Exploring broad value creation in mining - Corporate social responsibility and stakeholder management in practice
Kabelo Esther Rathobei, Helena Ranängen, Åsa Lindman
Abstract
In today's business landscape, corporate social responsibility is important as companies are expected to integrate social and environmental considerations into their operations and interactions with stakeholders. This involves adhering to codes of conduct, producing sustainability reports, and actively engaging with local communities. As a result, sustainable business models have gained prominence, focusing on societal concerns, environmental consciousness, and financial viability. While stakeholder management is recognized as vital in sustainable business models, there remains a gap in understanding how to implement stakeholder management within this business model effectively. This study uses sustainability reports from major mining and mineral firms to explore how stakeholder management practices might be used to benefit a wider variety of stakeholders. It provides information about stakeholder prioritisation, engagement, and sustainability communication strategies. While these companies attempt to address stakeholders' environmental and social concerns, the study recommends a proactive approach that widens stakeholder engagement, includes secondary stakeholders, leverages shared interests, and enhances stakeholder management reporting to maximize the impact of broad stakeholder value creation in sustainable business models to foster sustainable development.