Author
Partner, Corporate, Toronto
Organizations need to respond to many different stakeholders, each with competing interests and visions for the organization. Effective stakeholder engagement can enhance a corporation’s reputation, which can sustain and support an organization in challenging circumstances and contribute to the organization’s long-term success. Failing to engage effectively with stakeholders, however, can have detrimental consequences and may even threaten the organization’s continued existence. Directors have a key role to play in overseeing stakeholder relationships.
To help board members understand their role in overseeing a company’s constructive engagement with its stakeholders, the Corporate Oversight and Governance Board of the Chartered Professional Accountants of Canada published a director briefing co-authored by corporate governance expert Andrew MacDougall, a corporate partner at Osler, and Josh Pekarsky of Longview Communications & Public Affairs.
The guide offers insight into a wide range of topics relating to stakeholder engagement, including what it is, why it is important and how it can benefit your organization.
It also provides a sample stakeholder engagement policy and practical information regarding the following:
- the role of the board versus management
- risk management and value creation
- how boards can support effective stakeholder engagement
- what success can look like
