Management     

Published: May 15, 2024
Updated: May 15, 2024

Crucial importance of SRC

A Stakeholders Relationship Committee (SRC) is crucial for an organization’s success, and can contribute to the overall success of the organization. An SRC alone can actively engage with stakeholders, advocate for their rights and concerns, and facilitate constructive dialogue between promoters and stakeholders, thereby promoting transparency and accountability.

The following are the ways in which an SRC functions

1. Enhancing stakeholder engagement

By facilitating regular interactions and feedback mechanisms, the SRC helps build trust, transparency, and goodwill among stakeholders

2. Proactively identifying and addressing issues.

The SRC helps mitigate risks, enhance stakeholder satisfaction, and safeguard the company’s reputation and credibility.

3. Ensuring compliance and accountability.

By monitoring adherence to relevant laws, regulations, and ethical practices, the SRC promotes accountability, integrity, and responsible business conduct across the organization.

4. Representing diverse stakeholder perspectives.

With regard to the decision-making processes, the SRC helps balance competing interests, mitigates conflicts, and promotes inclusive and sustainable business practices.

5. Monitoring Stakeholder Risks.

By proactively identifying emergingtrends, issues, and expectations among stakeholders, an SRC helps the company anticipate and respond effectively to changing market dynamics and stakeholder demand

6. Supporting strategic decision-making.

By aligning stakeholder interests with the company’s strategic objectives, the SRC contributes to longterm value creation and sustainable growth

7. Promoting transparency and disclosure.

By overseeing the company’s communication policies and practices, an SRC helps maintain trust and confidence among stakeholders and the broader community.

(MS Anand is an independent director — DIN 09361339)

July 15, 2024 - First Issue

Industry Review

VOL XV - 23
July 01-15, 2024

Formerly Fortune India Managing Editor Deven Malkan Assistant Editor A.K. Batha President Bhupendra Shah Circulation Executive Warren Sequeira Art Director Prakash S. Acharekar Graphic Designer Madhukar Thakur Investment Analysis CI Research Bureau Anvicon Research DD Research Bureau Manager (Special Projects) Bhagwan Bhosale Editorial Associates New Delhi Ranjana Arora Bureau Chief Kolkata Anirbahn Chawdhory Gujarat Pranav Brahmbhatt Bureau Cheif Mobile: 098251-49108 Bangalore Jaya Padmanabhan Bureau Chief Chennai S Gururajan Bureau Chief (Tamil Nadu) Ludhiana Ajitkumar Vijh Bhubaneshwar Braja Bandhu Behera

Want to Subscribe?


Lighter Vein

Popular Stories

E-Waste Dilemma Tackling E-Waste Via Reverse Logistics, By Vihaan Shah

A modern-day enigma and a ramification of humanity's never-ending advancements, e-waste refers to the scum con- cealed by the outward glow of ever-advancing technology.

Archives

About Us    Contact Us    Careers    Terms & Condition    Privacy Policy

Liability clause: The investment recommendations made here are based on the personal judgement of the authors concerned. We do not accept liability for any losses that might occur. All rights reserved. Reproduction in any manner, in whole or in part, in English or in any other language is prohibited.

Copyright © 1983-2024 Corporate India. All Rights Reserved.

www.corporateind.com | Cookie Policy | Disclaimer