Does your board understand how to engage meaningfully with stakeholders—and how to report effectively on these efforts? As governance expectations evolve globally, stakeholder engagement is becoming a more central part of board responsibilities, with increasing emphasis on transparency and accountability.
The United Kingdom has long stood out in this area, with its well-established corporate governance code offering detailed guidance on how boards should approach stakeholder involvement and disclose their activities. Today, a growing number of countries are adopting similar expectations. In Denmark, for instance, listed company boards are expected not only to listen to a wide range of stakeholders but also to integrate their input into board discussions and disclose how this is done, as outlined in Recommendations 1.1.1 and 1.1.2 of the Danish Corporate Governance Code. Similarly, the Norwegian code calls for companies to establish clear guidelines on how stakeholder considerations are incorporated into value creation, with the board playing an active role in reviewing and evaluating these practices.
For boards looking for practical inspiration on how to engage with stakeholders and report on such efforts, the UK Corporate Governance Code is a valuable resource. The code outlines principles that can guide boards in strengthening stakeholder trust and demonstrating responsible leadership. It can be accessed online at: UK Corporate Governance Code
A particularly strong example of how these principles are applied in practice can be found in Taylor Wimpey’s 2024 Annual Report. Spanning pages 97 to 101, the report offers a comprehensive overview of the company’s engagement with key stakeholder groups. Each group—customers, employees, partners, investors, and communities—is given dedicated attention, with a full page outlining the company’s approach, activities, and outcomes. The report goes further by illustrating how stakeholder considerations have directly influenced specific board decisions, offering transparency into how governance is brought to life.
Another example can be seen in the 2024 Annual Report of Convatec Group Plc, particularly on pages 36 to 39. This report similarly provides clear, detailed disclosures on stakeholder engagement, helping to set a strong benchmark for reporting quality and board accountability.
We hope these examples offer a helpful starting point for boards aiming to improve their stakeholder engagement and communication practices. If you would like tailored guidance on enhancing your approach, please feel free to contact us at reception@LeadershipAdvisorGroup.com
Interested in self-evaluation? Try Online Board Evaluations
Well-aligned with national corporate and foundation/charity governance codes, our board clients usually conduct an external board evaluation every three years. However, most national governance codes recommend that boards perform a self-evaluation in the years between external board evaluations. Therefore, we have developed OnlineBoardEvaluations.com, a tool enabling boards to self-evaluate effectively and effortlessly every year.
Quarterly articles and research
We write research and articles of advice on a regular basis. Subscribe to get your summary directly to your inbox every quarter – no strings attached.