been said and written about best practice or effective stakeholder engagement. There are standards, guidelines and frameworks that governs stakeholder processes and many consultants have advised on developing stakeholder management strategies and processes. However, very little is said or advise provided on what to do when absolutely everything goes wrong during the stakeholder […]
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Human Rights Impact Assessments: An introduction and overview of a human rights due diligence processes For large projects and multinational companies, Impact Assessment Studies have become standard. Social, environmental, and health impacts are investigated using internationally accepted methodologies and are commissioned to anticipate multiple classes of challenges. Each Impact assessment normally addresses a defined area […]
Stakeholder Engagement is not a new concept. Recent reporting frameworks (GRI and IIRC) however have pushed to topic up the ladder of importance for companies as it is a specific reporting requirement in order to develop and release sustainability and integrated reports. On the upside, reporting requires companies to report annually on stakeholder engagement activities […]
Sustainability and Integrated Reporting Guidelines and Frameworks requires in-depth reporting on stakeholder relationships and engagement activities. However, it seems that companies are at a loss of how to engage, what to engage on, how to report on engagement activities and outcomes and what to do with the feedback obtained from stakeholders as a result of […]
Stakeholder Engagement – A board and governance issue: Most companies communicate with stakeholders, providing information about the organization and its products, services, and operations to shareowners, customers, staff, business partners, and suppliers. The process of communicating with these groups is one type of stakeholder engagement and the strategic importance of engagement is immediately obvious. There […]
Stakeholder management can be an effective risk management tool. But, simply engaging for purposes of reporting or compliance and governance underestimates the real value of stakeholder engagement. These days companies issuing sustainability and integrated reports do engagement half-heartedly as is evident by the meaningless tables and lists of stakeholders, the vast variety of engagement methodologies […]
There is no single engagement strategy that will work for all companies. Different types of businesses or operations will have different impacts and will therefore require different types of relationships or engagements with stakeholders. General guidelines for effective and best practice stakeholder management: Start early. Relationships take time to build. Trust and mutual respect are […]
Consultation tends to be a one-way flow of information, where a company solicits input from stakeholder groups. Stakeholder dialogue is a more robust conversation. It gives companies an opportunity to provide context for their operational issues, and also means recognizing the potential for engagement to influence the behavior of regulators, investors, consumers, competitors, and suppliers. […]
Sustainable Development Case Study – Multinational Diversified Company: We started the engagement with internal and external stakeholder engagement which was supported by global benchmarking and research. We developed the strategy with management and tested it with internal divisions.
Sustainable Development Case Study – Our client have been reporting for three years but realised that 1) their report is not regarded as best practice, rather a PR communications tool 2) there is internal disconnect with executing and measuring sustainability targets, goals and indicators 3) very little stakeholder engagement was conducted and 4) no industry benchmarks or comparisons were included.
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