Anaya Nolan
A stakeholder is an individual or group with an interest in a company or project, often financial. They can be internal or external to an organisation. Internal stakeholders are those with a direct relationship with the company, such as employees, owners, or investors. External stakeholders are those outside of the company who are affected by its decisions, including customers, suppliers, and government agencies. In the context of common law, the main stakeholders are legislators, consumers, manufacturers, retailers, regulatory agencies, and analysts. Legislators require information to inform consumers, facilitate trade, and prevent fraud. Consumers need information to make informed choices, while manufacturers and retailers require data to differentiate and sell their products, comply with regulations, and enable product traceability. Regulatory agencies and analysts are responsible for ensuring that regulatory standards and labeling regulations are met.
| Characteristics | Values |
|---|---|
| Internal stakeholders | Employees, project managers, boards of directors, donors, investors, owners |
| External stakeholders | Customers, suppliers, government agencies, creditors, labor unions, community groups, the public |
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What You'll Learn
Legislators, consumers, manufacturers, and retailers
Legislators play a crucial role in the common law system as they are responsible for creating and amending laws. They discuss and debate issues of major importance to society and vote on proposed laws. Legislators can also hold the executive branch accountable through various mechanisms, such as hearings, questioning, and votes of confidence. In a democracy, legislators are typically elected by the citizens they represent. The specific roles and processes can vary depending on the country and the type of legislative system in place. For example, in a bicameral legislature, there is usually an upper house and a lower house, with the upper house often having a more advisory role.
Consumers are external stakeholders who interact with and are affected by the products and services provided by businesses. They are a critical part of the retail sector, where marketing activities are targeted to encourage purchases and ensure consumer satisfaction. Consumers' interests are protected by laws that ensure fair competition and consumer protection. For example, in Peru, there is a Law against Unfair Competition and a Consumer Protection and Defense Code. Consumers can also influence businesses through their purchasing decisions and by expressing their opinions.
Manufacturers are directly involved in the production of goods and are responsible for ensuring that their products meet legal requirements and are safe for consumers. They must comply with various manufacturing laws and regulations, including those related to workplace safety, human resources, and product liability. Failure to comply with these laws can result in lawsuits and damage to the manufacturer's brand and reputation. Manufacturers also need to be aware of international risks and the legal requirements of other countries if they operate globally.
Retailers are the link between distributors and consumers in the retail sector. They are involved in the sale of products and services directly to consumers, often in small quantities. Retailers need to comply with various laws and regulations, including real estate law, administrative law, corporate law, finance law, and tax law. They also need to consider unfair competition and advertising laws to ensure their marketing campaigns are legal and ethical. Environmental law is another important aspect, especially for retailers promoting sustainable practices and products.
Overall, legislators, consumers, manufacturers, and retailers all play distinct but interconnected roles in the common law system, each with their own rights, responsibilities, and interests.
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Regulatory agencies and analysts
In the United Kingdom, regulatory agencies and analysts work within three distinct legal powers: England and Wales (English law), Scotland (Scots law), and Northern Ireland (Northern Ireland law). Each of these jurisdictions has its own unique law and legal system, and regulatory agencies and analysts within them play a vital role in ensuring compliance and protecting consumers' rights.
The role of regulatory agencies and analysts is also important in influencing retailers and consumers to adopt more sustainable practices. They can exert pressure through direct action or by encouraging consumers to demand improved sustainability. This dual approach helps to ensure that businesses operate within the framework of environmental, sustainability, and governance (ESG) values, which are increasingly important to consumers and investors.
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Employees and investors
Employees may be paid by the hour, week, or month, and they may receive certain benefits such as health insurance, sick leave, vacation pay, or retirement contributions. They are often granted benefits that independent contractors are not, such as health insurance and retirement plans. Employers are responsible for withholding and paying Medicare and Social Security taxes, as well as unemployment insurance on wages paid to common-law employees.
Investors, on the other hand, are individuals or groups with a financial interest in the success of a company. They may be shareholders who invest in organisations in exchange for financial returns and voting power in major decisions. They are significantly affected by a company's performance and may seek to influence its operations to protect their investment.
Both employees and investors play crucial roles in the success of a company. Employees are the workforce that carries out the day-to-day tasks and operations, while investors provide the capital necessary for the company's growth and development. The interests of these two stakeholder groups may not always align, and managing their expectations is a key challenge for companies.
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Suppliers and creditors
Suppliers
Suppliers are vendors that supply materials, products, services, and resources to organisations. They are necessary for the activity of their clients. For example, a company that sells oranges to a juice factory can be considered a supplier. In turn, the juice company that sells to supermarkets for end customers is also a supplier. Suppliers are recorded as purchases on a company's books.
Creditors
Creditors are individuals or organisations that are owed money by a company. They supply other goods and services that are not necessary for production and are not directly related to the company's activities. Creditors lend money to an organisation to be paid back with interest, or provide assets or services in exchange for payment. They are recorded as expenses on a company's books. There are many types of creditors, including pledged, mortgage, unsecured, and hereditary creditors.
A supplier can become a creditor when a company purchases goods or services on credit. In these arrangements, the supplier becomes a trade creditor. It is important to differentiate between suppliers and creditors in a company's accounting, as this can help to keep an up-to-date inventory, correctly record expenses, and better reflect the financial picture of the company.
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Communities and governments
Communities
Communities are invested in the success of local businesses, which create jobs and contribute to the local economy. They also have an interest in the health and safety of local businesses and their compliance with environmental standards. Communities are also impacted by zoning regulations, which can have economic consequences for their members.
Community members with specific expertise or respected standing can have a strong influence on other community members, and their support or opposition to a project or development can be pivotal.
Governments
The government is an external stakeholder that can directly impact businesses and communities through policy changes. For example, a change in carbon emissions policy will affect businesses that burn fossil fuels. Governments also collect taxes from companies and their employees, and they have an interest in businesses complying with regulations and standards, particularly regarding consumer protection.
In the UK, the government works with retailers to implement laws, such as those regarding sustainable practices. The government can influence retailers through direct action and indirect pressure by encouraging consumers to demand improved practices.
Conflict of Interests
The interests of communities and governments may not always align. For example, a community may want to prevent a development from going ahead, while the government may be an investor in the project. In such cases, involving stakeholders early in the process is essential to avoid potential lawsuits and to understand their concerns.
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Frequently asked questions
The primary stakeholders in common law are legislators, consumers, and analysts.
The legislators require mandatory information to inform consumers, facilitate trade, and prevent deception. Consumers need information to provide identity and quantity, to advise on safe storage and use, and to enable informed choices. Analysts need data to check whether regulatory standards are fulfilled and labeling regulations are complied with.
The secondary stakeholders in common law include regulatory agencies, manufacturers, and retailers.
