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Integrity, dependability and purpose drive trust in business - Edelman

Business is viewed as the most trusted institution, more so than governments and the media, according to the 2020 Edelman Trust Barometer.

The Barometer, in its twentieth year, surveyed more than 34,000 respondents and also tracks 40 global companies using its Edelman Trust Management framework.

"Business has leapt into the void left by populist and partisan government," said Edelman. "It can no longer be business as usual, with an exclusive focus on shareholder returns. With 73 percent of employees saying they want the opportunity to change society, and nearly two-thirds of consumers identifying themselves as belief-driven buyers, CEOs understand that their mandate has changed."

This shift means CEOs and their businesses are expected to lead from the front and not wait for governments to impose change. There does, however, remain scepticism as to whether business can be trusted to protect the environment and close the income inequality gap, with government trusted more than twice as much on these issues.

"After tracking 40 global companies over the past year through our Edelman Trust Management framework we've learned that ethical drivers such as integrity, dependability and purpose drive close to 76 percent of the trust capital of business, while competence accounts for only 24 percent," said Antoine Harary, president of Edelman Intelligence. "Trust is undeniably linked to doing what is right. The battle for trust will be fought on the field of ethical behavior."

Airmic will be hosting a webinar with AXA XL on the 2020 Edelman Trust Barometer and what it means for organisations and risk professionals on Thursday, 27th February. You can register to attend here.