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corporate governance
should recognise stakeholders' levels of interest and 
power. 
(b) 
It may be appropriate to seek to 
reposition 
certain stakeholders and discourage others from 
repositioning themselves, depending on their attitudes.
(c) Key 
blockers
and
 facilitators 
of change must be identified. 
Each of these groups has three basic choices. 

Loyalty
. 
They can do as they are told. 

Exit
. 
For example by selling their shares, or getting a new job. 

Voice
. 
They can stay and try to change the system. Those who choose 
voice 
are those who can, 
to varying degrees, influence the organisation. Influence implies a degree of power and 
willingness to exercise it. 
Existing structures and systems can channel stakeholder influence.
(a) 
They are the 
location of power
, giving groups of people varying degrees of influence over strategic 
choices. 
(b) They 
are 
conduits of information
, which shape strategic decisions. 
BPP Tutor Toolkit Copy

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PART A: THE BUSINESS ORGANISATION, ITS STAKEHOLDERS AND THE EXTERNAL ENVIRONMENT 
 
14
 
(c) They 
limit choices 
or give some options priority over others. These may be physical or ethical 
constraints over what is possible. 
(d) They 
embody culture
. 
(e) They 
determine the successful implementation 
of strategy. 
(f) The 
firm has different degrees of dependency 
on various stakeholder groups. A company with a 
cash flow crisis will be more beholden to its bankers than one with regular cash surpluses. 
So, different stakeholders will have their own views as to strategy. As some stakeholders have