While rebuilding public trust is a long game, business leaders can demonstrate successful progress and outcomes to stakeholders through integrated corporate reporting.
Corporate Australia is responding to challenging times with conduct and trust in the spotlight.
A KPMG report last year found that “trust has declined in almost every major economy and many developing ones”.
Doing more of the same unlikely to make a substantial difference to regaining trust after the Royal Commission
The question of how financial services organisations can restore trust post the Hayne Royal Commission’s Final Report is not an easy one to answer. There are no silver bullets.
After today’s Banking Royal Commission’s final report it may seem as if it is impossible for banks to regain trust.
Enhanced transparency in corporate reporting helps to address the trust deficit.
Restoring trust is the issue of the moment. Proposed changes to the current ASX Corporate Governance Principles could go a long way to improving transparency and trust, through enhanced corporate reporting.