MGT 3211 Lecture Notes - Lecture 4: Fiduciary, Stakeholder Management, Task Management
Document Summary
What"s wrong & what"s right with stakeholder management -- boatright. Has been expressed most often in the moral prescriptions that managers, in making decision, ought to consider the interests of all stakeholders. Focus attention on only one stakeholder ignores others they ought to serve. Whether it is incompatible with an alternative to the prevailing form of corporate governance, or whether it is a guide followed within corporations as they are currently legally structures. Sense of groups who can affect or are affected by the activities of the firm. Corporate governance: shareholders ought to have control, managers have a fiduciary duty to serve shareholder interests alone, that the objective of the firm is to maximize shareholder wealth. Traditional stakeholder groups interact with a business organization or firm as input providers. Contracts and legal rules provide protection only when the situation likely to be encountered can be anticipated and the ways of proceeding in each situation can be specified.
