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Rising CSR expectations and falling performance ratings pose problems for Spanish banks and policymakers

Since the nadir of the global financial crisis in 2008–2009, there has been at least some degree of recovery across most of the global economy. Yet the financial situation in Spain remains precarious, and Spain’s problems, along with those of Greece, Italy, and Portugal, risk dragging Europe and the world back into recession. Meanwhile the Spanish public, left reeling by an economic crisis blamed in large part on corporate bad behaviour, expect ever higher standards of corporate responsibility from their banks.

GlobeScan’s most recent opinion tracking suggests that while the Spanish—and global citizens in general—feel that companies have extensive responsibilities to society, they do not believe that banks, often seen as the sector with most to blame for the world’s continuing economic problems, are meeting those responsibilities. Ratings of the banks’ approach to corporate responsibility were falling from already low levels by 2003, and this fall has accelerated through the crisis, with attitudes in Spain worsening even more rapidly than those in many other countries, as the extent of the financial sector’s involvement in the crisis—and particularly the role of Spain’s poorly regulated cajas—has become apparent.

However, the proportion of people in Spain who expect companies to meet certain social and environmental standards has risen throughout the crisis. This creates a difficult situation for bankers and policymakers alike. Banks’ focus in current circumstances is likely to be on survival rather than meeting these broad social expectations. Governments, meanwhile, are already committed to the politically unpopular but economically necessary strategy of propping up the institutions blamed for the crisis in the first place, and may find themselves courting public resentment if they use taxpayers’ funds to guarantee an industry that is widely considered to flout social and corporate norms.

 

Finding from the GlobeScan Radar, Wave 1, 2012

For more information on this finding, please contact Sam Mountford (Read Bio)

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New Study: Indians are Worried About Global Warming and Support National Action

27 August 2012 – A national survey has found that millions of Indians are observing changes in their local rainfall, temperatures, and weather, report more frequent droughts and floods, and a more unpredictable monsoon. A majority of respondents said their own household’s drinking water and food supply, health, and income are vulnerable to a severe drought or flood and that it would take them months to years to recover. Only 7 percent of respondents said they know “a lot” about global … “New Study: Indians are Worried About Global Warming and Support National Action”

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Global public less likely to point the finger of blame for the financial crisis at America

In the immediate aftermath of the US sub-prime mortgage scandal and subsequent banking collapse, many politicians around the world were keen to characterize the crisis as one that began in the USA. At the time, this often played into a widely accepted anti-American narrative in the years following the invasion of Iraq. Yet three years on, with the future looking ever more uncertain and America a relative economic bright spot, opinion has softened towards the USA and hardened towards the sector that has become synonymous with economic catastrophe: banking.

In all but one of the ten nations surveyed by GlobeScan both in 2009 and 2012, the proportion who blame the USA for the crisis has fallen, sometimes by large margins. Americans themselves are among those least likely to point the finger at the USA.

In contrast, with many feeling that the financial sector has failed to take the opportunity to embrace reform and cultural change, the opinion that banks and other financial institutions are to blame for the crisis has become more common in the last three years. This is particularly the case in the Western countries surveyed, with 32% of Britons, 41% of Germans, and 23% of Canadians now blaming the banks for the crisis. And with malpractice allegations, liquidity crises, stubbornly low levels of consumer lending, and the prospect of huge Eurozone losses continuing to dog the sector, it seems unlikely that banking’s reputation will improve any time soon, whether or not economic recovery is forthcoming.

While national governments are still the most-cited culprit in the crisis, the proportion mentioning them as being to blame has also fallen sharply in the past three years, from 29% to 22%. The global nature of the present malaise is increasingly apparent, and this may be causing citizens to re-evaluate the degree to which their own country’s economic policies are at fault. Equally telling, perhaps, is the rise in the proportion saying they do not know who is at fault for the crisis, from 10% to 15% over the past three years. The crisis continues, but for many its roots are less clear than they were. To avoid further waves of public censure, the institutions that many hold responsible for their economic woes must be the ones to work together and find a way forwards.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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Germany: Cautious Optimism Amid the Growing Eurozone Storm

Three weeks ago, our featured finding looked at the despair and anger in Greece, the hardest-hit of Europe’s crisis stricken countries. This week, we look at the situation in Germany, the economic engine at the heart of Europe—a fellow Eurozone nation, but one facing very different challenges.

