Creating Connections Held in partnership with Creating Connections

Creating Connections Held in partnership with

Creating Connections This document has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this document without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this document, and, to the extent permitted by law, Pw. C, IIRC or their licensors do not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this document or for any decision based on it. Copyright 2014. All rights reserved. Permission is granted to make copies of these slides, provided that all logos, disclaimers, copyright notices and acknowledgements on the slides are retained, and each copy bears the following credit line: "Copyright 2014. All rights reserved. Used with permission of the IIRC and Pw. C. “ In this document, Pw. C refers to the Pw. C network and/or one or more of its member firms, each of which is a separate legal entity. Please see www. pwc. com/structure for further details. IIRC refers to the International Integrated Reporting Council. Acknowledgements of third party source materials are contained on the relevant slides. Held in partnership with

Creating Connections Exploring Trust How <IR> can help you be a trusted organization Daniel Tisch Immediate Past Chair, Global Alliance for PR and Communication Management CEO, Argyle Communications (Canada) @Dan. Tisch Held in partnership with

Creating Connections Overview and trust in today’s world Helen Tuddenham Learning and Behaviours leader, Pw. C Held in partnership with

Creating Connections Overview § Trust: what is it and why is it important? § What does it take for an organization to be trustworthy? § Who needs to trust you and what is important to them? § How you demonstrate that you are trusted? § How does managing trust work in the real world? § How can <IR> help you to build and sustain trust? Held in partnership with

Creating Connections The world today Doing what is legal Facebook manipulates user feeds Google, Amazon and Starbucks: The rise of ‘tax shaming’ 02 Vs. Puma SE: Environmental report H&M: Paying global living wage Doing what is right Held in partnership with

Creating Connections Pw. C 17 th Annual Global CEO survey More CEOS believe that trust levels have improved in their industry than believe it has deteriorated Half of CEOs identified lack of trust as a threat to their growth prospects (2013: 37%) Held in partnership with

Creating Connections What is trust and why is it important? Helen Reeve Morris Ethical Business Conduct Advisor, Pw. C Held in partnership with

Creating Connections Exploring trust Group exercise In table groups discuss the following questions: • What is trust? • What does it mean to you? Be prepared to feedback Held in partnership with

Creating Connections What is Trust? “Firm belief in the reliability, truth, or ability of someone or something” Oxford English Dictionary Measure Monitor Report Trust is earned by being trustworthy Held in partnership with

Creating Connections Business case for being trusted: Share price § Question: Which type of crisis had the largest impact on the share price on day one? BEHAVIOUR (more than 50% drop) Operation Information Types of crises Behaviour Corporate Source: Freshfields Bruckhaus Deringer (2012). Knowing the risks, protecting your business: Crisis management. Accessed online: http: //www. freshfields. com/uploaded. Files/Site. Wide/News_Room/Insight/Campaigns/Crisis_management/Knowing the risks interactive. pdf. PDF. Held in partnership with

Creating Connections Business case for being trusted: Innovation The most innovative companies COLLABORATE three times more often than the least innovative ones What is one of the key barriers for not collaborating with other companies? TRUST! “GE Global Innovation Barometer”. Global Research Findings & Insights. GE, January 2013, http: //www. ge. com/sites/default/files/Innovation_Overview. pdf Source: “Breakthrough innovation and growth”, Pw. C, August 2013, www. pwc. com/innovation_survey. Held in partnership with

Creating Connections What does it take to be trustworthy? • • Continuous focus Adapt if needed Transparency and honesty Control distrust and demonstrate trustworthiness Measure Monitor Report • • Culture and behaviour Using key influencers Held in partnership with

Creating Connections The Trustworthy Organization© Values Ex. Epx eprei ri enecn ec nce ete mp Co e TRUST Adapted from the “Trustworthy Organization” Dr Andrew Tucker Held in partnership with

Creating Connections Trust as a business asset Question: Who needs to trust your organization? Held in partnership with

Creating Connections How much trust is enough? § What is important to the following stakeholders? - § (RED) Customers (GREEN) Employees (BLUE) Regulators (YELLOW) Providers of financial capital (Investors) (PINK) Media Consider the question by reference to the trustworthy organization and your business. Held in partnership with

Creating Connections Balancing the demands of all stakeholders § § Engage in open and transparent dialogue – use <IR> as a means to do this Recognise it is not possible to please all stakeholders all of the time Need to determine the “trust tipping point” – how much trust is enough? However, destroying trust with one stakeholder group will quickly impact others Held in partnership with

Creating Connections Case study: Nestlé Held in partnership with

Creating Connections Nestlé’s new narrative Held in partnership with

Creating Connections Integration & communication Source: Nestle Held in partnership with

Creating Connections Correlation with reputation? Nestle was ranked among world’s 10 most reputable companies for the first time in 2013 Held in partnership with

Creating Connections Key messages § The importance of trust in today’s world § Trust acts as a buffer and increases the risk resilience of an organization § § Trust is tangible and requires management like any other asset - it can be measured and monitored Organizations can deliberately build / repair / sustain trust <IR> provides a means to develop trustworthiness through transparency and accountability in reporting It is not easy to become trusted - but it is very easy to lose trust Held in partnership with

Creating Connections Held in partnership with