CSR Guidelines for the Financial Sector - page 33

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Different types of stakeholders will have different preferences for how they prefer to interact with an organization.
Some of the different forms of communicationwith stakeholders are in varying degrees of personalization:
Using Information from Stakeholder Engagement
Stakeholder engagement provides valuable information that could produce a shift in an organizations thinking or
practice. It is necessary that all employees involved in the stakeholder engagement process are clear about the
processes, objectives and commitmentsmade as they are often at the front line of the stakeholders.
Increasingly, organizations aremoving from informing and responding to involving stakeholders’ directly in projects.
Example
InMorocco, LaFargeCement involved communitymembers in the process of finding a new location for a cement
plant.While the company generally attempts to reduce impact on the environment and demonstrate benefits to the
local economy, the public often views cement plants as noisy and destroying landscape. LaFarge’s Tetouan cement
plant, whichwas originally built at the edge of the town, had come to be located right in themiddle as the town
grew. The plant was also aging, so LaFarge decided to build a new facility. Visits to nearby sites were organized for
residents so they could evaluate the level of nuisance. After several rounds of discussions, the new plant wasmoved
a few kilometers away from its original site and openedwith universal acceptance from the community.
How does an organization determinewhich stakeholder interests and concerns it should try to address?
An organizations responsibility is not tomanage stakeholders, therefore, it is important that an organization is clear
about how it determines which stakeholder interests and concerns it will try and address.
An organizationmust meet its economic responsibilities (being profitable) and its legal responsibilities (being in
compliancewith government regulations). Stakeholder interests that conflict with these responsibilities cannot
reasonably be pursued in the short term. Long-term plans, such as working to change legal requirements, can be
considered.
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