Germans’ faith in their institutions, for one thing, seems to be fairly resilient. In 2012, 38 percent of people say they trust their national government to operate in the best interest of society, less than for national and global companies (48% and 41% respectively) or the press (42%). German levels of trust in these institutions are thus higher than those of fellow Eurozone members Spain and France. If institutional trust has remained more robust in Germany since the crisis, it is hard not to conclude that a renewed sense of national self-confidence emerging from Germany’s seeming economic resilience, its government’s hardline position towards Europe’s debtor states, and its newly assertive European leadership position have all been factors.

Nonetheless, as in other developed economies, optimism about the long term is in short supply—when people were asked this year if they thought their children and grandchildren would have a better quality of life, fewer than three in ten Germans (28%) agreed, down eight points since 2007. Yet unlike Greece, just 25 percent feel things have become worse economically in the two decades since reunification, and only 27 percent feel society has become less equal and less healthy: 37 percent of Germans feel things have got better for both measures. Reflecting these levels of social and economic satisfaction, 35 percent of Germans—roughly the global average—believe that the rich deserve their wealth. This has risen six points since 2009.

A sense of vindication of Germany’s economic and social model is likely to be a key factor behind these figures, even if its current mini-boom is less spectacular than Greece’s bust. The challenge for German policy makers will be to maintain the level of social and economic cohesion in the face of the growing storm outside the country’s borders; for investors, the challenge will be to hold their nerve.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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Most corporate employees perceive gap between their company’s CSR commitments and behavior

Previous Featured Findings have looked at the gap between the public’s enthusiasm to find out more about what companies are doing to be responsible, and their strong skepticism about the claims that companies make about their own attempts to be more responsible and sustainable.

What may be of even greater concern to companies is that their own employees often perceive a credibility gap around CSR. In a survey of more than 1,500 employees of large companies across 12 countries earlier this year, we found that a majority (58%) feel there is a gap between what their employer says about CSR and how the company actually behaves. Just one-third (35%) disagree that such a gap exists.

Revealingly, employees in developing economies were more likely to perceive this gap than those in Western economies such as the UK, US, France, and Canada, where opinion was more evenly split.

These findings suggest that better employee engagement should be a priority for companies looking to win hearts and minds with CSR. With company employees frequently cited by the public as a trusted source of information about corporate behavior, corporations need to pay greater attention to demonstrating to their own staff that their commitment to social and environmental responsibility is serious and has the support of senior management.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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Positive ratings of BP as environmentally responsible suggest its rehabilitation is underway

When BP posted a $1.4bn loss this week (once oil price fluctuations are taken into account), many analysts pointed to the role played by the Deepwater Horizon catastrophe in the Gulf of Mexico in 2010. The company announced this week that a further $847 million has been set aside to pay the costs incurred by that disaster.

Yet GlobeScan’s Radar 2012 global public opinion data indicates that BP’s response to the spill may be allowing it to recover lost ground in public esteem faster than many had predicted. The British firm emerges at or near the top of the list of firms considered to be environmentally responsible. Globally, BP is one of the top twenty most-mentioned corporations when people are asked to name a large company that is a leader in environmental issues.

In the UK, moreover, BP is the firm most frequently mentioned as being environmentally responsible (6%), and in the US it is the second most frequently mentioned (5%), behind only General Electric. Note that no company is cited by more than 4% of global respondents (due to the wide diversity of national firms mentioned) and 44% of people globally, and that higher proportions still in the UK and USA could not name, or chose not to name, an environmentally responsible company.

