![]() Pro mote s stak eho lder engagemen t as a desirabl e accountab ility practice to be adopted and implemented by corporations. ![]() Therefore, stakeholder engagement repre- sents the process of stakeholders’ inclusion within the main decisions and operations of a company and the obligation that the company has to be accountable toward its stakeholders. In terms of accountability, stakeholders are defined as all thos e groups and orga nization s upon wh ich th e bu si ne ss op er at io ns ha ve a ce rt ain impact. Inclusivity, materiality and respon- si ve ne ss re pr es en t th e ma in gu id el in es fo r accountability assurance and stakeholder engage- ment. The AA 100 0 standard for setting accountability principles clar- ifies the notion of responsiveness that takes the fo rm of co mm un ica ti ng st ak eh ol de r di alo gu e rega rdin g soc ial, eco nom ic, and envi ronm enta l performance. ![]() Ma teri alit y is beli eved to impa ct corp o- rate decisi ons and per for manc e. The same standard defines ma te ria lit y as th e de gr ee of imp or ta nc e of a ce rt ain item in the eyes of stakeholders and the corpora- tion itse lf. The mean ing goes beyo nd stak ehol der engagement as it not only analyzes the impact on so ci et y, env ir on me nt, an d ec on om y, bu t it se ek s to discover new solutions and directions upon sus- tainability, considering the perspective of stake- holders on the matter. ![]() In additio n, inclus ivity means accountabili ty from the side of corporations for their actions and oper- atio ns. Men- tions the common effort of organizations along with their stakeholders for establishing equilib- rium between people, planet, and profit (3Ps) that is enh anc ing bett er sus tai nabi lity prin cipl e. ![]()
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