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Category 5: Stakeholder Relationships - Coggle Diagram
Category 5: Stakeholder Relationships
Stakeholders:
Principle16. In the execution of its governance role and responsibilities, the GB should adopt a stakeholder-inclusive approach that balances the
needs, interests and expectations of material stakeholders in the best interests of the organisation over time
The GB should exercise ongoing oversight of stakeholder relationship management and make sure that the following occurs:
a. methods for identifying individual stakeholders and stakeholder groups
b. determine which stakeholders will be considered as material (extent to which they affect or are affected by the organisation)
c. stakeholder risk should be part of risk management on an organisational-wide basis
d. formal ways for engagement and communication with stakeholders (including dispute resolution)
e. Ways to measure the quality of stakeholder relationships and how to respond to the outcomes
Disclosure:
a. overview of mechansisms, policies etc
b. key focus areas for the year
c. monitoring and how outcomes were addressed
d. planned future focus areas
The GB should oversee that an organisation which is a company encourages proactive engagement with its stakeholders, including at its AGM
The GB should delegate the implementation and execution of effective compliance to management
All GB members (directors) should be available at the AGM to answer shareholder queries
The GB should approve policy that gives affect to the direction
External audit firm's partner must attend AGM
Board should ensure that the shareholders are treated equitably and that the interests of minority shareholders are protected
The GB should take responsibility for stakeholder relationship governance by setting the direction for how this should be approached in the organisation
Minutes of AGMs of listed companies should be publically available