Surveys on Business Ethics 2017
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1 Surveys on Business Ethics 2017 In this Briefing, the IBE highlights the findings of 8 pieces of research conducted throughout 2017 in the field of business ethics, commenting on common themes and emerging trends. This Briefing is published annually. This briefing highlights the findings of a number of pieces of research conducted into business ethics in 2017, which have implications for ethics and compliance practitioners. These reports cover a broad range of business ethic topics such as mental health at work, modern slavery, fraud and corruption, and the public s opinion on business behaviour. Depending on the type of survey, respondents ranged from the general public to specific age groups as well as employees and senior executives. Control Risks International Business Attitudes to Compliance Report 2017 Global survey on compliance This report provides an overview about the current state of compliance worldwide. Based on a survey of over 1,000 legal and compliance officers from multiple jurisdictions and sectors, the report maps out the issues and challenges that businesses face in the field of compliance. Overall, the analysis confirmed the growing importance that organisations place on compliance. While in the past, compliance issues have been incorporated and managed by other business units, 44% of respondents stated that their organisations had a dedicated individual in charge of compliance. However, nearly half of the respondents surveyed (46%) are spending less than $250,000 per year on compliance. Although there is no benchmark for the sufficient size of a compliance budget, the report considers the average expenditure on compliance far too low. Respondents were also asked about the role of technology in advancing compliance within their organisations. The findings suggest that while compliance professionals are aware of the technological tools available, technology is currently not sufficiently used. This is especially true when it comes to third party risk monitoring: Only 31% of respondents said that they were using technology to monitor third party behaviour. In terms of detecting misconduct, 64% of respondents stated that their company used whistle-blowing or Speak Up lines to detect criminal conduct. In contrast, only 34% of respondents monitor transactions on real time basis and even fewer (18%) carry out surprise financial audits. This lack of proactivity means that organisations could fail to prevent an ethical lapse before it occurs. Finally, the report also provides insights into how organisations face the challenges that international markets with different cultures pose. Organisations can be faced with the difficulty of navigating foreign markets without violating either local laws or norms, which can be in conflict with home country standards and regulations. While 55% of respondents state that their organisations policies apply globally, policy exceptions are most often made in the in the area of gift giving (40%), followed by permitted interactions with government employees (30%) and the use of facilitation payments (20%). A majority of organisations (64%) also offer training in local languages. 1 Although this survey focuses on issues specific to compliance, which primarily focuses on ensuring that organisations conduct business in line with applicable legislation and regulation, many of the issues covered intersect and overlap with ethical issues. Ethics is a value-based approach and looks at how organisations take responsibility for their actions and build a corporate culture in which individuals do the right thing above and beyond the law.
2 Page 2 The Deloitte Millennial Survey 2017 Global survey on millennial s views on business Deloitte s latest millennial survey is based on the views of 8000 working millennials (those born after 1982) from 30 countries. The survey covers millennials views on a broad range of issues such as their expectations for the future, their economic confidence, their political optimism and their views on the role of businesses within the broader society as well as its behaviour. Issues such as climate change and the environment rank lowest on the list of topics millennials are concerned with. This is in stark contrast to previous millennial surveys, where concerns about climate change topped the list. In light of what millennials perceive to be society s biggest challenges, the survey asked respondents on the impact that business has on the wider society. Overall, a large majority of millennials (76%) view businesses as a force for positive social change. While in 2015, only 52% of millennials believed that business behave in an ethical manner, the percentage who held this view, increased to 65%. Leadership is similarly regarded in a more positive