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Article

8 Apr 2014

Author:
UK Parliament

Transparency and Public Trust in Business [UK]

Six years after the peak of the global financial crisis there should surely no longer be disagreement among any of us that businesses are bound by the same ethical and social responsibilities that bind us all. As the financial crash showed, business transparency is absolutely essential to society. The lack of it in the financial sector in recent years continues to have huge repercussions for people in my town of Wigan, in the UK, and across the world...As business has become increasingly complex, it is very hard for consumers to know, first, whether they can trust the product they are buying, and secondly, whether the business they are supporting is operating ethically. Little wonder, then, that there is increasing public appetite for action...But it is not just the public who want action; companies and business leaders are also behind the call for higher business standards....[refers to Shell, Unilever, Goldman Sachs, KPMG]