stakeholder engagement

Stakeholders are individuals or organizations with an interest in the success or failure of a project or entity. Potential stakeholders in a company may include customers, clients, employees, distributors, wholesalers, retailers, suppliers, partners, creditors, stockholders (shareholders), communities, government courts and departments (city, state, federal, and international), banks, media, institutional investors and fund managers, Labor Unions, Insurers and re-insurers, NGOs, media, business groups, trade associations, competitors, the general public, and the environment (local, regional, and global).

Different stakeholders can exercise different types of power, including: voting, legal, economic, and political, and can form coalitions with others. Sustainable organizations should identify stakeholders and maintain dialog with them in order to better understand how to help address stakeholder concerns, operate more effectively, and make better strategic and tactical decisions.