The concept of stakeholders is complicated by different meanings and uses dependent upon both context and association. In traditional usage a stakeholder is a third party who temporarily holds money or property while the issue of ownership is being resolved between two other parties e.g a bet on a race, litigation on ownership of property.
The Concise Oxford Dictionary describes a stakeholder as a person with an interest or concern in something, especially. a business. This definition is somewhat unhelpful as it takes no account of those whose only interests are directly opposed to those of the organization and would make cooperation between them an absurdity.
The definition postulated by Post, Preston, and Sachs amalgamates the idea of contributors, beneficiaries, risk takers, voluntary and involuntary parties thus indicating that there is mutuality between stakeholders and organizations.
“The stakeholders in a corporation are the individuals and constituencies that contribute, either voluntarily or involuntarily, to its wealth-
If we settle on stakeholders being the parties that contribute to an organization’s wealth-
More information about stakeholders and interested parties may be found in Chapters 11 & 13 of the ISO 9000 Quality System Handbook 7th Edition
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