| Tue 2 Dec 2003, 12:54 | | Survey of public trust in top firms ranks Pick n P |
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Survey of public trust in top firms ranks Pick n Pay on top
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Cape Editor
CAPE TOWN Pick 'n Pay has emerged from the poison-extortion crisis that threatened the retailer earlier this year as the most trusted of SA's top companies.
That was the conclusion reached by Pretoria-based research group Ask Africa after a comprehensive survey of stakeholders in 30 of SA's top firms, including the general public, employees, shareholders, customers and the media.
The research, conducted in association with Business Day, attributed the fact that Pick 'n Pay was not only able to weather the adverse publicity, but emerge with its reputation enhanced, to the high ratings it received for communicating with stakeholders and a widespread perception that management practised what they preached and cared about the opinions of other people.
The Trust Barometer, pioneered by Ask Africa, placed Pick 'n Pay in pole position, followed by four financial institutions Standard Bank, Absa, Old Mutual and First Rand. Woolworths, Telkom, Sanlam, Nedcor and MTN made up the rest of the top 10.
The intention is for the Trust Barometer survey to be repeated on an annual basis. Ask Africa MD Andrea Rademeyer said this would provide participating companies with a benchmark to measure progress and plan interventions. On a national level it would serve as an indicator of the state of corporate governance and related trust variables, to both government and international investors.
"The crucial value of trust in business relationships came to the fore as a result of the recent spate of scandals in which dishonesty, unethical behaviour and poor corporate governance were deployed in service of corporate greed," Rademeyer said. "Restoring trust in business should be a national priority for the African renaissance to become a reality. Companies need to regain the moral high ground in the eyes of their stakeholders."
The overall trust index showed a clear differentiation between industries, with banking and retail perceived to be significantly more trustworthy than any other.
Pick 'n Pay CEO Sean Summers said he and his management team were "enormously humbled and obviously delighted with this vote of confidence from the South African public. What it does demonstrate is that when you put customers and their safety first, they will reward you with their trust and support.
"If anything was served by the crisis, it reaffirmed for us just how important it is to remember that customers, and people, come first always," Summers said.
Dec 02 2003 07:26:12:000AM Dave Marrs Business Day 1st Edition
