The Federation of Andhra Pradesh Chambers of Commerce and Industry (FAPCCI) organized a guest lecture on ‘Stake Holders Engagement - Challenges & Strategies’ on 09th February 2012 at JSK Auditorium, Red Hills, Hyderabad. Dr. Y.R.K. Reddy, Director, Academy of Corporate Governance was the Key Speaker for this session. Mr. V.S. Raju, President, FAPCCI, Mr. Arun Kumar Dukkipati, Chairman, HR & IR Committee, FAPCCI and Mr. M.V. Rajeshwara Rao, Secretary General are the speakers at the occasion.
Dr. Y.R.K. Reddy said that the stakeholder engagement should be at the heart of any “sustainable development” agenda. Without engaging stakeholders, there can be no common enduring agreement, ownership or support for a particular project. A venture is more likely to succeed, especially in the long-term, if it takes into consideration the environment in which it operates and endeavors to meet the needs of the stakeholders affected by it. Stakeholder engagement could be viewed as a form of risk management.
Many projects, but not necessarily all, will need to engage with a wide range of stakeholder groups, each with their own concerns, needs, conflicts of interest and levels of influence. In order for the pieces of the project plan to be effective, planners and project managers need to understand who are the
Stakeholder groups, what their issues are, and what motivates them. The industrialists and entrepreneursmust address the Inform, Consult, Involve, Collaborate and Empower subjects he said.
Mr. V.S. Raju said that the underlying principle of stake holders engagement is that stakeholders have the chance to influence the decision making process. This differentiates stakeholder engagement from communications processes that seek to issue a message or influence groups to agree with a decision that is already made. Stake holder’s engagement provides opportunities to further align business practices with societal needs and expectations, helping to drive long term sustainability.