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What Is Stakeholder Engagement?
Community and stakeholder engagement is a formal process through which companies
and organizations engage with their stakeholders and other interested parties in
an effort to:-
- align mutual interests;
- reduce risk; and
- satisfy issue management and legislative/regulatory
requirements.
It also assists in advancing an organization's triple bottom line
– especially a company's social performance.
Stakeholders comprise a very wide set of constituents - from those who impact to
those who are impacted.
Benefits gained from engaging with stakeholders can include (but are in no way limited
to):-
- reduced costs - legal, regulatory, complaince
- licence to operate
- improving or strengthening monetary value (shares)
- increased orgizational effectiveness
- improved community stature
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