A vent for stakeholders; A bare necessity

What do you see?

Financial stakeholders criticized Fortis after the takeover of ABN AMRO. Fortis had to sell certain parts of the company with a loss and suffered from the credit crunch, while the former CEO denied any problems.

Under pressure from investors and media who were critical of their management, Fortis decided to create a platform for stakeholders, serving as a vent for their concerns. Fortis organized events in different countries, where the board got in touch with (private) investors, but it also launched the ‘Your questions’ website.

Visitors can use an online form to send in their – critical – questions and concerns. Fortis formulates a reply and posts a Q&A on its ‘Your Questions’ website. Visitors can view all questions and filter them according to several predefined subjects.

Examples of questions are: ‘What is Fortis doing about transparency of information?’ and ‘Are losses in Fortis’ credit portfolio to be expected?’

Why is it effective?

In times of trouble, make sure to stay in direct contact with vital stakeholders. Treat their worries seriously and show that something is being done with their comments. One efficient and accessible way of doing that is online. Fortis shows it is listening to its stakeholders and takes their opinions seriously.

What’s next?

More and more stakeholders will expect an (online) dialogue with companies. Hopefully in the future more and more companies will open up. Not just during times of crisis, but on a regular basis.

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