to the same consideration as the company's employees. The stakeholders in a corporation are the individuals and constituencies that contribute, either voluntarily or involuntarily, to its wealth-creating capacity and activities, and that are therefore its potential beneficiaries and/or risk bearers." This definition differs from the older definition of the term stakeholder in Stakeholder theory (Freeman, 1983) that also includes competitors as stakeholders of a corporation. Robert Allen Phillips provides a moral foundation for stakeholder theory in Stakeholder Theory and Organizational Ethics. There he defends a "principle of stakeholder fairness" based on the work of John Rawls, as well as a distinction between normative and derivative legitimate stakeholders. Real stakeholders, labelled stakeholders: genuine stakeholders with a legitimate stake, the loyal partners who strive for mutual benefits. Stake owners own and deserve a stake in the firm. Stakeholder reciprocity could be an innovative criterion in the corporate governance debate as to who should be accorded representation on the board. Corporate social responsibility should imply a corporate stakeholder responsibility. Examples of a company's stakeholders See also Stakeholder engagement Stakeholder theory Stakeholder (law) UK company law Strategy Markup Language, whose core elements include <Stakeholder> Multistakeholder Governance Model Citations References Freeman, R.E. and Reed, D.L., 1983. Stockholders and stakeholders: A new perspective on corporate governance. California management review, 25(3), pp. 88–106. Redefining the Corporation: An International Colloquy Figge, F.; Schaltegger, S.: What is Stakeholder Value? Developing a Catchphrase into a Benchmarking Tool. Lüneburg/Geneva/Paris: University of Lüneburg/Pictet/ in association with United Nations Environment Program (UNEP), 2000 CSM Lüneburg (799 kBytes) Corporate finance Public relations