Stakeholder Engagement

The company discloses how the socially and economically relevant stakeholders are identified and integrated into the sustainability process. It states whether and how an ongoing dialogue takes place with them and how the results are integrated into the sustainability process.

09
How your company is seen and perceived by stakeholders can have a major influence on its business success. With their respective areas of expertise, stakeholders can help your company develop sustainability goals and solutions to sustainability problems. For example, suppliers can support the development of more sustainable products (see criterion 10). Stakeholders can additionally help you understand how you are perceived externally and react to market and societal developments in good time. This goes hand in hand with a suitably appreciative attitude towards these groups in order to foster such solution-oriented relations. Conversely, if little attention is paid to stakeholder management, stakeholders can also hinder a company in its activities and ongoing development, for example with employees simply doing the bare minimum, various stakeholders criticising your company or your products and services, or with legal action being taken immediately, rather than engaging in solution-oriented dialogue.

What needs to be borne in mind?
The focus here is on dialogue and cooperation. It is obviously important that you provide your company’s stakeholders with information about your contribution to sustainable development. Additionally, this criterion enquires about what form you give regular dialogue and how you use it to incorporate your stakeholders’ points of view and constructive criticism into your corporate processes. Examples of stakeholder engagement include internal newsletters, talks with the employees (see criterion 14), regular customer meetings, regular cooperation with media representatives and annual stakeholder days. Also state who from within the company participates in the dialogue formats and how you incorporate the findings into your company’s sustainability management.
 
Aspect 1:
State whether the company’s most important stakeholders have been identified and, if so, by what method.

Aspect 2:
Describe who these stakeholders are.

Aspect 3:
Describe what form you give dialogue with the stakeholders and how the results of this dialogue are used to further develop your company’s sustainability management.
Stakeholders are individuals or groups associated with the company who either have a bearing on its business activities or are influenced by its business activities, e.g. business partners, employees, clients and suppliers as well as municipalities, parties, associations, government bodies, non-governmental organisations, etc. (see criterion 2). A distinction is made between internal stakeholders, i.e. groups of people within the company (e.g. employees, executives, union representatives) and external stakeholders, in other words interest groups outside of the company (e.g. local residents, associations, media, competitors).

The sustainability process is the development and implementation of your company’s sustainability strategy.

Compare

Do you already know this function? Using the Code database, you can compare answers from different users and read what companies reported on individual criteria and performance indicators.
  More information