INTRODUCTION PROCESS PHASEPHASE 1 1 PHASE 2 PHASE 3 PHASE 4 PHASE 5 CONCLUSION 3. Select Relevant Approaches It is advised that all relevant stakeholders are engaged. However, the stakeholder group and pertinence will Meaningful Stakeholder Engagement determine the appropriate engagement approach and frequency of engagement. Following the identi昀椀cation According to the OECD, meaningful stakeholder engagement is characterized of the objectives and focus of engagement for different by “ongoing engagement with stakeholders that is two-way, conducted in stakeholder groups, consideration can be given to the relevant good faith and responsive,”20 emphasizing the free expression of opinions and engagement approach and how the company ensures the perspectives to reach mutual understanding; some shared decision-making input of stakeholders is considered. Companies should also and engagement in activities; the genuine intention to listen and learn and evaluate the amount of resources, time, and capacity those act accordingly; follow-through on outcomes and actions to address adverse responsible for stakeholder engagement within the company impacts; and that stakeholder engagement is continuous. have to ensure there is adequate support to implement the engagement approaches. Where appropriate, opportunities should be sought to integrate engagement on a just transition with other stakeholder engagement activities. Refer to BSR’s FAQ on Stakeholder Engagement and Five- Step Approach to Stakeholder Engagement for additional guidance, key de昀椀nitions, and best practices for stakeholder engagement. BSR JUST TRANSITION PLANNING GUIDANCE 21