light with about 62% viewing organisations leaders as committed to improving society as compared to 53% in Other main findings include: 74% of millennials believe that multinational organisations have the potential to address the challenges for societies, yet only 59% think they actually have done so far. 86% of respondents state that business success should not only be measured by financial success, but also on how much they are involved in addressing social issues. Millennials are still sceptical about business involvement in charitable causes, with a majority of them perceiving businesses to be mainly motivated by reputational benefits. Institute of Business Ethics (IBE) Attitudes of the British Public to Business Ethics Survey about perceptions of the British public on business ethics Is British business behaving more ethically than in the past? Every year, the IBE asks the British public their opinion of business behaviour. This year, the survey shows that the public s general opinion about ethical business behaviour has improved. Over half (52%) now say they consider that Figure 1: Thinking about business around the world, do you agree or disagree that, on balance the current statements describe the current behaviour? Source: The Deloitte Millennial Survey 2017
3 Page 3 business behaves ethically, a slight recovery from last year's dip to 48%, but not yet back up to 2015 levels (59%). The strength of negative opinion is also decreasing, with fewer people now saying that business behaves not at all ethically (down from 9% in 2012 to 5% in 2017). Since the survey began in 2003, the British public s opinion has consistently leant more towards judging business as behaving ethically than not ethically. However, last year, public opinion on this matter fell 11 percentage points compared to Although this recovery is encouraging, it may be that business is positively benefiting from the scandals which have hit other sectors, such as American politics and football. By contrast, business may be appearing more responsible in the eyes of the public. So, is business benefiting from the scandals which have affected other institutions in society over the course of 2017? Or is it actually behaving more ethically? The IBE s opinion is cautiously muted on this, as the survey shows that corporate tax avoidance and executive pay still remain top public concerns. It is an example where business is still not doing enough to address ethical issues in the public s view. Although there has been some movement on executive pay by companies, as shareholder-approved policies take effect, it will still take time to move the dial. Naturally the public perception is that the changes are not quick enough, with 30% of the public thinking this still needs to be addressed (up from 28% last year). Ergon Modern Slavery Statements: One year on Survey on the impact of the Modern Slavery Act 2015 With the enactment of the Modern Slavery Act in 2015, organisations with a greater commercial turnover than 36 million are required to issue a statement on how they are addressing the risk of modern slavery within their organisations. This report analyses 150 of such statements, most of them from companies which are headquartered in the UK. Additionally, the statements are benchmarked in order to identify and evaluate how well organisations are addressing issues related to human rights and modern slavery. The report highlights that a positive impact of the Modern Slavery Act is that it also requires organisations which are not immediately associated with modern slavery risks to address the issue. Figure 2: Business and commercial relationships that are covered in the statements Source: Ergon Modern Slavery Statements: One year on (2017) address the issue. The Act requires the modern slavery statement to be signed off by a director, member or partner of the organisation. About 21% of statements are not clearly signed off and may be non-compliant with the Act s requirements. So, while the public may be seeing business in a positive light, due, in part by the glare of negative publicity in other sectors, this may be short lived if business doesn t start to address these fundamental issues more openly which have been troubling the British public for a long time. Leadership is similarly regarded in a more positive light with about 62% viewing organisations leaders as committed to improving society as compared to 53% in The length of statements has increased. Most statements are between 500 and 1000 words long, only 5% were less than 250 words long 81% of statements cover supply chains in detail or moderately well 35% of organisations cover modern slavery and human rights risks in their training courses Statements often only cover companies UK operations, leaving overseas operations, some of which take place in high risk countries, excluded.
