As we start a new calendar year we should be making plans. Does your group need a plan to rebuild trust?
The concept of trust comes up again and again when we are talking about governance. I have said that trust takes years to build but can be gone in an instant. I am not the only one to say this.
The Edelman Trust Index has dropped below 50% in Canada and I spoke of that in an earlier post this year. So, if you think that the trust of your stakeholder has been reduced, what do you do as a board?
Boards gain the trust of their stakeholders by demonstrating consistently that they have the stakeholder’s best interests in mind. Not the best interests of the board members. Communication with stakeholders is key. Asking members of an organization what they want from the organization shows that the board is ready to represent the stakeholders.
If the organization consistently demonstrates that they put the best interests of their stakeholders first, then trust can be rebuilt.