Business Management Report: Analysis of Westpac's Key Stakeholders

This report provides an analysis of Westpac Corporation's internal stakeholders, examining their interests and influence within the business. The report identifies five key internal stakeholders: managers, employees, shareholders, the executive committee and board members, and unions. It details the roles and responsibilities of each stakeholder group, highlighting their contributions to the company's operations and success. The analysis emphasizes the importance of these stakeholders in supporting the financial and practical aspects of the business. References to academic sources are included to support the analysis. This report is beneficial for understanding stakeholder management within a large financial institution like Westpac.

Running head: BUSINESS MANAGEMENT
Business Management
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BUSINESS MANAGEMENT
Company- Westpac
Identification of five internal stakeholders in the company along with accessing their
interest and influence in the business
From the analysis of the Westpac banking corporation situated in Australia, there are
different internal stakeholders playing a vital role in improving the process of the business
operations in a suitable manner. The overall contribution of such individuals are considered to be
the critical element that is needed to be analyzed and it has been described as follows:
Managers- The different managers working with Westpac Corporation who are
responsible for obtaining the different goals which helps in creating the proper atmosphere of
work among the different employees at Westpac (Antognelli & Vizzari, 2016). Each of the
managers are mainly responsible for handling the different law marketing, sales production along
with accounting prospects of the business in a systematic manner.
Employees- They are considered to be the major asset of the business company who
contribute efficiently towards the successful functioning of the company. They strive hard in
delivering their best and achieve the assigned targets within the stipulated time frame. With their
knowledge and efficiency, they try to perform the different tasks which create and bring value to
the working atmosphere of the company apparently (Todak, Gaub & White, 2018).
Shareholders- The different shareholders of the company Westpac have the entire
responsibility for ensuring that the organization is well-managed and running smoothly. Through
monitoring the performance of the company, they have the capability for raising the objectives
and giving the proper approval to the different actions of the management of the organization to
make it highly profitable in nature (Shepard, 2019).

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Executive Committee and Board Members- These are the individuals who have the
entire control of the company to make it perform in a brilliant manner. They have the direct kind
of financial stake in business as they have been taken the risk of investing in business and it will
be their entire duty to save their business from any kind of losses as the environment is highly
competitive in nature (Nguyen et al., 2020).
Unions- The different unions play a vital role in the different companies such as in
Westpac as well wherein the key role includes resolving the workplace issues along with
conflicts. They try to become the voice of the employees and act as the bargaining type of
representative during the bargaining negotiations which take place.
From the analysis of the different five stakeholders of the banking corporation, it can be
concluded that the stakeholders give the business practical along with financial support and they
are the people who are highly interested in the company which includes the managers,
employees along with board members who are treated as the crucial asset of the business.

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References
Antognelli, S., & Vizzari, M. (2016). Ecosystem and urban services for landscape liveability: A
model for quantification of stakeholders’ perceived importance. Land use policy, 50, 277-
292.
Nguyen, H. Q., Bradley, D. T., Tunney, M. M., & Hughes, C. M. (2020). Antimicrobial
Stewardship in Care Homes: Outcomes of Importance to Stakeholders. Journal of
Hospital Infection.
Shepard, A. (2019). Corporate Social Responsibility: The importance of employee stakeholders.
Todak, N., Gaub, J. E., & White, M. D. (2018). The importance of external stakeholders for
police body-worn camera diffusion. Policing: An International Journal.