EDELMAN TRUST BAROMETER PRESENTATION TO LA ......EDELMAN TRUST BAROMETER IN RETROSPECT ONE | The State of Trust Q11-14. [TRACKING] Below is a list of institutions. For each one, please

2014 EDELMAN TRUST BAROMETER PRESENTATION TO LA TROBE ASIA

EDELMAN'S 14TH ANNUAL SURVEY, LARGEST GLOBAL EXPLORATION OF TRUST

2

ONLINE SURVEY IN 27 COUNTRIES

• 33,000+ respondents

• 6 years in 20+ markets

• 9 years in 10+ markets

GENERAL POPULATION

• 1000 respondents per country surveyed

• Ages 18+

• 3 years of data

INFORMED PUBLICS

• 500 respondents in U.S. and China & 200 in other countries

• Ages 25-64

• College-educated

• In top 25% of household income per age group in each country

• Report significant media consumption and engagement in business news and public policy

• 14 years of data

2014 BUSINESS TO LEAD THE DEBATE FOR CHANGE

2013 CRISIS OF LEADERSHIP

2012 FALL OF GOVERNMENT

2011 RISE OF AUTHORITY FIGURES

2010 TRUST IS NOW AN ESSENTIAL LINE OF BUSINESS

2009 BUSINESS MUST PARTNER WITH GOVERNMENT TO REGAIN TRUST

2008 YOUNG INFLUENCERS HAVE MORE TRUST IN BUSINESS

2007 BUSINESS MORE TRUSTED THAN GOVERNMENT AND MEDIA

2006 “A PERSON LIKE ME” EMERGES AS CREDIBLE SPOKESPERSON

2005 TRUST SHIFTS FROM “AUTHORITIES” TO PEERS

2004 U.S. COMPANIES IN EUROPE SUFFER TRUST DISCOUNT

2003 EARNED MEDIA MORE CREDIBLE THAN ADVERTISING

2002 FALL OF THE CELEBRITY CEO

2001 RISING INFLUENCE OF NGOS 3

EDELMAN TRUST BAROMETER IN RETROSPECT

ONE | The State of Trust

Q11-14. [TRACKING] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you 'do not trust them at all' and nine means that you 'trust them a great deal'. (Top 2 Box, Trust a great deal and Top 4 Box, Trust) Informed Publics in 20-country global total.

NGOS BUSINESS

GOVERNMENT

TRUST IN BUSINESS AND NGOS REMAINS STABLE, TRUST IN GOVERNMENT AND MEDIA DECREASES

5

TRUST IN THE FOUR INSTITUTIONS OF GOVERNMENT, BUSINESS, MEDIA AND NGOS, 2013 VS. 2014

TOTAL TRUST TRUST A GREAT DEAL

MEDIA

63% 64%

22% 23%

2013 2014

#1

57% 52%

17% 16%

2013 2014

#3

58% 58%

17% 16%

2013 2014

#2

48% 44%

16% 15%

2013 2014

#4

PresenterPresentation NotesThe most trusted institution in the world continues to be NGOs. It is particularly interesting to watch the rise of NGOs in Asia. NGOs are followed by business, in which Trust is stable and rising, but only in developing markets. Trust in Media had been rising for the last 3 years, but fell from 57 to 52 this year – but we have a theory as to why. Not a good story for government, which is in last place and falling fast.

GLOBAL 54 UAE 79 China 79 Singapore 73 Indonesia 72 India 69 Malaysia 65 Canada 60 Netherlands 60 Mexico 59

Hong Kong 59

Australia 58 Brazil 57 Germany 57 Argentina 53 U.K. 52 Sweden 51 S. Korea 51 S. Africa 50 U.S. 49 France 46 Japan 44 Italy 43 Turkey 41 Spain 39 Ireland 39 Russia 37 Poland 35

GLOBAL 57 China 80 Singapore 76 India 71 Mexico 68 Hong Kong 67 UAE 66 Malaysia 64 Canada 62 Indonesia 62 U.S. 59 Netherlands 59 Brazil 55 Germany 55 France 54 Sweden 54 U.K. 53 Italy 51 Australia 50 Poland 48 S. Korea 47 Ireland 46 Argentina 45 Spain 42 Turkey 42 Japan 41 Russia 36

Trust Index is an average of a country’s trust in the four institutions of government, business, media and NGOs. 20-country global total (does not include Argentina, Hong Kong, Malaysia, Singapore, South Africa, Turkey, UAE).

6

BIG TRUST INCREASES FROM

2013

UAE +13 pts. Indonesia +10 pts. Australia + 8 pts. Argentina + 8 pts.

