In June I reached out to Trevor Manuel and Peter Moyo after Moyo’s sacking by Old Mutual. My interest in the matter was informed by my stakeholder role in Old Mutual and an expectation that it and other companies that find themselves in similar positions should be proactive in paying attention to all stakeholders.

In an academic paper published by Edward Freeman in 1984 on stakeholder theory, he contends that it provides a vehicle for connecting ethics and strategy. Firms that diligently seek to serve the interests of a broad group of stakeholders will create more value over time...