Giving Compass' Take:

• Here are five steps that are part of a strategic approach to enhance stakeholder engagement on environmental, social, and governance issues in companies.

• What are ways that this approach can inform your company's ESG engagement practices? Is your company interested in garnering support from stakeholders on CSR initiatives?

• Learn more about how corporations can inspire social good.

In 2019, the landscape of digital communication, international agreements and investor expectations makes stakeholder engagement more important than ever: Digital and social media amplify voices of the public, including civil society organizations; international agreements such as the UN Guiding Principles and Sustainable Development Goals have been established and globally accepted; and investors are significantly more focused on company approaches to environmental, social, and governance (ESG) issues, which in turn necessitate consideration of all stakeholders, not just shareholders.

This report aims to provide a comprehensive toolkit that incorporates the latest thinking while maintaining the clarity and practicality of our five-step approach:

  • Engagement Strategy: Set vision and level of ambition for future engagement, and review past engagements.
  • Stakeholder Mapping: Define criteria for identitfying and prioritizing stakeholders, and select engagement mechanisms.
  • Preparation: Focus on long-term goals to drive the approach, determine logistics for the engagement, and set the rules.
  • Engagement: Conduct the engagement itself, ensuring equitable stakeholder contribution and mitigating tension while remaining focused on priorities.
  • Action Plan: Identify opportunities from feedback and determine actions, revisit goals, and plan next steps for follow-up and future engagement.

Read the full article about approaches to stakeholder engagement by Alison Taylor, Charlotte Bancilhon, and Cecile Oger at BSR.