THE TRUST INDEX: SLIGHT DECLINE IN TRUST OVER THE PAST YEAR WITH STRONG REGIONAL VARIATIONS; MAJOR DECLINES IN POLAND, U.S. & MEXICO

2013 2014

BIG TRUST DECREASES FROM

2013

Poland -13 pts. U.S. -10 pts.

Mexico -9 pts.

TRUS

TERS

NE

UTRA

L DI

STRU

STER

S

PresenterPresentation NotesThe Trust Index looks at the average score across the 4 institutions in all 27 markets.In blue (at the top) are typically Asian markets, the middle is usually a mix of Asian and European countries, but some big changes this year are that the US and France moved from the high middle to really unhappy – in the red/at the bottom. This is where the US was in 2009. Meanwhile, the top 6 countries are all developing markets. The EU (especially Poland and Russia) is pessimistic, along with the US, and Asia is up and moving north.

2014

TRUS

TERS

NE

UTRA

L DI

STRU

STER

S GLOBAL TRUST DIFFERENCE OF

9 points

MARKETS WITH LARGEST PERCEPTION

GAPS:

UAE (15 pts.) Australia (14 pts.) Germany (13 pts.) France (13 pts.) Sweden (13 pts.)

GLOBAL 47 China 67 UAE 64 Singapore 64 Indonesia 62 India 61 Malaysia 57 Canada 54 Mexico 53 Netherlands 51 Hong Kong 50 Brazil 49 Argentina 49 Australia 44 Germany 44 S. Korea 43 U.K. 42 S. Africa 42 U.S. 42 Italy 41 Japan 40 Turkey 39 Sweden 38 Spain 36 Ireland 35 France 33 Poland 32 Russia 31

Trust Index is an average of a country’s trust in the four institutions of government, business, media and NGOs. 27-country global total.

7

SUBSTANTIALLY LOWER TRUST AMONG GENERAL PUBLIC THAN INFORMED PUBLIC

2014 GLOBAL 56

UAE 79 China 79 Singapore 73 Indonesia 72 India 69 Malaysia 65 Canada 60 Netherlands 60 Mexico 59 Hong Kong 59 Australia 58 Brazil 57 Germany 57 Argentina 53 U.K. 52 Sweden 51 S. Korea 51 S. Africa 50 U.S. 49 France 46 Japan 44 Italy 43 Turkey 41 Spain 39 Ireland 39 Russia 37 Poland 35

PresenterPresentation NotesWe see a very important, growing gap between the elites and the general population. This shows the seeds of populism, particularly because of the lower numbers reflecting attitude towards government.A 13 point difference for France.Australia and Germany with differences of 14 and 13 points, respectively.

LOWER/EQUAL TRUST IN 9 COUNTRIES HIGHER TRUST IN 17 COUNTRIES

50%

Q11-14. [NON-GOVERNMENTAL ORGANIZATIONS] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you 'do not trust them at all' and nine means that you 'trust them a great deal'. (Top 4 Box, Trust) Informed Publics, 20-country global total.

TRUST IN NON-GOVERNMENTAL ORGANIZATIONS (NGOS), 2013 VS. 2014

8

TRUST IN NGOS ON THE RISE, WITH MAJORITY OF MARKETS AT OR ABOVE 60% TRUST LEVEL

2013 2014

N.A.

63%

51%

57%

66% 67% 69%

61% 64% 64%

66%

55% 59%

81%

56%

76% 75%

46%

40% 37%

76%

63%

69%

63%

73%

83%

70%

62% 64% 66%

73%

67%

76% 76% 75%

67% 70% 69%

70%

59% 62%

84%

58%

77% 76%

47%

41%

37%

75%

62% 64%

58%

67%

74%

61%

47%

NGOs most trusted institution in 20 of the 27 countries surveyed in 2014

PresenterPresentation NotesNGOs have achieved a new plateau around 60%. In 18 of 27 markets surveyed there is great trust in NGOs, and it is the most trusted institution in 20 of the 27 markets – it actually exceeds that in government or in business in China, which is impressive. NGO trust is also very high in the US and EU – they are considered good, and the alternative to both business and government.

ENVIRONMENTAL NGOS RANKED IN TOP TIER OF NGOS TRUST IN NGOS – GLOBAL 2014

66% 64% 63% 59% 56%

46%

Disaster Reliefand Development

Health Environmental SocialJustice/Human

Rights

Labor Faith-Based

9 Q316-321. Thinking about different types of non-governmental organizations, please indicate how much you trust each type of NGO to do what is right using a 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”

TRUST IN BUSINESS, 2013 VS. 2014

10

TRUST IN BUSINESS STABILIZES; WESTERN SKEPTICISM ENTRENCHED, DEVELOPING MARKETS SOAR

Q11-14. [BUSINESS IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you 'do not trust them at all' and nine means that you 'trust them a great deal'. (Top 4 Box, Trust) Informed Publics, 20-country global total.

