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25 law43665_ch02_025-046.indd 25 11/16/18 11:08 AM C H A P T E R T W O Managing Public Issues and Stakeholder Relationships Businesses today operate in an ever-changing external environment, where effective management requires anticipating emerging public issues and engaging positively with a wide range of stake- holders. Whether the issue is growing concerns about climate change, health care, safety at work or in our schools, social equality, or consumer safety, managers must respond to the opportunities and risks it presents. To do so effectively often requires building relationships across organizational boundaries, learning from external stakeholders, and altering practices in response. Effective man- agement of public issues and stakeholder relationships builds value for the firm. This Chapter Focuses on These Key Learning Objectives: LO 2-1 Identifying public issues and analyzing gaps between corporate performance and stakeholder expectations. LO 2-2 Applying available tools or techniques to scan an organization’s multiple environments and assess- ing stakeholder materiality. LO 2-3 Describing the steps in the issue management process and determining how to make the process most effective. LO 2-4 Identifying the managerial skills required to respond to emerging issues effectively. LO 2-5 Understanding the various stages through which businesses can engage with stakeholders, what drives this engagement, and the role social media can play. LO 2-6 Recognizing the value of creating stakeholder dialogue and networks. Final PDF to printer 26 Part One Business in Society law43665_ch02_025-046.indd 26 11/16/18 11:08 AM A 2016 study from the Public Affairs Council found that many major corporations are feeling increased pressure to speak out on social issues, ranging from discrimination and human rights to environmental sustainability and quality education. Among companies with more than $15 billion in annual revenue, more than three in four said expectations for engagement had risen. Most of the pressure to engage in social issues, said the companies, has come from their own employees.1 Legislative battles in North Carolina, Tennessee, Mississippi, and Georgia prompted business leaders to take a stand favoring rights for transgender individuals. Dow Chemical, Alcoa, and Northrup Grumman lobbied elected officials and publicly condemned measures seen as discriminatory. Monsanto lead the fight in Missouri against a bill that would allow businesses to deny certain services to same-sex couples as a matter of religious freedom. In response to North Carolina’s state legislature passing a law that blocked antidiscriminatory protections at the local level, Deutsche Bank, the German financial institution with signifi- cant business in the United States, said it would freeze its plans to add jobs in North Caro- lina. PayPal announced it would halt its plans to open a new global operations center there. While .
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