Stakeholder

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In a corporation, a stakeholder is a member of groups without whose support the organisation would fail to exist, as defined in the first usage of the word in a 1963 internal written message at the Stanford Research institute. The theory was later developed and continued by R. Edward Freeman in the 1980s. Since then, it has gained wide acceptance in business and in strategic management, corporate governance, business purpose and social responsibility. The definition of corporate responsibilities has been frowned upon as creating a false relationship between the 'shareholder model' and the 'stakeholder model', or a false analogy of the requirements towards stakeholders and other interested parties.