4 Page 4 Furthermore, the results suggest that many organisations are still lagging behind when it comes to detailing their modern slavery risk-assessment processes. Only 3% of organisations describe their risk assessment in detail. The majority (56%) of organisations only cover the subject minimally. Further details about how organisations select risk factors and where they source their information from could give better insights into how organisations address modern slavery and human rights risks more generally. Figure 3: Coverage of the risk assessment process Source: Ergon Modern Slavery Statements: One year on (2017) Business in the Community Mental Health at Work Report 2017 UK survey on mental health at work In recent years, businesses, governments and the public alike have become more aware of issues relating to mental health at the workplace. In 2017, UK Prime Minister, Theresa May, made a pledge to review the UK Mental Health Act, emphasizing that mental health at the workplace is an issue which needs to be addressed more thoroughly by regulators and employers alike. The National Employee Wellbeing Survey surveyed 3,006 part-time and full-time employees in the UK about mental health at the workplace. Participants include front-line workers, employees, senior managers and directors, which helps to give a diverse insight about mental wellbeing at the workplace. The report defines mental health as the conditions raging from the symptoms of poor mental health relating to stress through to medically-diagnosed conditions such as anxiety, depression, bi-polar disorder and schizophrenia. The survey showed that 60% of employees have experienced a mental health problem in their career due to work or where work was a contributing factor at some point. Of those, most have experienced psychological symptoms, such as depression and anxiety, followed by behavioural (such as mood swings) and physical (raised blood pressure, dizziness and headaches) symptoms. About one third of employees have been formally diagnosed with a mental health condition, of which depression is the most commonly reported diagnosis. Although 91% of managers agree that their actions impact the wellbeing of their staff, only 58% of employees feel that their manager is genuinely concerned about their wellbeing. The quality of support for those with mental health issues is also perceived differently, depending on the role of the individual. Other interesting findings include: 24% of managers receive training on mental health and 49% of line managers think that dedicated training on mental health would be useful for them. Figure 4: In your opinion, how well does your organisation support employees who experience mental health problems? Source: Business in the Community- Mental Health at Work Report 2017
5 Page 5 Employers most commonly respond to their staff s mental health issues by giving them time off work. Only a small majority (53%) of respondents felt comfortable talking about mental health issues at work. Especially younger people feel less confident about discussing the topic in the workplace. 8% of employers worked on redesigning the individual s job, something which employees regard as useful support. 15% of those who disclosed mental health issues faced disciplinary procedures, were forced out of work or demoted. EY Europe, Middle East, India and Africa Fraud Survey 2017 Global survey on compliance and ethics This piece of research surveyed attitudes among 4,100 individuals to issues relating to fraud and corruption. One percent of respondents were board directors, eight percent senior management, 25% middle management and another 66% were categorised as other employees. One key insight is the difference of perceptions between senior management and other employees about how well ethical standards are communicated within their organisations. While 45% of senior managers heard messages relating to ethical standards frequently, only 32% of their colleagues in less senior positions (i.e. other employees ) feel that message about high ethical behaviour are communicated frequently. Further differences between senior management and other employees lie in their attitudes towards ethical misconduct. For example, while 1 in 3 (33%) respondents from the senior management would feel justified in offering inappropriate cash payments (for example facilitation payments) to help a business survive, only 1 in 5 (20%) of other employees would feel justified to do so. The survey also questioned respondents about speak up procedures within their organisations. While most organisations have speak up channels in place, their effectiveness is undermined by the fact that only 21% of respondents were aware about their organisation s speak up procedures. Edelman Global Trust Barometer 2018 Global survey on trust In 2017, the average trust in institutions included in the survey (NGO s, business, government and the media) declined. Among the mass population, 20 of the 28 countries surveyed now fall into the category of distrusters. At the same time, the informed public only categorizes 7 out of 28 countries as distrusters, indicating that the divide between the informed and the uninformed public persists. The US has suffered the most dramatic decline in trust in its institutions. It is the steepest decline of trust recorded by the Trust Barometer over the last 17 years. At the Figure 5: Do employees feel comfortable escalating their concerns? Source: EY Europe, Middle East, India and Africa Fraud Survey 2017
