Business Stakeholders and Their Roles

Owners are the people or groups who legally own a business - think of the Cleary Family who own Glenisk. They might be entrepreneurs who started the company or shareholders who bought into it.

When owners need help running their business, they become employers by hiring staff. Employees are the people who work for the business in exchange for wages or salaries. This includes everyone from shop floor workers to managers who control different parts of the organisation.

At the top of larger companies, you'll find a board of directors - essentially the most senior managers who make the biggest decisions. These directors set the company's strategy, keep an eye on how it's being run, and protect shareholders' interests. Shareholders choose these directors at the annual general meeting (AGM), and the directors then pick a managing director (MD) to be the top boss.

Investors are vital because they provide the money businesses need to operate and grow. Shareholders invest their own money hoping to get dividends (a share of profits) back. Banks lend money that must be repaid with interest, whilst state agencies sometimes give grants for specific purposes - like when Glenisk received government support after their fire in 2022.

Remember: Investors can be internal (like shareholders) or external (like banks and government agencies) to the business.

Finally, suppliers provide the raw materials businesses need - for example, small farms supply Glenisk with organic milk from cows and goats.