N.A.


2013 2014

50%

58%

65%

48% 49%

48%

63%

31%

74%

64%

40%

58%

74%

52% 56%

44%

81%

44% 47%

62%

44%

77%

61% 58%

82%

60% 56% 56%

58%

63%

82%

59% 58% 57%

72%

39%

82%

70%

45%

62%

77%

53% 56%

43%

79%

41% 43%

58%

38%

71%

54% 51%

73%

49%

45% 45%

PresenterPresentation NotesTrust in business has stabilized – it is the second leading institution, but we now see an entrenchment of skepticism in the developed markets of the west. In the developing world, there are high numbers for trust in business (China, India, Indonesia).

11

Q15-17C. Thinking about different types of businesses, please indicate how much you trust each type of business to do what is right using a 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics, 27-country global total.

FAMILY-OWNED AND SMALL- AND MEDIUM-SIZED BUSINESSES HAVE A TRUST ADVANTAGE EXCEPT IN ASIA; STATE-OWNED LEAST TRUSTED GLOBALLY TRUST IN DIFFERENT TYPES OF BUSINESS – BY REGION

71%

62%

76%

85% 83%

68% 65% 68%

78% 80%

63%

74%

48%

60%

72%

62% 62% 57%

63%

74%

61%

73%

47% 45%

70%

54%

63%

47% 46% 45%

GLOBAL APAC EU NORTH AMERICA LATIN AMERICA

FAMILY-OWNED SMALL- & MEDIUM-SIZED PUBLICLY-TRADED PRIVATELY-HELD BIG BUSINESS STATE-OWNED

50%


TRUST IN MEDIA, 2013 VS. 2014

12

GLOBAL TRUST IN MEDIA REVERTS TO 2010 LEVELS; NEARLY 80% OF COUNTRIES REPORT TRUSTING MEDIA LESS OVER THE LAST YEAR

Q11-14. [MEDIA IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you 'do not trust them at all' and nine means that you 'trust them a great deal'. (Top 4 Box, Trust) Informed Publics, 20-country global total.

N.A.

2013 2014

57% 59%

47% 42%

57%

77%

70%

49%

60%

81%

47% 43%

61%

66%

38%

66% 68%

47%

61%

26%

45%

79%

51% 54%

50% 50%

45%

52% 55%

70%

54%

48%

60%

78%

70%

48%

59%

79%

44% 40%

58% 63%

35%

61% 63%

41%

54%

19%

37%

71%

42%

45%

40% 40%

30%

PresenterPresentation NotesWe saw media rally in 2011, 2012, 2013, but media fell back this year. Why?Quality. When CNN reports on the Boston bombing suspects and are wrong, that has big effect. Lord Leveson and the phone tapping scandal in the UK – all of this has a corrosive effect.In developing markets there is a much higher level of trust, while in developed markets it is back down.

50%

TRUST IN GOVERNMENT, 2013 VS. 2014

13

SIGNIFICANT TRUST DECLINE FOR GOVERNMENT; LARGEST TRUST DROPS IN U.S., FRANCE AND HONG KONG

Q11-14. [GOVERNMENT IN GENERAL] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you 'do not trust them at all' and nine means that you 'trust them a great deal'. (Top 4 Box, Trust) Informed Publics, 20-country global total.

N.A.


2013 2014

= HISTORIC LOW GLOBAL HISTORIC LOW (2009) = 43%

48%

73%

43%

32%

47%

19%

40%

33%

48% 44%

29%

20%

62% 65%

57%

47%

81%

60% 58%

82%

35%

30% 32%

41%

53% 49%

63%

44%

17%

88%

56%

45%

53%

23%

43%

34%

49% 45%

27%

18%

60% 63%

53%

42%

76%

54% 51%

75%

24% 19% 21%

28%

37%

32%

45%

PresenterPresentation NotesTrust in government is at a scary level. We saw a 16 point drop in the US, 17 in France. 7 countries are at historic lows. The general population in 20 of 27 markets is under 50 percent trust. The consequence is the biggest ever gap between trust in business and government. The initial instinct of business in this environment may be to say deregulation, which could not be more wrong.

50%

54% 56%

53%

58% 58%

43% 47%

52%

43%

48% 44%

30%

40%

50%

60%

70%

2009 2010 2011 2012 2013 2014

BUSINESS GOVERNMENT

14 point trust gap between business

and government

Q11-14. [TRACKING] Below is a list of institutions. For each one, please indicate how much you trust that institution to do what is right using a 9-point scale where one means that you 'do not trust them at all' and nine means that you 'trust them a great deal'. (4 Box, Trust) Informed Publics in 20-country global total.

