stakeholder approach
I was able to find thru research that BP took a stakeholder approach in response to the Deepwater horizon accident. The first thing I analyzed were who the stakeholders were in this situation, for example, the communities in the surrounding area that may be affected by the accident. This is exactly where BP focused the majority of their energy after they were able to stop the well leak. They began paying claims just weeks after the spill, totaling over $6 billion to the Gulf Coast Claims Facility. They continued clean up methods to the surrounding states until the operation was ended in 2015. They also committed over 500 million dollars over 10 years to the Gulf of Mexico Research Initiative,
The first thing as CEO that I would have been concerned with is containing and eventually stopping the well leak. After that a long process of assessment of damage, clean up operations, humanitarian, and environmental charity, and extended research to determine what happened in order to ensure it doesn’t happen again would take place. Obviously the ultimate goal is to try to make it to a point that all of the effects of the incident have been reversed or dealt with along with compensating the entirety of stakeholders involved and effected by the spill.
Thanks,
