In the face of increasingly stringent regulatory requirements, rising global acceptance of the United National Sustainable Development Goals, non-financial disclosure becoming essential to institutional investors, and the rapid development of digital media and information dissemination, companies are forced to enhance their transparency in response to the rising expectations of various types of stakeholders. It is imperative that corporates develop effective stakeholder engagement strategies to understand stakeholders’ demands and to identify and prioritize key stakeholders.
Engagement plans can then be developed and implemented to collect stakeholders’ views, in which corporates can identify potential business opportunities and risks, and develop plans that transform stakeholders’ insight into action. Corporates should always follow-up with stakeholders to prepare for further engagement.
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