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How can you build trust and mutual understanding with stakeholders through advisory panels?

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If you want to improve your corporate social responsibility (CSR) performance and reputation, you need to engage with your stakeholders effectively. Stakeholders are the people or groups that have an interest or influence in your business, such as customers, employees, suppliers, investors, regulators, communities, and civil society. By listening to their needs, expectations, and feedback, you can align your CSR strategy with their values, address their concerns, and create shared value. One of the best ways to do this is by forming advisory panels.

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Priyabrata Mishra

Deputy Director and State Head, ASSOCHAM, Odisha | 15+ Years Driving Impact in Entrepreneurship, Skill Development…
Alyssa Jade McDonald-Baertl

Social Entrepreneur | Diplomatic Engagement | International Governance | Turning scientific knowledge into business…
Michell B. Solari

Gerente | Desarrollo Sostenible | RRHH | Espa?ol/English/Deutsch

1 What are advisory panels?

Advisory panels are groups of stakeholders that provide advice, guidance, and input to your business on specific CSR issues or topics. They are not decision-making bodies, but rather a source of diverse perspectives and expertise that can help you improve your CSR practices and policies. Advisory panels can be formed for different purposes, such as assessing your CSR performance, identifying material issues, developing new initiatives, or resolving conflicts.

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Priyabrata Mishra

Deputy Director and State Head, ASSOCHAM, Odisha | 15+ Years Driving Impact in Entrepreneurship, Skill Development, CSR, ESG, Education, R&D, Sales, Marketing, Communication, Branding | Dedicated to Positive Change
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Forge your advisory panel not just as consultants, but as architects of trust. Elevate their role beyond expertise, making them co-authors of your narrative. Share not only challenges but aspirations, creating a shared vision where stakeholders see themselves in the storyline. Transform meetings into collaborative workshops, weaving diverse perspectives into the fabric of decision-making. Embrace dissent as a plot twist, acknowledging that it strengthens the narrative rather than unraveling it. Prioritize transparency, unveiling the backstage of your operations, so stakeholders feel part of the unfolding drama. Every note from the advisory panel contributes to the harmonious melody of mutual understanding and trust.

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2 Why use advisory panels?

Advisory panels can help you build trust and mutual understanding with your stakeholders by creating a space for dialogue, learning, and collaboration. By inviting them to share their views and insights, you can demonstrate your respect, transparency, and accountability. By listening to their suggestions and feedback, you can learn from their experiences, knowledge, and expectations. By working with them to find solutions and opportunities, you can foster a sense of partnership and co-creation.

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3 How to set up advisory panels?

Careful planning and preparation is needed when setting up advisory panels. You should define the objectives and scope of the panel, such as the main CSR issues to be addressed and the expected outcomes. Additionally, you must identify and select panel members who are relevant stakeholders and can provide valuable input. Moreover, you should establish the terms of reference and ground rules for the panel, including how often and how long it will meet. Lastly, you should provide necessary support and resources to the panel members, such as information, tools, training, orientation, and feedback.

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4 How to run advisory panels?

Running advisory panels requires active facilitation and engagement. You should foster a positive and constructive atmosphere by using clear and simple language, avoiding jargon, and acknowledging different opinions. Additionally, you need to ensure participation and inclusion by giving equal opportunities and time for all panel members to express their views, utilizing a variety of methods to stimulate discussion, and adapting to the needs and preferences of the panel members. Finally, follow up and follow through by summarizing the main points, sharing relevant materials with the panel members and other stakeholders, seeking feedback, implementing recommendations, and communicating actions.

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Alyssa Jade McDonald-Baertl

Social Entrepreneur | Diplomatic Engagement | International Governance | Turning scientific knowledge into business solutions, policy & investment for sustainable futures.
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1) Utilize the panel as a conduit for exploring innovative ideas and methodologies that bridge the present and future. Encourage discussions that are not just reflective but also forward-thinking, challenging existing norms and considering how transitional trends can be integrated into actionable strategies. 2) Direct the panel's collective expertise towards imagining transformative scenarios and outcomes that transcend current limitations. By focusing on long-term impacts, the discussions can contribute to shaping a visionary strategic direction, ensuring the advisory panel's recommendations have a lasting influence on future initiatives and policies.

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5 How to evaluate advisory panels?

Evaluating advisory panels requires regular monitoring and assessment. You need to consider questions such as how effective and efficient the panel was in achieving its objectives, what were the main achievements and challenges, how satisfied the panel members and other stakeholders were with the panel's performance and outputs, and how impactful and beneficial it was for your business and stakeholders. Additionally, you should consider how to improve and sustain the panel in the future, what are the lessons learned and best practices from the panel, what are the areas for improvement and innovation for the panel, and how to maintain and strengthen the relationship with panel members and other stakeholders. Advisory panels can be a powerful tool for engaging with stakeholders on CSR issues, helping to build trust, enhance CSR performance and reputation, as well as create shared value for both business and society.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Michell B. Solari

Gerente | Desarrollo Sostenible | RRHH | Espa?ol/English/Deutsch
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Para generar confianza y entendimiento mutuo con las partes interesadas a través de paneles asesores, es crucial seguir estos pasos: 1) Elige miembros representativos de diversas perspectivas y experiencias relevantes; 2) Establece expectativas claras sobre el propósito, la función y la participación en el panel; 3) Fomenta un entorno donde todos los miembros se sientan escuchados y valorados; 4) Promueve el intercambio abierto de ideas y opiniones respetuosas, facilitando el debate reflexivo;5) Demuestra un compromiso genuino al tomar en cuenta las recomendaciones del panel y comunicar cómo se implementan las decisiones tomadas. Este enfoque promueve la confianza, el entendimiento mutuo y la cooperación continua con las partes interesadas.

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How can you build trust and mutual understanding with stakeholders through advisory panels?

1

2

3

4

5

6

1 What are advisory panels?

2 Why use advisory panels?

3 How to set up advisory panels?

4 How to run advisory panels?

5 How to evaluate advisory panels?

6 Here’s what else to consider

Corporate Social Responsibility

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How can you build trust and mutual understanding with stakeholders through advisory panels?

1

2

3

4

5

6

1 What are advisory panels?

2 Why use advisory panels?

3 How to set up advisory panels?

4 How to run advisory panels?

5 How to evaluate advisory panels?

6 Here’s what else to consider

Corporate Social Responsibility

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