Agreed - this requires a broader view of what constitutes a company's "stakeholders". Namely, moving away from the narrow definition which primarily included shareholders (Friedman's shareholder theory*), to encompass the environment, and society at large.

Those stakeholders then need to be represented in one way or another when strategic as well as operational corporate decisions are being made.

And then the relevant reporting standards to follow, creating transparency and accountability on companies to surface the "externalities" of their operations.


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