Australian businesses can 'create value beyond the balance sheeet'

As trust levels in societal institutions decline from their pandemic peak, businesses have an opportunity to step up and lead, according to Edelman Australia.

Trust is falling 

The PR firm’s annual Trust Barometer shows trust levels in business and NGOs in Australia now running at 58% each, down from 63% and 62% respectively a year ago. The declines have been steeper for government (61% to 52%) and media (51% to 43%).

Business can engage on societal issues

While views vary on how much they should address various issues, far more people think businesses are not doing enough than think they are overstepping their remit: 

• 44% want businesses to do more on climate change (a 34 point gap between those thinking they’re doing too much). 
• 40% think they should address economic inequality (a 33 point gap).
• 34% think they should address systemic injustice (a 24 point gap). 

The big idea 

“Business has a larger-than-ever mandate to use its resources and scale to create value beyond the balance sheet,” says Michelle Hutton, CEO Australia and vice chair of Asia Pacific, Edelman. “As firms work to create value for society, they have an opportunity to build trust with stakeholders along the way through operational transparency and authentic communication.”

Sourced from Edelman