HISTORIC GAP BETWEEN BUSINESS AND GOVERNMENT TRUST GLOBAL TRUST IN GOVERNMENT AND BUSINESS SINCE 2009

14

PresenterPresentation NotesWe see that business and government come together and grow apart. The gap is now at 14, which is a global number.

TWO | Building Trust

4

16

KEY FACTORS SHAPE TRUST IN

BUSINESS

LEADERSHIP/ CEO TRUST

INDUSTRY SECTOR

COUNTRY OF ORIGIN (HEADQUARTERS)

ENTERPRISE TYPE

PresenterPresentation NotesWe have looked at the four institutions (business, government, media, NGOs) over the last several years, and have done significant work to bring greater dimension and to look at the drivers of trust. We have continued our work this year, looking at what is behind the trust in business. We know that there are biases/lenses that affect trust out of the gate. Industry sector, Country of Origin – which we brought back this year and over this summer took a deeper look at in emerging markets, Enterprise Type and CEO/Leader trust.

17

TRUST IN COMPANIES HEADQUARTERED IN THE FOLLOWING COUNTRIES

Q26-Q42. [TRACKING] Now we would like to focus on global companies headquartered in specific countries. Please indicate how much you trust global companies headquartered in the following countries to do what is right. Use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics, 27-country global total.

M O S T T R U S T E D

COMPANIES HEADQUARTERED IN BRIC NATIONS SUFFER A TRUST DEFICIT COMPARED TO WESTERN BASED COMPANIES

50%

80% 79% 79% 78% 75% 74% 71% 68% 67%

55% 54% 53% 42% 38% 36% 35% 34%

Germ

any

Swed

en

Switz

erla

nd

Cana

da

U.K.

Japa

n

The

Net

herla

nds

U.S.

Fran

ce

Italy

Sout

h Ko

rea

Spai

n

Braz

il

Russ

ia

Chin

a

Indi

a

Mex

ico

PresenterPresentation NotesThere is recognition of a company’s country of origin – how and where it originates has an impact on its trust worthiness. At 80 and 79 percent we see Germany and Sweden, respectively. China, India and Mexico are the least trusted. BRIC nations face an uphill battle in initial levels of trust and face a global trust bias as it relates to how they perform.

82% 81% 79% 79% 74% 74%

68% 62% 61%

50% 46%

42%

29% 26% 25%

22% 20%

18

AUSTRALIA TRUST IN COMPANIES HEADQUARTERED IN THE FOLLOWING COUNTRIES

Q26-Q42. [TRACKING] Now we would like to focus on global companies headquartered in specific countries. Please indicate how much you trust global companies headquartered in the following countries to do what is right. Use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics.

SOME SCEPTICISM IN AUSTRALIA


91% 90% 89% 88% 88% 87% 84% 84% 82% 78% 78% 76% 76%

69% 66% 65%

52%

19

CHINA TRUST IN COMPANIES HEADQUARTERED IN THE FOLLOWING COUNTRIES

Q26-Q42. [TRACKING] Now we would like to focus on global companies headquartered in specific countries. Please indicate how much you trust global companies headquartered in the following countries to do what is right. Use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics

HIGH SCORE IN CHINA, BUT, CHINA IS A HIGH TRUST NATION


87% 86% 84% 84% 84% 80% 79% 77% 76%

72%

61% 57%

48% 42%

39% 37% 36%

20

SINGAPORE TRUST IN COMPANIES HEADQUARTERED IN THE FOLLOWING COUNTRIES


MIDDLE OF THE ROAD IN SINGAPORE


96% 93% 92% 89% 88% 87% 86% 85% 84% 83% 81% 74% 72%

60% 59% 56% 56%

21

INDONESIA TRUST IN COMPANIES HEADQUARTERED IN THE FOLLOWING COUNTRIES


HIGH SCORES IN INDONESIA


Being American is not an issue in the majority of your markets. Technology versus Energy provides you with a much wider swing.

47%

43%

53%

55%

54%

56%

58%

76%

BANKS

MEDIA

PHARMACEUTICALS

ENERGY

CONSUMER PACKAGEDGOODS

FOOD AND BEVERAGE

AUTOMOTIVE

TECHNOLOGY 79%

70%

66%

65%

59%

59%

51%

51%

TECHNOLOGY

AUTOMOTIVE

FOOD AND BEVERAGE

CONSUMER PACKAGEDGOODS

ENERGY

PHARMACEUTICALS

MEDIA

BANKS

+3

+12

+10

+11

+4

+6

+8

+4

TRUST IN INDUSTRIES, 2009 VS. 2014

Q43-60. [TRACKING] Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics, 20-country global total. 23

TECHNOLOGY CONTINUES TO LEAD, BANKS TRAIL

2014 2009 2009 VS. 2014

31%

36%

36%

76%

78%

81%

U.K.

