In recent times there have been scores of corporate failures all over the world due to moral turpitude, lack of good governance, and erosion of values. The need for a change in corporates’ approach towards stakeholder management is greater now than ever before. Though the term ‘stakeholder’ was first used in the West in the 1930s, this concept has been highlighted in the ancient Indian scriptures written centuries ago. These highlight the methodologies the kings used to ensure the welfare of (...) all their stakeholders. The kings of yore, who considered themselves as trustees of their kingdom, can be compared to the top management in corporates of this era. Thus, the concepts highlighted in these ancient scriptures find as much relevance and applicability even in today's times. This article takes a brief look at few of the studies undertaken in this area and also highlights excerpts from the ancient Indian scriptures to prove that the concept of stakeholder management owes its origin to India. (shrink)

The society and local community is the resource pool from which any organization gets its manpower and also so to say ‘the license to operate’. The society is the entity to which an organization owes its existence. The organization exists in the society because of the inputs received from it—material and human—and ultimately sells its products and services to it. Any organization must pay its due in various ways to this important constituency. In this article, the authors have used the (...) case study of an Indian Public Sector Undertaking like Bharat Petroleum Corporation Ltd to describe its Society and Local Community-related initiatives. Being a PSU and true to its mandate, BPCL has undertaken lot of innovative CSR initiatives in and around the areas of its functioning. An attempt has been made here to highlight the same. The data collection for the case has been done by the authors through personal interviews with top executives of the Company and supplemented through other information available in the public domain. (shrink)