Less Perfection More Authenticity Complete 100
At Black Sun we have been tracking the reporting debate and examining how companies are responding to a changing environment and change within reporting legislation and regulation for more than 13 years.
What is the Complete 100?
Our extensive research assesses the Annual Report of all companies in the FTSE 100 index through an audit format that contains around 260 questions. This report discusses only a subsection of the research results. The main purpose of our research is to continuously enhance our knowledge of best practice reporting to enable us to support our clients in developing engaging reports that match their level of ambition. We also hope to stimulate what constitutes “best practice” and contribute to the wider development towards long-term thinking, disclosure and transparency.
Less Perfection. More Authenticity.
Truthful and authentic communication plays an integral part in combatting low corporate trust. A report needs to adhere to the fair, balanced and understandable principle and it needs to communicate accountability. ‘Doing what you said you would do’. But this does not necessarily generate trust on its own.
Every company can produce a best practice Annual Report, even an award winning one if they want – but most do not tell an authentic story that truly communicates their uniqueness, warts and all, in a way that builds trust with investors and other stakeholders.
The six principles of trust
Our six principles of trust individually and collectively contribute to corporate trust. They are linked, interdependent and essentially all rooted in long-term thinking, planning and preparedness. They build on the concept that trust can only develop when both parties in a transaction have a vested interest in the outcome over the long-term, which is when the full range of consequences of any actions may be felt.
A company that communicates how it is ‘part of the solution rather than the problem’ is a more trusted company.
A company with a healthy corporate culture is seen as a less risky and more attractive company to invest in, partner with and work for.
Social licence to operate by securing the trust of key stakeholders is essential for long-term success.
A diverse board and workforce that represents a wide range of stakeholder views will make a company more informed and ultimately, more trusted.
Communicating the full range of value created and the actions taken to manage, sustain and develop these sources of value will make a company appear better prepared for the future.
Demonstrating long-term thinking and preparedness is the glue that holds the narrative together and makes it believable.