14 February 2014

The demands of transparency grow

A survey of global CEOs has found that 80 percent believe that they face increasing demands for transparency, with an emphasis being placed on the reputational position of firms.

The survey, carried out by the Economist and Accenture, found that 32 percent of those surveyed strongly agreed that “demand for corporate transparency has never been greater.” A further 48 percent somewhat agreed with the notion. It seems that the insurance industry isn’t alone in facing greater oversight.

The lead drivers of corporate responsibility were: client expectations - 35 percent, shareholder engagement - 33 percent and workforce expectations - 30 percent, according to the report.

Greater demand for transparency is also encouraging companies to invest in staff training in order for them to be able to respond to greater oversight. 39 percent of those surveyed said that they were increasing investment in training staff. While a a further 33 percent said that as a result, they are communicating more often and more openly with clients.

The survey compared the position of c-suite executives with that of someone living in a glasshouse, with every move scrutinised by governments, regulators, investors and rating agencies.