Indian companies have emerged as the most trusted by the domestic population, followed by China, Canada, the US, and the UK, according to a new study.
The Edelman Trust Barometer Special Report: The Geopolitical Business, which was released on the sidelines of the World Economic Forum Annual Meeting, also showed that geopolitics is now a litmus test for trust in business.
The corporate exit from Russia has set a precedent, and the expectations for action at times of crisis are ever-increasing. Fewer than 6 in 10 respondents now say geopolitics is a business priority.
At a time when the world has been challenged by geopolitical conflict, economic uncertainty, climate threats, and social inequalities, there is no urgent pressure for companies to respond to the Russian invasion of Ukraine, the study showed.
Nearly half of respondents (47 percent) have bought or boycotted brands based on the parent company's response to the invasion of Ukraine; moreover, employees told us that if they believe their employer to be doing well in its response to the Ukraine invasion, they will be more loyal (79 percent) and will recommend that employer to others (80 percent).
In terms of domestic trust in companies headquartered in each market, India has topped the charts (89 percent, with a gain of 4 percent since January), followed by 82 percent in China and 70-76 percent in Canada, the US, and the UK.
On the overall trust index, taking into account trust in NGOs, business, government, and media, India is now placed second place after China, as against third in January this year.
Globally, scientists have emerged as the most trusted category, while the United Nations is the only trusted global institution.
The survey was conducted in 14 countries with 14,000 respondents between April and May.