Contributing columnist Ron Alsop of the Wall Street Journal kicked off a discussion of trust at the Page Society’s Annual Conference in Chatham on Monday by quoting the lead of a Journal story on the current financial crisis: “Trust no one.” The value of trust in business has never been clearer.
Alsop and his co-panelists, Paul W. Critchlow, Vice Chairman, Public Markets,
Merrill Lynch & Co., Inc.; Patricia Wright, Vice President, External Affairs, BP America and Christine Anderson, Former Communications Director to Governor Eliot Spitzer of New York, discussed their experiences with institutions struggling to maintain trust in the face of a crisis of confidence.
Among the lessons:
As our institutions – both public and private – strive to contain and resolve this crisis, it’s clear that new regulatory approaches are both necessary and inevitable. However, we would do well to consider that regulation alone will not build lasting trust in business. It will require a sincere commitment by businesses to these fundamental building blocks of trust: transparency, corporate social responsibility and genuine relationships with disparate stakeholders.
These concepts – apparently foreign to some of the high-flying risk takers on Wall Street – must become part of the DNA of their successors in whatever institutions may ultimately survive the current debacle.
At 72 pages, the heft of a recently published overview of the state of Corporate Responsibility (CR…
An article in Monday’s New York Times evaluated James Murdoch’s leadership style and the chall…
“In bad times, good practices tend to emerge while in good times bad practices often form,” Ron …