Trust must be rebuilt says PwC chief

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The Irish Sunday Business Post had an interview with Sam DiPiazza, global boss of PricewaterhouseCoopers (PwC) at the weekend.

One question went like this:

You wrote a book about rebuilding public trust seven years ago. It is a pertinent topic today. Will capitalism in general regain the trust it has lost?

Trust will be built through transparency, accountability and integrity; it is exactly what I wrote seven years ago. That accountability was missing, but it’s back now. The transparency was there but many of us believed the stories that the growth would never stop.

But you could see the leverage, the lack of saving in the US, the trade imbalances, the property bubble. It should not have taken a genius to say that there were problems in the systems.

As I said in the Enron days, you build trust over years, you lose it in days. We have lost trust and businesses needs to get it back.

Why not try country-by-country reporting as a way of getting it back Mr DiPiazza? Why is your firm so opposed?