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The financial crisis of 2008 adversely affected global economies due to a focus on performance at the expense of everything else. However, we are now living in a world where the focus on the shareholder is shifting to a focus on the stakeholder because you cannot enrich the shareholder at the expense of the other stakeholders: employees, consumers, regulatory bodies and society.
Stakeholder management means that in order for a business to be sustainable and prosper, it has to produce profits over time, but that should not be its sole purpose; the focus has to shift to the whole rather than its parts. Continue reading