CSR Guidelines for the Financial Sector - page 35

21
Communicationwith Stakeholders
Follow-through is important to any relationship and this certainly applies to relationships with stakeholders.Whether
or not an organization is able to implement what it has learned from stakeholders, there is an obligation to report
back, tomake it clear that stakeholder concerns and interests were heard, considered, and valued. In addition to
reporting back to specific stakeholder groups, sustainability or triple-bottom-line reporting provides companies with
an opportunity to communicate environmental, social, economic, and governance performance to awider range of
stakeholder groups. It can also involve reporting on the process of stakeholder engagement itself, providing
transparency about whowas consulted or engaged onwhat topics, andwithwhat results.
WARNING:
Organizations should keep track of any promises or commitments they havemade to
stakeholders. Promisesmade and not kept can backfire on an organizationmaking the organization and its
stakeholder engagement process incredible and invaluable.
Just like ascertaining how to engagewith stakeholders communicating back to stakeholders has to be in a
format that is clear and easily understood.
Annual sustainability reports are one of theways that a growing number of organizations around theworld
are communicatingwith stakeholders about their social, environmental and economic impacts and
performance.
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