Unit 4 - core stakeholders

Accounts of which groups and individuals may be considered to be stakeholders vary, but most would agree with Wood’s (1995) categorisation of core stakeholders as:

a.            Constituents on whose behalf the organization exists and operates, e.g., business owners or voluntary association members;

b.            Employees who conduct the organization’s affairs;

c.             Customers who receive the goods or services the organization produces;

d.            Suppliers who provide the input materials for the organization’s activities; and

e.            Government that guarantees an organization’s rights and privileges, enforces its responsibilities, and regulates its behaviours through political processes.

Organizations have many other stakeholders, including:

·         local communities

·         competitors

·         media

·         financial analysts

·         markets

·         financial institutions

·         voluntary organizations

·         environmental and consumer protection groups

·         religious organizations

·         military groups

·         political parties or factions.

 (Wood, 1995, p. 529)