CLOs tend to approach building trust more from a demographic standpoint, while institutional investors have a tendency to focus on top level business strategy. This comes out from a joint survey Trust in Business Report, covering chief legal officers (CLOs) and institutional investors on their perceptions of how to increase public trust in businesses.
The survey was carried out from the Association of Corporate Counsel (ACC), the world’s largest association of in-house lawyers, and Edelman, the global communications firm and it’s the first collaboration of its kind, measuring the factors that impact corporate trust from two different perspective.
Drawing on ACC’s 2020 CLO Survey and Edelman’s 2019 Trust Barometer, this report also cuts across several categories, examining such issues as diversity, corporate culture, and ESG (environment/sustainability/governance) practices. Overall, the report highlights the need for a holistic approach to trust.
Finally, survey results indicate that the two groups agree on several key factors in earning public trust, including a well-enforced, regularly surveyed, ethical company culture, and a proactive board of directors. Also, both groups valued diversity in company leadership, stressed the need for continued ESG efforts, and expressed doubts that most companies are adequately prepared for employee activism.