What is the role of stakeholders in sustainability?

The role of stakeholders in sustainability is crucial as they possess the ability to influence a company's sustainability practices significantly. Stakeholders can include employees, customers, suppliers, investors, community members, and regulators, each offering unique perspectives and concerns regarding how a business operates in relation to environmental and social issues. By actively engaging with stakeholders, companies can better understand the impacts of their operations and can make informed decisions that balance profit with social and environmental responsibilities. This engagement often leads to sustainability initiatives that are more effective and aligned with the expectations of those who are directly or indirectly affected by the company's actions. In this sense, stakeholders act as a catalyst for change, enabling organizations to enhance their sustainability practices and strive for long-term viability.