Plus, check out sector and country reports from the 2024 Edelman Trust Barometer.
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Edelman Trust Institute
The Trust Report

•  MAY 15, 2024 • 

Welcome to the Edelman Trust Institute's newsletter — providing information, context, and applications for trust in business and society. If you find this insightful, pass it along to a friend or colleague. And don’t forget to subscribe.  

Expert Voice

Nora Denzel and David Kenny

Nora Denzel, NACD.DC™, is lead independent director at Advanced Micro Devices and a former C-suite technology executive at Intuit, HPE, and IBM. David Kenny is board chair-elect at Best Buy and former CEO of Digitas, Akamai, Publicis, The Weather Company, and Nielsen. 

The stories at the intersection of trust and technology often focus on negative outcomes: the audio deepfake of a CEO’s voice in a call to the company’s board, or a cloud security breach that potentially compromised personal data. 

  

But what about the tremendous opportunities that present themselves when we embrace innovative technologies? Technology-savvy companies are changing their business models by using AI to speed up product development, save money, develop employee opportunities, and navigate uncertainty—and countless companies are dramatically increasing their efficiency, security, and transparency through blockchain networks, thus fortifying stakeholder confidence. These stories and the resulting long-term value creation are compelling and impactful.  

  

As the 2024 Edelman Trust Barometer wisely notes, “the acceptance of innovation is essential to the success of our society.”  

  

We couldn’t agree more.  

  

As cochairs of the National Association of Corporate Directors’ 2024 Blue Ribbon Commission on Board Oversight of Technology, we and 22 other board leaders are developing governance best practices and resources to help shape boards’ oversight of the value-creating potential—and risks—of technology. Our report will inform investors and policymakers about the steps boards are taking to earn the trust of their customers and communities.   

  

Boards must be “responsibly courageous” by educating themselves, taking the long view when it comes to technology adoption and investment, and assuming a central role in rapidly engaging stakeholders. This includes the full range of generative AI tools—beyond ChatGPT—as well as game-changing technology: data, blockchain, and cloud networks; augmented reality; and more.  

  

For every challenge that technology creates, there are opportunities as well. The trick is understanding what matters most to the business strategy, so that boards can begin to harness new technologies to their advantage. To paraphrase Gen. Omar Bradley, U.S. Army, a board’s role is to help management navigate by the stars, not passing ships. 

  

Every company uses technology to create value, yet the most important product those companies offer is trust. Boards that are transparent about how they govern technology and remain vigilant in upholding the company’s values and principles—no matter what new technology is around the corner or what associated regulations are in place—instill stakeholder confidence. 

  

We look forward to releasing our full report later this year. In the meantime, NACD offers a host of resources to aid boards in their digital and tech transformations and ultimately, to build trust. 

Stat Spotlight

10-Year Shift: Less Trust for Companies Headquartered

in Global Powers

Percent trust in companies headquartered in each country, among respondents from outside each country being rated

May_2024

2024 Edelman Trust Barometer. TRU_NAT. Now we would like to focus on global companies headquartered in specific markets. Please indicate how much you trust global companies headquartered in the following markets to do what is right. 9-point scale; top 4 box, trust. Question asked of half of sample. General population, 21-mkt avg., and by region. Data excludes respondents from the country being rated. Ten-year changes were tested for significance using a t-test set at the 99%+ confidence level. 

TrustMakers

A Podcast from Edelman and Advertising Week

 

The TrustMakers is where listeners learn from global experts about what it takes to build trust in today’s society. Subscribe wherever you get your podcasts.

 

Axios Co-Founder and CEO Jim VandeHei joins Edelman CEO Richard Edelman for a conversation about his new book, “Just the Good Stuff,” and the state of trust in the media and business leaders.

LISTEN NOW
The TrustMakers

2024 Edelman Trust Barometer-1

Sector & Country Reports

Insights for Tech and AI
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Insights for Financial Services
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Talking Trust
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AI’s Trust Problem

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What To Do When Your Employees Don't Trust You

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Communicators Are Critical to Rebuilding Trust in Healthcare. Here’s Why.

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