Home > Marketing, Marketing Strategy > DCCI’s Marketing Matters Conference Part 2: ‘The Importance of Stakeholder Relationships in the Changed World’ by Professor Mervyn King

DCCI’s Marketing Matters Conference Part 2: ‘The Importance of Stakeholder Relationships in the Changed World’ by Professor Mervyn King

The Durban Chamber of Commerce and Industry Marketing Matters Conference welcomed a total of seven speakers from very different segments of the strategic marketing industry. The speakers were all assigned a session of approximately an hour and these were followed by another short session which allowed the audience to ask questions about certain aspects from the presentation. Therefore there were a total of seven sessions that ran throughout the day and they covered topics such as the advances of technology and its impact of marketers, social marketing, ‘green’ marketing the King III report and other relevant strategic marketing topics.

The first session included a presentation by Professor Mervyn King and it was based on the King III report. This topic of his speech was ‘The Importance of Stakeholder Relationships in the Changed World’.

Professor King is a Senior Counsel and a former Judge of the Supreme Court of South Africa. He is a Professor Extraordinaire at the University of South Africa on Corporate Citizenship, the Honorary Professor in the Department of Marketing and Communication Management at the University of Pretoria, a Visiting Professor in the Rhodes Investec Business School and he has an honorary Doctor of Laws from the University of Witwatersrand. Professor King has received many awards including the World Federation of Stock Exchanges Award for Excellence in recognition of his outstanding efforts on behalf of the advancement of regulated markets. He has been the Chairman and director of companies listed on the London, Luxembourg and Johannesburg Stock Exchanges. The list of his achievements and the positions that he has held could go on forever and the ones which have been listed above are just a few.

It is certainly difficult to pick just one or two aspects from his speech which stood out but perhaps the fact that strategic communication is already the basis of two PhD’s at the University of Pretoria is certainly very encouraging. Another important aspect that stood out was the fact that by applying an integrated mind to strategy and financials the board will no longer need to use the ‘rear-view mirror’, except to check the competition tailing behind. It is also necessary to draw attention to the notion of current stakeholder (annual reporting) communication and how it is no longer fit for purpose.

With regard to financial reports, the idea that stood out the most was that it is no longer just about figures but about truly understanding the wants and needs of the various stakeholders and communicating that understanding to them in a meaningful and regular way.

One final aspect which needs to be researched in more detail is the idea that there is actually a Code for Responsible Investing in South Africa (CRISA). This topic was also discussed at a later stage during the conference by Wayne Phillips and it is therefore a relevant and vital topic that needs more focus at future strategic marketing conferences.

 

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