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CORPORATE GOVERNANCE AND STAKEHOLDER MANAGEMENT - Coggle Diagram
CORPORATE GOVERNANCE AND STAKEHOLDER MANAGEMENT
Stakeholders
Creditors
Payment on time, assurance of continued realtionship
Customers
Payment of interest, repayment of principal
Suppliers
Payment on time, assurance of continued realtionship
Government
Taxes, compliance with regulations
Employees
Wages, benefits, safe working environment, job security
Communities
Good citizenship behavior such as charities, employment, not polluting the environment ,etc
Stockholders
Dividends, capital appreciation
stakeholder management
a firm’s strategy for recognizing and responding to the interests of all its salient stakeholders.
Corporate Governance
the relationship among various participants in determining the direction and performance of corporations
Shareholders
owners
Board of Directors
Elected by the shareholders to represent their interests
Management
Headed by the chief executive officer
Environmental Sustainability
For many successful firms, environmental values are now becoming a central part of their cultures and management processes
Social Responsibility
the expectation that businesses or individuals will strive to improve the overall welfare of society.
THE STRATEGIC MANAGEMENT PERSPECTIVE: AN IMPERATIVE THROUGHOUT THE ORGANIZATION
No longer can organizations be effective if the top “does the thinking” and the rest of the organization “does the work.” Everyone must be involved in the strategic management process. There is a critical need for three types of leaders:
Executive Leaders
who champion and guide ideas, create a learning infrastructure, and establish a domain for taking action.
Internal Networkers
who, although they have little positional power and formal authority, generate their power through the conviction and clarity of their ideas.
Local Line Leaders
who have significant profit-and-loss responsibility.