1. Internal stakeholders:
2. External stakeholders:
Administration of Stakeholders
1. The management of delivery of the projects handled by a company.
2. Management needs the authorities to build a positive relationship with the stakeholders.
3. Stakeholder theory works as a fundamental for building a management Program for the stakeholders.
Steps To Follow For Stakeholder Management
1. Interactions with the stakeholders
2. Cooperating with the stakeholders and analyzing their needs
3. Examine the concerns the stakeholders have
4. Circumvent the conflicts that interfere with the human rights
5. Keeping the conflicts against the stakeholders in check
6. Address the stakeholders interdependency.
7. The mode of behavior of stakeholders should be adapted.
OECD Guildlines For Corporate Governance
Organization for economic co- operation and development- forum to address social environmental and economical problems that take place as a consequence of globalization of the companies.
Utilization of oecd principles for multinational companies like optus:
- Revision of the practices and rules that are followed by companies
- Involves the ways in which the company manages the stakeholders
- Most of the departments of management require to follow up the principles for betterment of the process.
Corporate Social Responsibility
The responsibility that a company has to maintain a feasible social environment is termed as Corporate social responsibility (CSR)
Carroll’s Corporate Social Performance Cube
Ethics in Bussiness
Importance of business ethics: the conduct of a company’s stakeholders and business requires the organization to follow certain curriculums for minimizing the occurrence of deviation from human rights.
Theories related to business ethics:
- Kantian ethics (normative deontological theory)
- Ethics of care (normative teleological theory)
The two theories discussed are non- consequential Next two theories are non- consequential
1. The government should take legal step against Optus as it is not fulfilling the service it has promised to the customers.
2. The project should be ceased if it cannot stand to its words.
3. The management of the company should work in a righteous way, so that the customers get the service they were previously offered.
4. To maintain a positive relationship with the customers, the company should officially apologize to the customers.
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Siltaoja, M.E., 2014. Revising the corporate social performance model–towards knowledge creation for sustainable development. Business Strategy and the Environment, 23(5), pp.289-302.