Abstract
While multi-stakeholder engagement is critical to achieving the Sustainable Development Goals (SDGs), there is less understanding in the literature about how the private sector can enhance such engagement at an institutional level. In this study, we examine the case of LG Electronics (LGE), one of South Korea’s most sustainable firms. This case study highlights the key strategies that LGE employed in engaging stakeholders for the SDGs, with a focus on stakeholder scope and engagement over three phases: (1) stakeholder communication; (2) stakeholder involvement; and (3) stakeholder engagement. In addition, this paper emphasizes governance mechanisms that facilitated more effective stakeholder engagement, including the company’s Corporate Sustainability Management (CSM) strategies, CSR Committee and Sustainability Management Council. These findings also highlight the usefulness of the common language provided by the SDGs in stakeholder engagement and provide practical implications for the private sector in contributing to the shared global agenda.
Highlights
The Sustainable Development Goals (SDGs) represent an ambitious development agenda that is far-reaching and comprehensive in its aims, but unlike the preceding Millennium Development Goals (MDGs), highlights the centricity of partnerships in achieving the goals [1,2]
We examine the evolution of multi-stakeholder engagement for the SDGs at LG Electronics, one of South Korea’s largest consumer electronics firms and one that consistently ranks as one of the country’s most sustainable companies [15]
Given the contributions of case studies, such as that by Fleming et al [60] which helped uncover that SDG awareness was an important motivation for SDG engagement, this particular case study on LG Electronics (LGE) aimed to highlight the importance of stakeholder participation and specific mechanisms that encouraged stakeholder engagement in contributing to the LGE’s initial interest in the UN MDGs was at the request of the UN agency and international NGOs
Summary
The Sustainable Development Goals (SDGs) represent an ambitious development agenda that is far-reaching and comprehensive in its aims, but unlike the preceding Millennium Development Goals (MDGs), highlights the centricity of partnerships in achieving the goals [1,2]. The 17 goals to be achieved by 2030 encompass traditional development objectives, such as no poverty (Goal 1), zero hunger (Goal 2) and quality education (Goal 4), but they touch on issues that are relevant in both developing and more developed economies, such as industry, innovation and infrastructure (Goal 9) and sustainable cities and communities (Goal 11), as well as climate action (Goal 13) among others While this means that successful multi-stakeholder engagement is critical to achieving the SDGs, there is less understanding in the literature about how the private sector can enhance multi-stakeholder engagement at an institutional level. We face an urgent need to better understand how firms can engage with stakeholders to achieve the SDGs and what obstacles need to be overcome
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