The definition of a stakeholder, the purpose and the character of the
organization and the role of managers are very unclear and contested in literature
and has changed over the years. Even the “father of the stakeholder concept”
changed his definition over the time. In one of his latest definitions Freeman (2004)
defines stakeholders as “those groups who are vital to the survival and success of
the corporation”. In one of his latest publications Freeman (2004) adds a new
principle, which reflects a new trend in stakeholder theory. In this principle in his
opinion the consideration of the perspective of the stakeholders themselves and their
activities is also very important to be taken into the management of companies. He
states “The principle of stakeholder recourse. Stakeholders may bring an action
against the directors for failure to perform the required duty of care” (Freeman 2004).