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Reasoning about Responsibilities: Mining Company Managers on What Stakeholders are Owed

September 1, 2002

Abstract: Stakeholder theories propose that managers are responsible not only for maximizing shareholder value, but also for taking into account the well being of other parties affected by corporate decisions. While the language of stakeholder theory has been taken up in industries like mining, controversy remains. Disagreements arise not only about the apportionment of costs and benefits among stakeholders, but about who counts as a stakeholder and about how "costs" and "benefits" are to be conceived. This paper investigates those questions empirically by examining how mangers in one mining company talk about corporate responsibilities and by analysing the explicit and implicit values systems and moral logics which inform this talk.

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