6 Page 6 same time, China is showing positive changes, recording the highest average level of trust among all respondents, closely followed by India, the UAE and Singapore. On a global scale, out of all institutions, trust in businesses and NGOs remains ahead of trust in governments and the media. The average trust in business increases in 14 out of 28 countries, but overall, business is still distrusted in a majority (16 out of 28) countries. A large number of western democracies record distrust in business, while businesses in countries like India, China, Indonesia and the UAE are on top of the list of trusted countries. Business growth in these countries is progressing fast and Chinese, Indian, and companies from the UAE are rapidly expanding into the global market. Perhaps the high levels of trust in business in these countries explains why they fare so well in the table setting out the average level of trust in all institutions. People may not only define trust in terms of satisfaction with the political system, but increasingly factor in how the private sector performs as well. With the media being the least trusted institution in 2018, people look for credibility in other authorities. Experts, whether financial, academic or technical and CEOs regain some credibility among all respondents. At the same time, people are less inclined to trust their peers with the level of trust to a person like yourself being at an all-time low. The majority of respondents have high expectations for CEOs. 64% of the total number of participants believe that CEOs should take the lead on change instead of waiting for governments to impose it. Although 60% of respondents still agree that the most important focus for corporate leaders is to increase stock and profits, 64% expect that leaders prioritize aligning business decisions with the company s values. Ahead of both are 69% who believe that CEOs should focus first and foremost on building a trusted company. This indicates that organisations should assess how they conduct business and that leaders should also take a more proactive role in promoting ethical business practices. There is however a general disbelief among society that CEOs are genuinely interested in promoting positive change in the world. 60% of participants think that CEO s actions are mostly driven by personal greed and 56% of respondents agree that companies which focus solely on profits are bound to fail. Board Agenda, Mazars and INSEAD Board Leadership in Corporate Culture: European Report 2017 UK and mainland Europe survey on corporate culture and the board This survey looks at how seriously facilitating a good corporate culture is taken in boardrooms. Survey respondents include 450 individuals from privately and publicly listed companies in the UK and mainland Europe. Their positions range from CEOs, CFOs, asset managers, company directors, board directors, executive and nonexecutive directors as well as secretaries, risk officers and investment managers. Although it is widely accepted that a healthy corporate culture depends to a large extent on tone from the top, the survey results also show that the issue is not being taken as seriously as it could be. Respondents most commonly placed culture third on their list of priorities, after financial performance and strategy which were considered most important. Figure 6: How important is corporate culture to the board of directors? Source: Board Leadership in Corporate Culture: European Report % think that their organisation s board does not spend enough additional time on discussing cultural issues and 15% of board members state that their board does not value culture as a topic at all. Limited discussion at board meetings about issues relating to the corporate culture perhaps also leads to a lack of
7 Page 7 clarity on the desired culture in the organisations, with almost one third of respondents saying that they are not very clear about what the desired culture looks like. Aligning the desired culture with the actual culture poses another difficulty for board members. Only 5% confidently say that there is a clear alignment with what the board desires and how the organisation s culture actually is in practice. This lack of confidence may partially be explained by the fact that culture per se is something which is challenging to measure. Organisations most commonly use employees surveys and external data such as customer feedback as metrics to measure corporate culture. 17% say that culture is not measured at all. Measuring whether the desired culture aligns with the actual culture poses another difficulty for board members. Only 5% say that there is a clear alignment between desired and actual culture. Figure 7: What are the main sources of information that the board receives on the nature of the culture as it exists in practice? Source: Board Leadership in Corporate Culture: European Report 2017 Conclusion Overall, it is positive to note that ethics and compliance continues to be recognized as an area of greater importance by the public and the private sector alike. The rise of compliance professionals in organisations reflects that trend. Besides that, the surveys in this report also indicate that the general public increasingly seems to think that businesses are behaving more ethically than in previous years. This slight shift may be primarily a result of increased legislation, such as the Modern Slavery Act and more active enforcement on behalf of regulators. Organisations acknowledge the importance of behaving ethically, but too few seem to go beyond the legal requirements. For example, only a few statements on how organisations tackle modern slavery include a more in depth analysis of how this is achieved. Moreover, departments in charge of compliance and ethics are often under-resourced. Corporate Culture Yet, there is an increased awareness among senior leaders that developing the right organisational culture is crucial to prevent ethical lapses. However, approaching ethics as a tick-box compliance exercise leaves little room for embedding values into the broader company culture and may conversely be corrosive to promoting a strong ethical culture overall.