This uptick in public perception is welcome news for the embattled company, trading as it does in a market driven by more than tangible assets. The reasons given by respondents for naming BP as a responsible company indicate that it has benefitted from low expectations for corporate responsibility in general, and oil company behavior in particular. The unstated assumption is that companies will not clean up their mess, but will “cut and run” once profits are threatened.

While many undoubtedly still see the company as an environmental villain, these figures suggest that paying substantial compensation to those affected by the spill, and pouring resources into the clean-up effort in the Gulf of Mexico—and being seen to do these things—has enabled BP to cut through public cynicism and start to rebuild its reputation.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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EU’s Reputation Tarnished by the Debt Crisis

  The EU’s Reputation Tarnished by the Debt Crisis GlobeScan research analyst, Lionel Bellier writes in Les Echos to give his impressions on the deterioration of the EU’s reputation among the global public following the debt crisis in the Eurozone. “Procrastination, lack of leadership, prolonged decisions… For nearly two years, through their mismanagement of the sovereign debt crisis, the leaders of European institutions, including the governments of Member States, provided the stick to be beaten with. They thus continuously, and almost unconsciously, undermined the … “EU’s Reputation Tarnished by the Debt Crisis”

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The state of Greek public opinion: contempt towards elites and pessimism for the future

In the week that Greece presented its latest austerity budget to international creditors, GlobeScan’s latest analysis of Greek public opinion bears out the assessment of Greek Prime Minister Antonis Samaras, who recently compared Greece’s situation to that of Depression-era America.

Just 20 percent of Greeks in our latest survey express any faith that the lives of their children and grandchildren will be better than their own. Furthermore, 77 percent feel that economic well-being has worsened over the last 20 years, while 71 percent feel the move to healthier and more equitable societies over the same period had gone backwards. Looking ahead, just 23 percent believe that economic well-being will improve over the next 20 years.

The despair that Greeks feel about the future is matched by their contempt for elites. Just 9 percent of Greeks believe that the rich deserve their wealth, and only 27 percent trust Greekcompanies to act in the best interests of society. Trust in multinational companies is lower still, at 21 percent, while fewer than one in five (18%) has any trust in the Greek government to act in the best interests of society.

These levels of social pessimism, resentment towards wealth and business, and anger toward the political class raise questions about how long the status quo and political centre in Greece can be maintained, especially in light of the rise of the Golden Dawn and SYRIZA groupings. With many of the options seen as most likely to contain the Eurozone crisis off the political table for now, New Democracy and Antonis Samaras will be lucky to avoid the fate of PASOK, whose share of the vote collapsed after they pushed this year’s bailout.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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Credibility gap persists around companies’ CSR communications

The credibility of corporate communications around issues of social and environmental responsibility is an increasingly serious problem for companies, according to GlobeScan’s latest global public tracking. In the ten countries tracked by GlobeScan over the past decade, fewer than two in five (38%) now say they believe companies communicate honestly about their social and environmental performance. Other findings reveal a consensus view that companies embrace CSR not because they are genuinely committed to it, but in order to improve their images.

This proportion is particularly low in the world’s most developed economies, where well under a third feel that corporate CSR communications are credible.

Our latest data also suggests that, by failing to address the credibility gap, companies may be missing the chance to engage constructively with an increasingly receptive public. An average of 72 percent in the same countries say they are “very interested” in learning more about what companies are doing to be socially and environmentally responsible—a figure that has risen sharply in many countries over recent years.

There is unlikely to be a single solution to the lack of credibility of companies’ communications around social and environmental responsibility. A franker approach to challenges that companies are facing, the increased use of independent third parties to critically appraise companies’ reporting, and an embrace of social media are all likely to play important roles.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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VIDEO: National News Coverage of the 2012 Greendex Survey

GlobeScan’s Director of CSR and Sustainability, Eric Whan was interviewed by CBC News anchor Andrew Nichols to discuss how Canada faired in the 2012 National Geographic / GlobeScan Greendex: a worldwide tracking survey of consumer choice and the environment. For more information on the Greendex, please visit: www.nationalgeographic.com/greendex   This interview originally aired live on CBC News, Friday, July 13, 2012 at 2:30 PM To view on CBC.ca, click here. 

