The impact stakeholders can have on a business is considerable. Suppliers, for example, can affect production, quality and costs. Shareholders can influence the direction a board may take. A business or organisation therefore needs to take account of how its actions affect its different stakeholders.
Leeds City Council is proposing changes to reduce the size of the 137-year-old Leeds Kirkgate market, the largest covered market in Europe, by 25%. The campaign group Friends of Leeds Kirkgate Market (FOLKM) said the changes would result in higher prices and would affect those most vulnerable. (BBC, 18th April 2012)
A Leeds City Council spokesperson said: ‘We have not made any decisions about the future for the market as of yet and are still in the phases leading up to the feasibility studies for a number of different options which could be considered. This will of course all be done in consultation with members of the public, traders and other stakeholders of the market.’
BT, the world’s oldest telecommunications company, focuses on developing and sustaining partnership strategies with all its stakeholders, including its customers, employees, suppliers and the wider environment.
One high profile stakeholder relationship this year is as an official sustainability partner for the London 2012 Olympic and Paralympic Games. This relationship involves not just providing the relevant services for customer, existing and new, during the Games, but also developing innovative solutions that will provide durable and sustainable networks and systems for the local communities once the Games are over.
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