Answer to Question #226784 in English for Wandile

Question

Explain the relationship between stakeholder engagement and corporate social responsibility.

Answer 1

Stakeholder engagement is a key part of corporate social responsibility (CSR) and achieving the triple bottom line. Companies engage their stakeholders in dialogue to find out what social and environmental issues matter most to them and involve stakeholders in the decision-making process. By engaging with stakeholders, as part of your processes for CSR reporting, organizations can ensure their materiality assessment is robust and inclusive in that it drives Innovation by engaging stakeholders, organizations are able to identify new business opportunities as information flow is improved. CSR prioritizes one aspect of business its orientation toward the society at large via its social orientation over the other business responsibilities. Stakeholder theory posits that the essence of business primarily lies in building relationships and creating value for all its stakeholders.