ABSTRACT
The theory of stakeholding in the corporate context posits that those who participate in or are affected by the company, as individuals and groups, all merit consideration and involvement in its decision making – they have a stake in it. This quality of ‘membership’ entails responsibilities on the part of all involved, as well as the rights associated with ‘belonging’. A stakeholder philosophy starts from the premise that inclusion, social, political and economic, is a valuable concept. The mutually responsive connection of persons in the social, economic and political systems, so it is argued, produces better results for all than the depersonalised market. From the management of individual companies, the idea extends to political principles about society as a whole and economic organisation in particular. In the following comments, the concern is with the application of the theory specifically at the corporate level, but the connections and points of comparison with the political system will become evident.
