2023 Survey Report

Authors: Oxford | Saïd Business School | GlobeScan

The January, 2024 edition of “The Hub” highlights a survey report prepared by Oxford University Centre for Corporate Reputation, Saïd Business School and GlobeScan. The fourth annual Oxford-GlobeScan Global Corporate Affairs Survey Report provides the latest overview of opinions, trends, and challenges through the lens of Corporate Affairs practitioners.

The key findings of the 2023 Oxford-GlobeScan Global Corporate Affairs Survey are:

• Geopolitical risk and uncertainty is once again the greatest perceived short-term category of risk to global businesses. Climate change now finds itself as the second most-significant risk, specifically reflecting deep concerns over the impact of the environment, but with growing political resistance in some parts of the world. Rising significantly since last year are the business risks associated with the macro-economy, replacing the much more tactical issue of supply chain management, which is now in fourth position.
• Top three opportunities - Firstly, innovation, digitalisation, and AI is the most-cited area of opportunity for business as developments in technology offer ever more nimble and personalised ways of engagement. Second- and third-placed opportunities are related to the ability of organisations to adapt to climate change and a just energy transition.
• At a more corporate level, trust and purpose continue to be significant areas of focus. Providing quality products and services is now seen as the strongest driver of trust in companies. The purpose-driven era for business is well and truly underway.
• The perception that political populism and polarisation is a risk to business has increased. However, where companies are planning to engage in advocacy, the focus is on broad environmental topics, including climate change, and social topics such as diversity, equity, and inclusion. The conundrum is that while businesses say having a voice on these issues is important, the actual appetite and follow-through are low.
• Other related areas such as stakeholder mapping and engagement have also risen.
• Over nine in ten practitioners agree that the Corporate Affairs function is having an important impact on the creation of business value.

The big picture: risks and opportunities for global business

Geopolitical Risks and uncertainty, Climate Change, Supply chain issues, community engagement, Regulatory pressure & changes, talent retention, Data Privacy/ Cyber risks, Operational Transparency, Energy Transition, Activism, ESG Performance, Shareholder Pressure etc.

Meeting the moment: trust and purpose

Finding an anchor in such turbulent waters is crucial, and both trust and purpose are helping to provide that stability. Corporate Affairs professionals believe that quality products and services is the strongest driver of trust in business, representing a subtle shift to competence factors, followed closely by integrity and honesty and building stakeholder relationships.

Evolving expectations: populism, advocacy, and greenwashing 

Within the broader category of geopolitical risk and uncertainty, political populism and polarisation continues to concern leaders and the perception of risks in these areas has grown over the last four years.

Whereas leaders had previously expressed a growing belief that companies should be more proactive in their advocacy to address and help mitigate these risks, enthusiasm has waned.

One major constraint on both appetite for and engagement in advocacy is the potential charge of ‘greenwashing’ that can result.

Building capacity: Evolution of the Corporate Affairs function

At no time has the Corporate Affairs function been more important in helping to think through and act on strategies that not only mitigate these risks and achieve business goals but that do so by satisfying the entire array of stakeholders who interact with – or feel they have a right to interact with – their company.

Click here to access the original report - 

(IICA duly acknowledge the ownership / authorship of the survey report and republishing the same only for educational purpose)