Final answer:
The 'critically reflective' leadership capability approach involves thinking critically and reflecting on one's own beliefs and actions. It helps leaders meet the needs of all stakeholders by promoting equity, transparency, and continuous learning.
Step-by-step explanation:
The 'critically reflective' leadership capability approach refers to the ability of a leader to think critically and reflect on their own beliefs and actions. This approach recognizes the importance of considering different perspectives and engaging in open communication with all stakeholders. By adopting a 'critically reflective' approach, leaders can meet the contemporary needs of all stakeholders, including the organization itself, by promoting equity, transparency, and fostering a culture of continuous learning and improvement.