Notably, the management of stakeholder relations is increasingly subject on the agenda of top management teams. However many pitfalls remain in establishing fruitful stakeholder relations that work to the benefit of business and society alike. Dr. von Kimakowitz argues, that establishing dialogue with diverse stakeholders at eyelevel, respecting the power of the better argument superseding the factual power of the stakeholder and establishing open communication channels is vital for stakeholder engagements to succeed.
Furthermore he deems it necessary to consummate the paradigm change towards the integration of ethical reflection in managerial decision making to see substantive progress in achieving sustainable business conduct.
Conversely the legal and regulatory framework matters and over the last decades we have observed constant deregulation. This has not worked to the benefit of society at large leading to the expressed view that the aforementioned paradigm change needs to be coupled with, not necessarily more, but more stringent regulation of private sector activities.
You can also watch the video in Spanish in five parts