Sweden

Germany

UAE

China

India

42%

43%

43%

76%

76%

79%

Poland

Russia

Turkey

UAE

Mexico

India

23%

23%

24%

70%

74%

76%

Germany

Ireland

Spain

India

Indonesia

China

Q43-60. [TRACKING] Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics 24

FOOD & BEVERAGE INDUSTRY

ENERGY INDUSTRY

THE TOP THREE AND BOTTOM THREE MARKETS FOR TRUST IN FINANCIAL SERVICES, FOOD & BEVERAGE AND ENERGY INDUSTRIES LEVELS OF TRUST IN INDUSTRY – TOP THREE & BOTTOM THREE COUNTRIES

FINANCIAL SERVICES INDUSTRY

2013 vs. 2014

TRUST IN INDUSTRIES, 2013 VS. 2014 - AUSTRALIA

2014 2013

Q43-60. [TRACKING] Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics.

25

THEY CANT USE IT BUT KNOW THEY LIKE TECH IN AUSTRALIA

77%

75%

72%

71%

71%

70%

67%

63%

62%

58%

54%

53%

53%

49%

42%

TECHNOLOGY

CONSUMER ELECTRONICSMANUFACTURING

BREWING AND SPIRITS

FOOD AND BEVERAGE

ENTERTAINMENT

CONSUMER PACKAGED GOODS

AUTOMOTIVE

CONSUMER HEALTH COMPANIES

PHARMACEUTICALS

TELECOMMUNICATIONS

FINANCIAL SERVICES

BANKS

ENERGY

CHEMICALS

MEDIA

65%

66%

58%

63%

58%

56%

56%

55%

55%

43%

43%

40%

33%

42%

31%

TECHNOLOGY


BREWING AND SPIRITS

FOOD AND BEVERAGE

ENTERTAINMENT


AUTOMOTIVE


PHARMACEUTICALS

TELECOMMUNICATIONS

FINANCIAL SERVICES

BANKS

ENERGY

CHEMICALS

MEDIA

+12

+9

+14

+8

+13

+14

+11

+8

+7

+15

+11

+13

+20

+7

+11

2013 vs. 2014

TRUST IN INDUSTRIES, 2013 VS. 2014 - CHINA

2014 2013

Q43-60. [TRACKING] Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Informed Publics, 20-country global total.

