The Clarkson Principles for Stakeholder Management
The Clarkson Principles originate from four conferences which were hosted through the Centre for Corporate Social Performance and Ethics in the Faculty of Management.
The Clarkson Principles of Stakeholder Management present an early level general awareness of corporate governance concerns that have been widely talked about in connection with the business scandals of 2001-2003.
Principle 1
Managers should actively monitor and acknowledge the concerns of all legitimate stakeholders and should have their interests suitably into account in operations and decision-making.
Principle 2
Managers should listen and clearly communicate with stakeholders regarding their respective concerns and contributions and regarding the risks that they assume due to their participation with the corporation.
Principle 3
Managers should follow processes and means of behavior which are sensitive to the capabilities and concerns of each stakeholder constituency.
Principle 4
Managers should distinguish the interdependence of rewards and efforts among stakeholders and should seek to accomplish a fair distribution of the benefits and loads of corporate activity among them.
Principle 5
Managers should work concerted with other things, both private and public to check that harms and risks originating from corporate activities are reduced and where they cannot be kept off, appropriately compensated.
Principle 6
Managers should kept off altogether activities which might threaten inalienable human rights or make rise to risks which, if distinctly understood, would be evidently unacceptable to applicable stakeholders.
Principle 7
Managers should recognize the potential differences between (a) their own purpose as corporate stakeholders and (b) their moral and legal responsibilities for the sake of stakeholders and should deal such differences through appropriate reporting, open communication and incentive systems.
The Clarkson Principles should be regarded as "meta-principles", requiring and encouraging management to formulate more peculiar stakeholder principles and then to implement those in conformity with the Principles.
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