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Our approach to stakeholder engagement
Stakeholder engagement helps us understand what our stakeholders expect of us. It is a value creating activity. It contributes to risk management, learning and innovation. It also helps us to identify emerging issues and opportunities for creating new products and services and improving our performance.
As a large global business we interact with a diverse range of stakeholders. Understanding how our business impacts on stakeholders and the dynamics of our relationships is important to our business. We aim to build relationships based on trust.
Our key stakeholders include employees, customers, shareholders and the investment community, government, regulators, suppliers, media, unions, Non-government Organisations (NGOs), industry groups and associations, communities and our boards. The diagram below illustrates our key stakeholders and the types of engagement we have with them.
We use the AA1000 Stakeholder Engagement Standard and manuals to guide our approach to stakeholder engagement.
Monitoring the quality of our stakeholder relationships
Monitoring the quality of our stakeholder relationships is critical to our stakeholder engagement approach.
We use the Relationship Index (RI) to measure stakeholder relationship quality. This is a proprietary tool of Edelman Public Relations. The RI measures relationship quality on four key dimensions - trust, mutuality of control, commitment and satisfaction. It provides both qualitative and quantitative results.
The survey feedback has helped us develop stakeholder engagement strategies and improve relationships with our stakeholders. This value of this feedback is illustrated by the improvement we have seen across all relationship dimensions since we first used the survey. The survey seeks the views of five key stakeholder categories - media, civil society, opinion leaders, regulators and government.
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