26

CHINA HIGHEST OF ENERGY TRUST IN ANY MARKET

93%

89%

87%

86%

85%

85%

82%

82%

82%

80%

78%

78%

77%

76%

74%

TECHNOLOGY

AUTOMOTIVE

ENERGY


BANKS

TELECOMMUNICATIONS

FINANCIAL SERVICES

PHARMACEUTICALS

CHEMICALS

MEDIA

BREWING AND SPIRITS


FOOD AND BEVERAGE

ENTERTAINMENT

88%

88%

85%

84%

82%

80%

79%

78%

75%

78%

76%

73%

69%

71%

73%

TECHNOLOGY

AUTOMOTIVE

ENERGY


BANKS

TELECOMMUNICATIONS

FINANCIAL SERVICES

PHARMACEUTICALS

CHEMICALS

MEDIA

BREWING AND SPIRITS


FOOD AND BEVERAGE

ENTERTAINMENT

+5

+1

+2

+2

+3

+5

+3

+4

+7

+2

+2

+5

+8

+5

+1

2013 vs. 2014

TRUST IN INDUSTRIES, 2013 VS. 2014 - SINGAPORE

2014 2013


27

ENERGY RELATIVELY HIGH SCORES IN SINGAPORE

86%

82%

80%

78%

78%

78%

77%

76%

75%

74%

74%

69%

68%

67%

66%

TECHNOLOGY


FOOD AND BEVERAGE

AUTOMOTIVE



TELECOMMUNICATIONS

ENERGY

PHARMACEUTICALS

BANKS

CHEMICALS

BREWING AND SPIRITS

FINANCIAL SERVICES

ENTERTAINMENT

MEDIA

83%

78%

76%

81%

75%

72%

78%

72%

76%

72%

68%

74%

63%

69%

67%

TECHNOLOGY


FOOD AND BEVERAGE

AUTOMOTIVE



TELECOMMUNICATIONS

ENERGY

PHARMACEUTICALS

BANKS

CHEMICALS

BREWING AND SPIRITS

FINANCIAL SERVICES

ENTERTAINMENT

MEDIA

+3

+4

+4

-3

+3

+6

-1

+4

-1

+2

+6

-5

+5

-2

-1

2013 vs. 2014

TRUST IN INDUSTRIES, 2013 VS. 2014 - INDONESIA

2014 2013


28

HIGH IN INDONESIA AS WELL

93%

90%

88%

88%

87%

83%

80%

79%

79%

78%

78%

77%

74%

74%

43%

TECHNOLOGY

AUTOMOTIVE


TELECOMMUNICATIONS

BANKS

PHARMACEUTICALS

FOOD AND BEVERAGE

ENERGY


FINANCIAL SERVICES

MEDIA

ENTERTAINMENT


CHEMICALS

BREWING AND SPIRITS

94%

93%

92%

89%

90%

87%

84%

84%

80%

84%

81%

78%

76%

71%

36%

TECHNOLOGY

AUTOMOTIVE


TELECOMMUNICATIONS

BANKS

PHARMACEUTICALS

FOOD AND BEVERAGE

ENERGY


FINANCIAL SERVICES

MEDIA

ENTERTAINMENT


CHEMICALS

BREWING AND SPIRITS

-1

-3

-4

-1

-3

-4

-4

-5

-1

-6

-3

-1

-2

+3

+7

A deeper dive around Energy as a an example of trust in Asia

56%

81% 78% 76% 74%

71% 69% 69% 68% 67% 62%

56% 55% 55% 54% 54% 53% 52% 50% 48% 48% 47% 44%

41% 41% 36% 36%

31%

Latin America APAC North America EMEA

31

REGIONAL VIEW OF TRUST IN ENERGY TRUST IN ENERGY INDUSTRY – 27 MARKET OVERVIEW

Q43-60. ENERGY Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) General Population in 27 -country global total and across 27 countries

42% 43%

64% 60%

47% 48% 49% 52%

49%

42%

34%

43% 38%

57%

38%

56%

46%

26%

38% 33%

42%

26% 30% 29%

23%

31%

51%

73%

67% 67% 65% 63% 63% 61% 60% 59% 58% 58% 57% 54% 53% 52%

51% 51% 47%

44% 43% 41% 40% 38% 37% 36%

33% 28%

32

THE REGULATORY ENVIRONMENT IS ONLY GOING TO GET TOUGHER FOR ENERGY

Not Enough Regulation of Business Not Enough Regulation for Energy

Q148. [TRACKING] When it comes to government regulation of business, do you think that your government regulates business too much, not enough or the right amount? (Not Enough, Too much) Informed Publics, 27-country global total. Q263. When it comes to government regulation of the energy industry, do you think that your government regulates it too much, not enough or the right amount? (Not Enough, Too much) Informed Publics, 27-country global total.

TRUST IN ENERGY VS DESIRE FOR MORE REGULATION OF ENERGY

33

YOUR TRUST SCORES IS GENERALLY LINKED TO THE DESIRE FOR REGULATION

Trust in Energy Not Enough Regulation for Energy

59%

Q43-60. [TRACKING] Please indicate how much you trust businesses in each of the following industries to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. (Top 4 Box, Trust) Q263. When it comes to government regulation of the energy industry, do you think that your government regulates it too much, not enough or the right amount? (Not Enough, Too much) Informed Publics, 27-country global total.

34

PERCENTAGE AGREEING WITH EACH STATEMENT

Q265-270. Please indicate how much you agree or disagree with the following statements? Informed Publics, 27-country global total.

THAT SAID, WITH THE EXCEPTION OF APAC COUNTRIES, POLICYMAKERS ARE NOT TRUSTED TO APPROPRIATELY REGULATE THE ENERGY INDUSTRY

49%

84%

76% 73% 73% 72% 71%

65% 63% 60%

48% 47% 46% 46% 44% 43% 42% 41% 37% 36% 34% 33% 33% 32% 32% 30% 29% 28%

I trust policymakers to develop and implement appropriate regulations on the energy industry

35



AND MOST FEEL GOVERNMENT SHOULD CONSULT MULTIPLE STAKEHOLDERS WHEN DEVELOPING REGULATIONS—ENERGY HAS LICENSE TO ENGAGE

79%

91% 90% 89% 88% 87% 86% 84% 84% 84% 83% 82% 81% 81% 81% 81% 79% 79% 79% 78% 75% 73% 73% 73%

69% 67%

62%

45%

When policymakers are developing new regulations on businesses and industries, they should consult with multiple stakeholders (e.g., NGOs, academics, the affected businesses/industries, etc.) before making final decisions