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What drives a company’s reputation for responsibility – and how sector affects it

GlobeScan’s public attitudes tracking shows that the corporate world as a whole continues to suffer from a lack of trust in the eyes of consumers. Companies, and global ones in particular, are far less trusted than NGOs, and nearly half of citizens when polled this year were unable to call to mind a socially or environmentally responsible company when asked to do so.

However, the latest analysis of our findings reveals that the companies that are named as socially or environmentally responsible tend to cluster in a number of key sectors – with food companies the most frequently mentioned as socially responsible, and accounting for 13 percent of the total. As our chart this week shows – and as befits a highly consumer-facing sector, personal experience of a food company’s products or services is highly influential in making people feel that it is socially responsible, with advertising not far behind as a key information channel for communicating a sense of social responsibility.

Interestingly, though, it appears that a controversial sector does not have to be a bar to a positive reputation for responsibility for a company. Despite being rated as one of the least responsible sectors overall, oil companies are third most likely to be cited as examples of environmentally responsible companies (by 5%, same as electronic equipment / electrical appliances companies). Here, however, the consumer experience is far less significant in driving this perception, and news reports are the most significant channel by some distance – well ahead of the experience people have when filling up their cars. This highlights the need for companies seeking to engage consumers around issues of corporate responsibility to adapt the information channels they prioritize carefully according to their sector, or risk wasting precious time and budget.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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Worldwide, Consumers Who Feel Most Guilty About Their Environmental Impact Are Least to Blame

Washington, DC – 13 July 2012 – A new global analysis released today by the National Geographic Society finds that U.S. consumers rank last of 17 countries surveyed in sustainable behavior, with a score of 44.7 on the 2012 Greendex. U.S. consumers are among the least likely to feel “guilty about the impact” they have on the environment (21%), yet they are near the top in believing their individual choices could make a difference (47%). The National Geographic Society’s complete 2012 … “Worldwide, Consumers Who Feel Most Guilty About Their Environmental Impact Are Least to Blame”

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Tell Me A Story: The Power of Narrative in Corporate Leadership

What companies do people see as socially and environmentally responsible? Why do some make the cut, and others don’t? For whatever reason, efforts of businesses around the world to project a responsible message are failing to connect with the global public. Sam Mountford, Director of Global Insights at GlobeScan, writes in our latest Proof Points blog for GreenBiz.com about recent Radar Research Program findings that show there are certain factors that the public recognizes more than others – and that the … “Tell Me A Story: The Power of Narrative in Corporate Leadership”

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Public Remains Concerned Over Wealth Inequalities: Global Poll

Download the Press Release (PDF) 5 July 2012 – As the debate over top earners’ pay continues, public dissatisfaction with income inequality remains high, according to new GlobeScan data from a 23-nation study released today, with fewer than half in most countries polled believing most rich people in their country deserve their wealth. GlobeScan polled more than 12,000 adults across 23 countries about their attitudes towards economic inequality as part of the annual GlobeScan Radar global public opinion study on business … “Public Remains Concerned Over Wealth Inequalities: Global Poll”

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Rio+20’s Legacy: Filling the Leadership Vacuum

GlobeScan President, Chris Coulter writes in Triple Pundit to provide his impressions on how Rio+20 stacked up to expectations. While the formal governmental declaration issued last Friday is as at least as disappointing as predicted, Coulter argues Rio featured enough examples of commitments and leadership from business and civil society to enable us to visualize how a transition to sustainability can happen even if governments refuse to lead the way.   Read the full article on Triple Pundit.

