A business is the expression of complex and dynamic interests and expectations of many stakeholders, all of whom are brought together by the pursuit of the common purpose of stakeholder value creation and capture. Any individual or collective that is affected by the value-creation endeavours of a business qualifies to be a stakeholder of the business.

Stakeholders can be internal to the business — such as employees, shareholders, board members, customers and suppliers — or external, such as the government, media, labour and communities. Stakeholders wield enormous power over a business and its ability to exist and prosper. Their individual or collective actions and concerns present considerable business risk, especially if not attended to proactively and effectively...

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