36



THERE IS AN OPPORTUNITY FOR THE ENERGY INDUSTRY TO PLAY A KEY ROLE IN ENERGY POLICY DEBATE

74%

89% 89% 88% 88% 86% 85% 85% 84% 80% 79% 79% 78% 74% 69% 68% 68% 68% 68% 68% 65% 65% 65% 64% 62%

60% 58% 56%

The energy industry should be a more active participant in the broader debate over [COUNTRY] energy policy

68%

84%

79% 76% 72%

84%

73% 71%

76%

64%

70%

77% 75%

59%

70% 71% 68%

65% 68%

65% 64%

57% 55% 53%

61% 60% 59%

70%

82% 81% 79% 78% 77% 77% 77% 76% 75% 74% 73%

73% 71% 70% 68% 68% 67% 66% 66% 65% 65%

63% 61%

59% 58% 58% 55%

NA

38

TRUST IN ENERGY SECTORS – RENEWABLES UNANIMOUS TRUST IN RENEWABLES

Q61C-64C. [SPLIT SAMPLE] Now thinking about specific sectors within the energy industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. General Population, global total across 25 countries.

2013

2014

58%

80%

85%

71% 72% 74%

70%

65% 70%

72%

65%

53% 53% 54% 53% 56%

45% 43%

60%

55%

49%

37%

46% 45% 47% 43%

37%

58%

82% 81% 80%

73% 70% 70% 69%

67% 66% 65%

58% 58% 57% 57%

52% 51% 51% 50% 50% 48%

45% 45% 43% 43% 42%

40% 40%

NA

39

TRUST IN ENERGY SECTORS – NATURAL GAS

TRUST IN NATURAL GAS ABOVE 50 PERCENT IN 19 OF 27 MARKETS; GAINS IN A VARIETY OF MARKETS

Q61C-64C. [SPLIT SAMPLE] Now thinking about specific sectors within the energy industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. General Population, global total across 25 countries.

2013

2014

40

53%

75% 78%

68% 69% 73%

68%

74%

69%

64%

53% 53% 54% 54% 50%

40%

47%

57%

38% 36% 35%

39% 40% 36%

40%

NA

40%

18%

54%

79% 77%

74% 74% 72% 71% 70% 69%

59% 58% 58% 54%

51% 51% 51% 51% 51%

45% 45%

39% 39% 38% 38% 37% 36% 35%

26%

TRUST IN UTILITIES ABOVE 50 PERCENT IN 17 OF 27 MARKETS; CRITICAL LOW POINTS IN SOME TRUST IN ENERGY SECTORS – UTILITIES

Q61C-64C. [SPLIT SAMPLE] Now thinking about specific sectors within the UTILITIES industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. General Population, global total across 25 countries.

2013

2014

49%

77% 73% 74% 72%

77%

69% 69%

62% 66%

47%

52% 49%

37%

42%

33%

39%

30%

41%

35% 35% 33%

30% 33%

30% 29% 28%

50%

82% 81%

75% 72%

68% 68% 67% 66%

59%

53% 52% 52%

46% 43%

41% 40% 39% 39% 38% 37% 36% 36% 33%

30% 30% 30% 29%

NA

41

TRUST IN ENERGY SECTORS – OIL

COUNTRIES CLEARLY DIVIDED OVER TRUST IN THE OIL SECTOR; TRUST HIGHEST IN EMERGING AND ASIAN MARKETS

Q61C-64C. [SPLIT SAMPLE] Now thinking about specific sectors within the energy industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. General Population, global total across 25 countries .

2013

2014

42

50%

70% 68% 67% 66% 66% 65% 63% 60% 59% 57%

54% 54% 50%

46% 45% 45% 45% 44% 44% 44% 42% 38% 36%

33% 32% 32% 29%

MINING IS MOST TRUSTED IN DEVELOPING NATIONS; CANADA, U.S. LEVELS MIGHT SURPRISE TRUST IN ENERGY SECTORS – MINING

Q61C-64C. [SPLIT SAMPLE] Now thinking about specific sectors within the MINING industry, please indicate how much you trust businesses in each of the following sectors to do what is right. Again, please use the same 9-point scale where one means that you “do not trust them at all” and nine means that you “trust them a great deal”. General Population, global total across 27countries.

