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Make business trust top priority

While there is more work still to be done, the contribution that businesses make to our society is sometimes forgotten, writes Lord Mayor Charles Bowman.

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Lord Mayor Charles Bowman

March 2018

One of my key mayoral priorities is to improve trust in business. The Business of Trust programme, launched at the start of my year in office, marked the beginning of a long-term programme of research, action and events, providing a roadmap for gaining greater public trust and greater public prosperity.

The 2017 Edelman trust barometer reported a significant drop in global trust in institutions. This year, the updated barometer showed that nearly seven in 10 respondents said building trust is the number one job for chief executives, ahead of high-quality products and services.

Our Business of Trust programme is identifying how the City can meet the public’s changing expectations of business, increase its trustworthiness and ensure better business trusted by society. But if we want to make this a success, we need the support of City firms, too.

There is no simple ‘one size fits all solution’, but by continuing the dialogue within the financial and professional services, I hope to enhance and create practical steps to restoring trust in businesses.

See also: Three steps to secure City’s status 

This year’s Lord Mayor’s Dragon Awards – Celebrating business impact in society, celebrates the role that businesses of all sizes and sectors are playing in contributing to a thriving society and seek to inspire others by showcasing the best ways in which businesses are tackling social issues. This year’s awards will feature a new category focussed on trust in business.

I am very much looking forward to seeing these nominations, as part of the awards programme hosted at The Mansion House in September.

London is known to be a global centre for finance, but it is also becoming fast known as the global centre for responsible business and philanthropy. While there is more work still to be done, the contribution that businesses make to our society is sometimes forgotten, but it should be something that is recognised by everyone in this City.

That is what I strive to do throughout my mayoralty and with this year’s Lord Mayor’s Dragon Awards, celebrating business impact in society.

Charles Bowman is the 690th Lord Mayor of the City of London, an ICAEW Chartered Accountant and member of the London Society of Chartered Accountants.

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