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Explain the concept of stakeholder economy It is a stakeholder economy in which opportunity is available to all advancement is through merit and from which no group or class is set apart or excluded Blair January 1996 A stakeholder economy is not about tying companies up in red tape But it is about changing the culture of our industry so that we can compete on the basis of quality and not only cost on the long-term as well as the short-term on trust not simply a quick buck There is no future for Britain as a low skill low tech low wage economy We need to make our economy strong by providing opportunities for all in a world of change To unite our broken society To give power to the people Blair February 1996 A stakeholder economy is one in which business pays more attention to the various individuals or groups that influence it Managers must recognise that stakeholders all have influence and not just owners and shareholders Stakeholders include shareholders employees customers suppliers the local community society at large past and future generations Business accepts social obligations towards their employees and society at large as well as the shareholders Decisions of a capitalist firm must reflect the interests of its employees suppliers and the localities in which it operates Goal is to change the focus of business decision making so that social interests not only direct shareholders interests are taken into account Employees should be represented on remuneration committees Institutional investors should be required actively to vote their shares Actions and potential actions of government must be monitored and considered More businesses need to be established for the benefit of stakeholders groups rather than investors A move towards a stakeholder economy would imply radical changes in company law financial system industrial relations and relationship between central and local government The role and status of
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