In the eyes of society, business is in the doghouse. How can we rebuild corporate trust and restore self-esteem? The answer lies in looking at the bigger picture, argues Edward Speed.
In business, context is everything, and context is changing fast. Since 2008, it has become impossible for companies to ignore their impact on society; and society—employees, consumers and other stakeholders—currently has historically low expectations of corporate behaviour. What can be done, then, to restore corporate reputation and rebuild corporate self-esteem?
One could point to numerous recent cases of corporate malfeasance that have fuelled cynicism and mistrust of business in the public mind. This undermining of the pillars of business and the political and regulatory institutions which sustain them is a challenge
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Theresa May's proposals on governance have been described as "extraordinary" in some quarters while other commentators predict fierce resistance. But one thing is certain: the breadth and depth of her suggested reforms have caught UK business by surprise.
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