Influence of Stakeholders on Encouraging Responsible Business Essay - 1

Influence of Stakeholders on Encouraging Responsible Business Practices - Essay Example This research will begin with the statement that in the business world, stakeholders constitute of any group or an individual who has an effect or can be affected by the achievement of the business objectives. They include managers, business corporates, shareholders, corporation and the entire business management. These stakeholders play a critical role in promoting responsible business practices by instituting legitimate business ethics. Business practices range from social to economic perspectives. For most businesses, there are values, responsibilities and sustainability issues that are under consideration. As a result of these factors, business management comes up with a variety of ways to ensure responsible business practices as seen in the research study by Olson. The business world has come under criticism that it is to blame for global warming, carbon dioxide emissions, deforestation, and pollution. To prove the critics wrong, Cohen states that the stakeholders have begun a f ight to reduce global warming and carbon emissions. The green movement has come in to promote the growth of trees. It also helps in educating the public in regard to the emission of carbons. The stakeholders meet annually in Rio de Janeiro for the earth summit. Worldwide campaigns regarding proper business ethics are underway to ensure that businesses reduce pollution and global warming. Apart from the green movement, the stakeholders have stipulated strict rules within their businesses to ensure that there is proper waste disposal. The stakeholders came together in 1997 to sign the Kyoto protocol so as to control the rate of waste disposal as stated in the research study by Kotler & Lee. Stakeholders are now forming various groups to promote responsible business practices. Such corporate groups include the WWF, Friends of the Earth, the Greenpeace as well as the Green Party. These groups play a considerable role in ensuring that business entities protect the environment and consequ ently lead to responsible business practices.