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In touch boards: reaching out to the value critical stakeholders

In touch boards: reaching out to the value critical stakeholders Purpose – The purpose of this paper is to show how boards can get in touch with their value critical stakeholders, those who can make or break the company. Design/methodology/approach – The paper first develops the hypothesis that boards often are out of touch with reality. It then introduces the concept of value critical stakeholders and proposes that boards introduce an outreach program to get in touch with them. For each of the proposed five elements in an outreach program, the paper reviews what boards already are doing to be in touch. Findings – The review of existing practice shows that for each of the elements in an outreach program, there is enough practice available for boards to develop a comprehensive approach to get in touch with the value critical stakeholders. Social implications – To prevent a future governance crisis, get in touch and promote long‐term value creation, boards need an explicit program of reaching out beyond the boardroom, not only to the immediate stakeholders, but also the societal stakeholders, who can make or break the company. This paper shows how it can be done. Originality/value – The paper introduces the new concept of value critical stakeholders and describes how it can be used to help boards get in touch with reality. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Corporate Governance Emerald Publishing

In touch boards: reaching out to the value critical stakeholders

Corporate Governance , Volume 11 (5): 8 – Oct 18, 2011

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1472-0701
DOI
10.1108/14720701111177000
Publisher site
See Article on Publisher Site

Abstract

Purpose – The purpose of this paper is to show how boards can get in touch with their value critical stakeholders, those who can make or break the company. Design/methodology/approach – The paper first develops the hypothesis that boards often are out of touch with reality. It then introduces the concept of value critical stakeholders and proposes that boards introduce an outreach program to get in touch with them. For each of the proposed five elements in an outreach program, the paper reviews what boards already are doing to be in touch. Findings – The review of existing practice shows that for each of the elements in an outreach program, there is enough practice available for boards to develop a comprehensive approach to get in touch with the value critical stakeholders. Social implications – To prevent a future governance crisis, get in touch and promote long‐term value creation, boards need an explicit program of reaching out beyond the boardroom, not only to the immediate stakeholders, but also the societal stakeholders, who can make or break the company. This paper shows how it can be done. Originality/value – The paper introduces the new concept of value critical stakeholders and describes how it can be used to help boards get in touch with reality.

Journal

Corporate GovernanceEmerald Publishing

Published: Oct 18, 2011

Keywords: Corporate governance; Boards; In‐touch; Reality; Stakeholders; Stakeholder analysis; Company performance

References

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