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The speaker emphasizes the importance of identifying stakeholders in any institution, particularly in the political process. They explain that stakeholders are parties with an interest in the institution who can impact or be impacted by its operations. In the context of the Independent Electoral and Boundaries Commission (IEBC), the primary stakeholders are political actors and parties. The speaker urges the house to consider the primary and secondary stakeholders in the IEBC's business, highlighting the significance of political actors in the electoral process.