A stakeholder is a party that can affect or be affected by the actions of the business as a whole. The stakeholder concept was first used in a 1963 internal memorandum at the Stanford Research institute. It defined stakeholders as "those groups without whose support the organization would cease to exist." The theory was later developed and championed by R. Edward Freeman in the 1980s. The term has been broadened to include anyone who has an interest in a matter. Stakeholder includes shareholders, creditors, employees, investors, government, customers, labour unions, suppliers and community at large.
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