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Trust Wins Over Ethical Consumers

Published by The Financial Times on June 25th, this letter was in written by GlobeScan Chairman, Doug Miller, in response to a June 7th article entitled “In search of the elusive ethical consumer”.   Michael Skapinker’s “In search for the ethical consumer” was good as far as it went, but missed a couple of key points. The corporate interest in the ethical consumer that he outlines is well founded. It is a significant and growing segment of the consumer marketplace, currently in the range … “Trust Wins Over Ethical Consumers”

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Majorities in most countries optimistic we will make environmental progress in the coming decades

While a deal may be emerging at the Rio+20 sustainable development conference, it is already being criticized as inadequate to address pressing global challenges, particularly in terms of environmental protection and mitigating climate change. The inability of political leaders to agree to radical policies—changes that could prove unpalatable to their electorates in the midst of economic crisis—is often cited as a reason for the failure of recent UN summits to meet expectations.

Nonetheless, the latest GlobeScan public attitudes tracking suggests that most citizens around the world remain optimistic that progress on environmental protection will be made over the next two decades—and those in the world’s major emerging powers are significantly more optimistic than many of their developed-world counterparts.

Summit hosts Brazil, and China, emerge as the most bullish about the prospects of leaders making environmental progress in the decades to come (77% optimistic in both cases, with 35% very optimistic in Brazil). Emerging economic powers Indonesia and Mexico are not far behind. Among developed economies, Germans are the most optimistic (67%), followed by Americans (62%)—despite the US administration being widely seen as an obstacle to a more far-reaching agreement at Rio.

While optimists are also in the majority in the UK, Canada, and France, two in five or more are pessimistic in each of countries. However, the only country with a majority of pessimists is Greece—in keeping with the very downbeat worldview apparent in our recent polling there. This suggests that, overall, electorates may be more willing to accept a switch to environmentally sustainable policies than is sometimes assumed.

 

Finding from the GlobeScan Radar, Wave 1, 2012 

For more information on this finding, please contact Sam Mountford (Read Bio)

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Rio+20 Dispatch: Rio Re-Do

GlobeScan Sustainability Director, Eric Whan writes in The Huffington Post to explore the challenges and disappointments some delegates at Rio+20 have experienced so far. Eric explains: “some 3,000 people are spending most of their time away from the Rio Centro in the Windsor Barra hotel talking about the role of the private sector in the transformation to global sustainability. Such high levels of interest bode well. The problem is, these same people do the same thing at conferences every year. This gathering … “Rio+20 Dispatch: Rio Re-Do”

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Will There Be Icebergs Near Rio?

One hundred years since the sinking of the Titanic, it is still debated why that fabled and fated ship hit an iceberg and went under. But surely the root cause was the widespread belief that she was unsinkable. Twenty years since the 1992 Earth Summit in Rio de Janeiro — which did so much to elevate environment and development on the global policy agenda — GlobeScan President, Chris Coulter, Dan Hendrix, President and CEO of Interface, and Mark Lee, Executive Director of SustainAbility fear a … “Will There Be Icebergs Near Rio?”

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Rio+20 Dispatch: Government Is Dead. Long Live Government.

GlobeScan President, Chris Coulter writes in The Huffington Post to explore the discussions at Rio+20 that have been focused on the poor performance of, and low expectations for, governments when it comes to making progress on sustainable development. The level of criticism of governments across stakeholders is remarkable: in recent polls by GlobeScan and SustainAbility on the performance of institutions in the transition to sustainable development, both experts and the global public give governments the lowest ratings.   Read the full article … “Rio+20 Dispatch: Government Is Dead. Long Live Government.”

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Businesses Cannot Afford to Ignore the Benefits of a Green Economy

From Financial Bottom-line Advantages to Job Creation and Sustainable Growth: Businesses Cannot Afford to Ignore the Benefits of a Green Economy, Report Says Download the Press Release (PDF) Rio de Janiero, 16 June 2012 – Businesses making the transition towards the green economy are already reaping rewards worth hundreds of millions of dollars in savings and high return on investment, while benefiting consumers, communities and the environment, says a new report entitled The Business Case for the Green Economy: Sustainable Return … “Businesses Cannot Afford to Ignore the Benefits of a Green Economy”

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