Customers think fair tax the most important ethical issue for big business

Posted on

According to the FT this morning:

Boards must take control of setting a company’s ethical values and be prepared to dismiss chief executives whose values are not compatible with the culture they seek, says the Institute of Business Ethics.

As they note:

The study comes as trust issues continue to dog corporations, seven years after the start of the financial crisis.

Those boards may be wise to take note of a survey by KPMG reported in The Grocer, which says:

Company tax arrangements are more important to consumers than Fairtrade and the environment, new research has found.

Noting Tax Research UK's role in changing public opinion, The Grocer notes that KPMG's report found that unsurprisingly fair pricing and quality issues were vital to brand perception but that paying fair tax was more important to consumers than treating suppliers fairly, employees fairly, minimising environmental impact and charity support.

Two thirds of consumers felt large companies were doing the bare minimum to engage with ethical issues. KPMG urged companies to communicate better.

They might want to apply for the Fair Tax Mark. And yes, of course I declare an interest in saying so. I am one of its directors.