Stakeholder Thinking

Abstract

This chapter describes two convictions: that ethical values in any society must ultimately be oriented towards the common good and that, in the arena of business ethics, there is a non-contingent connection between ethical values and 'stakeholder thinking', broadly interpreted. It explores an interpretation of 'stakeholder thinking' that might both clarify the idea and make it practical. The chapter suggests that there were some significant barriers to both clarification and practicality. It shows how stakeholder thinking can be translated into a set of aspirational principles for guiding corporate conduct worldwide. The chapter aims to reveal the sometimes paradoxical nature of that non-contingent connection, while describing a concrete tool for fostering stakeholder thinking in business enterprises. Many believe that 'stakeholder thinking' is important because it is through this kind of thinking that specifically ethical values enter management decision-making. Any rational decision-making process includes such steps as: gathering information, sorting, weighing, integrating and, eventually, acting on the processed information.

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