INSEAD Press Release

Business, Government and Media must regain public trust

Business, Government and Media must regain public trust
Academics, business and government leaders at INSEAD Forums discuss responsible leadership and global stewardship

Fontainebleau (France), Singapore, Abu Dhabi, 13 December 2018 - INSEAD, the business school for the world, is taking its concept of business as a force for good to a global audience. Following the launch of the Campaign for INSEAD: A Force for Good event at its Europe Campus, focus turned to Singapore, where the recent INSEAD Forum Asia and the Campaign for INSEAD Launch brought together leaders from across Asia to discuss more responsible leadership.

The world is currently writing an important chapter that complements business innovation and intergovernmental cooperation - the chapter on integration. At the same time, we also see loss of trust in governments, businesses and institutions, which may hinder global integration of business and societal goals.

According to the 2018 Edelman Trust Barometer, trust in business, government and media in many markets remains dismal. In some countries, only 30 percent of people trust business. Globally, 60 percent agree that CEOs are driven more by greed than a desire to make a positive difference in the world. And media has become the least-trusted global institution.

How governments and businesses can regain trust

In his keynote address at the INSEAD Forum Asia and the Campaign for INSEAD Launch in Singapore, Mr Chan Chun Sing, Minister for Trade and Industry of Singapore provides three insights into how business and government can be a force for good and begin building trust.

First, evolve the open rules-based global trading system so that economic gains are shared equally. Second, unleash the potential of people through a meritocratic system where achievements are based on talent and effort. Third, embrace the values that put society ahead of personal interests and imbue in all people a sense of stewardship.  

Minister Chan cautions that how the world manages growing disparities will have significant global political impact. If the disparity between those who win more and those who win less is not well managed, it can translate into global backlash against integration.

Mr Chan Chun Sing, Singapore's Minister for Trade and Industry at the INSEAD Forum Asia and the Campaign for INSEAD Launch in Singapore on 10 November 2018.

Similar commentary emerged from global business leaders in "Business as a Force for Good" panel discussions moderated by Peter Zemsky, INSEAD Deputy Dean and Dean of Innovation, at INSEAD Forums in France and Singapore.