Meaningful stakeholder engagement: Bottom-up initiatives within global governance frameworks

Abstract

Global sustainable governance frameworks such as the Sustainable Development Goals, United Nations Guiding Principles on Business and Human Rights and OECD guidelines for multinational enterprises are already being implemented by multiple actors. These frameworks emphasize the significance of meaningful stakeholder engagement for their effective implementation. Whilst acknowledging the shortcomings and inherent tensions of these frameworks within a neoliberal world order, we also feel it is appropriate to offer guidance in the hope of ensuring a more socially equitable implementation. We call for institutional investors and businesses to engage more with bottom-up approaches to stakeholder engagement where affected groups lead such initiatives. By doing so it would allow private sector actors to have 'meaningfully' engaged with stakeholders as opposed to merely listening. Ultimately, we contend, stakeholder engagement can lead to investment agendas to be included in people's agendas to improve their livelihoods.