Today people increasingly demand corporate responsibility and social consciousness from brands to strike the triple bottom line balance: 69% of respondents in a research by Havas say they expect enterprises to make the world a better place. For the first time ever though, these expectations are becoming a “license to lead” with businesses now being more trusted than governments to make a real positive change towards a sustainable future. Such is the major finding of this year’s Edelman Trust Barometer.
In its 14th annual survey in 27 countries among 33,000 respondents, Edelman found that there is a global gap of 14% between trust in business and trust in government. This number has never been so high before. Business has been consistently trusted more than government over the past years: People now expect businesses to lead on social change, not governments.
Nevertheless, half of respondents believe that the most important role of government in business is to protect consumers from irresponsible businesses as well as regulate those. On the other hand, over 70% of people agree that policymakers should be consulting with multiple stakeholders when developing regulations on business and industries. Businesses should therefore “foster an informed conversation that provides the context necessary to create regulation that is relevant and as effective in its ability to protect as it is in its ability to move society and business forward.”