The definition of a stakeholder in the corporate sense is “a member of groups without whose support the organization would cease to exist” (Wikipedia, retrieved November 2020, after Freeman, 1980). In this realm, stakeholders can include owners, managers, employees, trade unions, customers, shareholders, supply chains, and the communities related to or surrounding such structures, among others. If we extend such a perspective across society, it sees individuals, regardless of specific affiliation, as having a vested interest and the agency to act in many different aspects of their day-to-day lives. Communities, unions, school districts, religious and volunteer organizations, sports and athletic clubs, local and national politics, and the many other networks radiating out from each of these provide examples of different pools of stakeholders.
Does the concept of “citizen” in the political sense adequately embody our collective societal roles? Does something about the term “stakeholder” imply a responsibility, reciprocity, or an exchange of some sort of value? Stakeholder Theory looks at this notion from a wider, ethical perspective: “It addresses morals and values in managing an organization, such as those related to corporate social responsibility, market economy, and social contract theory” (Wikipedia, retrieved November 2020). Stakeholder engagement “is the process by which an organization involves people who may be affected by the decisions it makes or can influence the implementation of its decisions. They may support or oppose the decisions, be influential in the organization or within the community in which it operates, hold relevant official positions or be affected in the long term” (Wikipedia, retrieved November 2020).
Could a stakeholder perspective be adopted by different facets of society? How might people become engaged in the larger social spheres, beyond the ballot or suggestion box? In the business world, academic Michael Porter proposes moving beyond social responsibility to the idea of Creating Shared Value whose central premise “is that the competitiveness of a company and the health of the communities around it are mutually dependent” (Wikipedia, retrieved November 2020).
“The principle of shared value creation cuts across the traditional divide between the responsibilities of business and those of government or civil society. From society’s perspective, it does not matter what types of organizations created the value. What matters is that benefits are delivered by those organizations – or combinations of organizations – that are best positioned to achieve the most impact for the least cost”, and thus create “a positive cycle of company and community prosperity” (2011, p. 12).
Shared value creation underscores the relevance of the third, social, balancing leg of sustainability practice. Given the increasing role that technology plays in our lives, has surveillance capitalism sidestepped all opportunity for social responsibility and shared value creation in treating us not as stakeholders in any grander social vision, but rather as taunted data points in some massive marketing miasma? Professor and Director of the Citizen Lab Ronald Deibert makes the case for a reset of the internet and a rethink from first principles (2020).
Does the notion of value more generally warrant scrutiny in light of the apparent increasingly and often unpredictably shifting nature of our present day socioeconomic landscape? Do the things we have come to attach value to, for instance social status and material wealth, really matter? Do they provide genuine happiness and peace? Moreover, how can we articulate and reconcile our values as a society, and as member nations of a planet, so that we can best face the challenges, both exciting and daunting, that undoubtedly lie ahead?
Ayed, N., & Deibert, R. (2020, November 16). Reset. Ideas @ CBC Radio [mp3 audio interview] retrieved from https://www.cbc.ca/radio/ideas/what-happened-to-the-promise-of-the-internet-it-s-time-for-a-reset-says-ron-deibert-1.5801268
Kramer, M., & Porter, M. (2011) Creating Shared Value. Harvard Business Review, January-February (pp. 1-18)