Poll finds corporate trust waning in Asia

NEW YORK: The US isn't the only place where people have lost trust in major corporations. A new study from Golin/Harris International shows loss of trust is also a major issue for companies doing business across Asia.

NEW YORK: The US isn't the only place where people have lost trust in major corporations. A new study from Golin/Harris International shows loss of trust is also a major issue for companies doing business across Asia.

Golin this summer surveyed consumers in Tokyo, Hong Kong, Taipei, and Singapore. It found 85% of Tokyo respondents said there is a crisis of trust there, as well as 71% of those in Taipei, 68% in Hong Kong, and 67% in Singapore.

The survey demonstrates that communications professionals at multinational companies must make senior management aware of trust concerns globally, and to craft messages that resonate with local markets, said Mark Rozeen, director of research for Golin.

The most trusted industries in Asia, the survey found, are electric utilities, computers, telecommunications, pharmaceuticals, and autos. In the US, the top five are supermarkets, major retailers, drug stores, computers and the health and beauty business.

The Asian choices reflect societal tendencies to admire companies that have contributed to society as a whole, Rozeen explained. Electric companies and telecommunication companies have helped in the industrialization and modernization in Asia, and are thus held in high regard, for example.

Americans tend to admire companies that have benefited them personally.

Perceptions of industries vary across Asia. "Our tendency is to think of the region as a homogenous whole," Rozeen said.

In Singapore, aligning with the government increases trust in a company, said Jeffrey Schultz, MD, Golin/Harris Forrest. That can be done by working with local universities and by "developing corporate messages that promote Singapore's vision of itself," he said.

In Hong Kong, banks and electric power companies are considered stable and well-managed, noted C.T. Hew, MD with Golin/Harris Forrest there.

"Hong Kong is renowned for its reputation as an international financial center, and banking is considered a key strategic driver of the economy," he said.

TRANS-PACIFIC TRUST

THE MOST TRUSTED INDUSTRIES

ASIA UNITED STATES

Electric Supermarket giants

Computers Major retailers

Telecommunications Drug stores

Pharmaceuticals Computers

Automotive Health & beauty

THE LEAST TRUSTED INDUSTRIES

Property Development Oil & gas

Health & Beauty Insurance

Media Securities

Securities Utilities

Construction Airlines/travel

SOURCE: Golin/Harris International Trust surveys

Have you registered with us yet?

Register now to enjoy more articles and free email bulletins

Register
Already registered?
Sign in

Would you like to post a comment?

Please Sign in or register.