8 Page 8 Setting the right corporate culture has become one of the main points of the debate surrounding business ethics. Many of the ethical lapses that have occurred over the previous year can be traced back to an unhealthy corporate culture, which can undermine individuals efforts to live up to the organisations values. Facilitating the right corporate tone and promoting good behaviour throughout an organisation depends to a large extent on whether the board views ethical standards as a priority. Socially responsible business With less trust in the media and governments and steep declines in trust in several western democracies, people increasingly seem to be looking for alternative sources for political and social change. Business and NGOs can fill that void, but only if ethics and compliance become an integral part of the organisation s strategy. It should therefore not go unnoticed that the public, especially younger generations, are evaluating businesses not only based on their financial success, but also to the extent that they behave as socially responsible actors. In fact, with a decline of trust in other institutions, private sector organisations are increasingly expected to become a force for social change. This shows that organisations should prioritize ethics beyond compliance and legal requirements. As a result, those who do will not only be more likely to succeed in the long term, but also be able to secure their license to operate. Preventing ethical lapses A common theme that runs through these surveys is that organisations have to become more proactive in preventing ethical lapses. Many organisations only realize the importance of ethics after they have suffered a crisis. However, as many prominent cases have shown, waiting for a crisis to occur is often too late to address the underlying issues that led to the problem in the first place. Speak Up In connection with that, all surveys in this briefing highlight the importance of speak up channels. A majority of organisations rely on employees to come forward to detect a problem and address it before it escalates. However, employees generally still feel uncomfortable about raising concerns. Whether that is due to the nature of the concern being too personal (for example issues revolving around mental health) or whether employees withhold concerns due to fear about their career prospects. Fostering a working environment in which employees feel confident about raising concerns is vital in preventing ethical lapses. 2 At the same time, organisations can embrace technology to a greater extent in their ethics and compliance programme. Although some organisations already use technological tools to monitor third parties and suppliers or to screen financial data for irregularities, the percentage of organisations who do so remains small. This should be something which is on Ethics and Compliance professionals agenda in coming years, especially with legal requirements to monitor issues like the gender pay gap and modern slavery. Leadership Leadership plays a key role in fostering an ethical culture in organisations. All surveys identified the pivotal role of leadership in preventing ethical lapses. Whether it is setting an example for ethical behaviour, encouraging employees to speak up, promoting charitable causes or allocating sufficient resources for compliance and ethics departments leadership is at the core of it all. However, senior leaders and managers can only be effective leaders if they are aware of the issues that their employees are dealing with in their day to day work. There is often a disconnect between the perception senior leadership have of the issues and that of their employees. Those at the top seems to overestimate the level of communication around ethical issues within their organisations and as a result, tend to be biased about how well these issues are addressed on the ground. Closing the gap in perceptions between leaders and their workforce is crucial in effectively implementing ethics into all parts of an organisation. After all, leaders are responsible for their organisations strategy and this will only be effective in the long term if it includes, aligns and promotes their company s ethical values. Training Creating an ethics and compliance programme should also be accompanied by specific training for employees. The surveys have shown that training, specifically on issues such as mental health and modern slavery is 2 The IBE Good Practice Guide Encouraging a Speak Up Culture offers practical assistance for making ethics policies and programmes effective.
9 Page 9 underdeveloped. Creating more training opportunities, especially for managers, is crucial if employers want their staff to live up to their organisations values. Finally, a point which we expect to see much more discussion around in the near future is the issue of operating business ethically across multiple jurisdictions. Promoting high ethical standards in a global marketplace can be challenging, especially when organisations operate in countries with a poor infrastructure, little or no regulation or enforcement and political instability. No matter where organisations operate, being coherent in their approach, whether that means having one global ethics and compliance policy or adapting it to local requirements, is a key to a successful business. This and other Business Ethics Briefings are available to download free of charge from the IBE website: If there is a topic you would like to see covered, please get in touch with us on +44 (0) or info@ibe.org.uk
10 Page 10 The IBE was established in 1986 to encourage high standards of business behaviour based on ethical values. Our vision is to lead the dissemination of knowledge and good practice in business ethics. We raise public awareness of the importance of doing business ethically, and collaborate with other UK and international organisations with interests and expertise in business ethics. We help organisations to strengthen their ethics culture through effective and relevant ethics programmes. The IBE is a registered charity, supported by subscriptions from businesses and other organisations, as well as individuals. Charity no
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