Trust, Leadership and Engagement

SOURCE USED TO CONFIRM/VALIDATE INFORMATION BREAKING NEWS ABOUT

BUSINESS

FIRST SOURCE TO TURN TO FOR BREAKING NEWS ABOUT BUSINESS

FIRST SOURCE TO TURN TO FOR GENERAL BUSINESS INFORMATION

36% 20% 19%

Online search Television Newspapers

28% 25% 20%

Online search Television Newspapers

30% 26% 21%

Online search Newspapers Television

65% 65% 54%

47% 45%

ONLINE SEARCH ENGINES TRADITIONAL MEDIA HYBRID MEDIA SOCIAL MEDIA OWNED MEDIA

Q178-182. [TRACKING] When looking for general news and information, how much would you trust each type of source for general news and information? Please use a 9-point scale where one means that you “do not trust it at all” and nine means that you “trust it a great deal”. (Top 4 Box, Trust) Informed Publics, 27-country global total Q183. On a typical day, what is the first source that you go to for general information about business? ; Q184. What is the first source you go to for breaking news about business? ; Q185. Which of the following sources do you turn to MOST often to confirm/ validate information on breaking news about business? Informed Publics, 27-country global total 44

LEVELS OF TRUST IN SOURCES OF INFORMATION

THE POWER OF SEARCH

PresenterPresentation NotesOver the last 5 years we have seen the power of search, which has now eclipsed all other sources of information as the validator. It is where you go for information, breaking news and to confirm what is or is not happening. This is particularly important for PR – you must focus on search engine optimization, consider those with highest search results, not just brand names.

74% 73%

59% 57% 56%

44% 39%

27% 21%

25%

ONLINE SEARCH ENGINES TRADITIONAL MEDIA HYBRID MEDIA OWNED MEDIA SOCIAL MEDIA

Q178-182. When looking for general news and information, how much would you trust each type of source for general news and information? Please use a 9-point scale where one means that you "do not trust it at all" and nine means that you "trust it a great deal". (Top 4 Box, Trust) General Population in 27-country global total

45

TRUST IN MEDIA SOURCES – ENERGY INDUSTRY TRUSTERS VS. DISTRUSTERS

TRUSTERS IN ENERGY INDUSTRY DISTRUSTERS IN ENERGY INDUSTRY

2014

36%

43%

52%

52%

53%

62%

66%

67%

GOVERNMENT OFFICIAL ORREGULATOR

CEO

REGULAR EMPLOYEE

NGO REPRESENTATIVE

FINANCIAL OR INDUSTRYANALYST

A PERSON LIKE YOURSELF

TECHNICAL EXPERT

ACADEMIC OR EXPERT

2009 VS. 2014

CREDIBILITY OF SPOKESPEOPLE

2009

Q130-143. [TRACKING] Below is a list of people. In general, when forming an opinion of a company, if you heard information about a company from each person, how credible would the information be--extremely credible, very credible, somewhat credible, or not credible at all? (Top 2 Box, Very/Extremely Credible) Informed Publics, 20-country global total. 46

FROM 2009 TO 2014, SIGNIFICANT GAINS FOR REGULAR EMPLOYEES, A PERSON LIKE YOURSELF. CEOS FLAT FROM 2013.

29%

31%

32%

41%

49%

47%

62%

GOVERNMENT OFFICIAL ORREGULATOR

CEO

REGULAR EMPLOYEE

NGO REPRESENTATIVE

FINANCIAL OR INDUSTRYANALYST

A PERSON LIKE YOURSELF

TECHNICAL EXPERT*

ACADEMIC OR EXPERT

* Not tested in 2009

+5

+15

+4

+9

+20

+12

+7

Edelman Trust Barometer research reveals 16 specific attributes which build trust. These can be grouped into five performance clusters listed here in rank order of importance.

47 DELIVERS CONSISTENT FINANCIAL RETURNS TO INVESTORS

HAS HIGHLY-REGARDED AND WIDELY ADMIRED TOP LEADERSHIP

RANKS ON A GLOBAL LIST OF TOP COMPANIES

OPERATIONS

WORKS TO PROTECT AND IMPROVE THE ENVIRONMENT

ADDRESSES SOCIETY’S NEEDS IN ITS EVERYDAY BUSINESS

CREATES PROGRAMS THAT POSITIVELY IMPACT THE LOCAL COMMUNITY

PARTNERS WITH NGOs, GOVERNMENT AND 3RD PARTIES TO ADDRESS SOCIETAL NEEDS

PURPOSE

IS AN INNOVATOR OF NEW PRODUCTS, SERVICES OR IDEAS

OFFERS HIGH QUALITY PRODUCTS OR SERVICES

PRODUCTS & SERVICES

TAKES RESPONSIBLE ACTIONS TO ADDRESS AN ISSUE OR CRISIS

HAS TRANSPARENT AND OPEN BUSINESS PRACTICES

HAS ETHICAL BUSINESS PRACTICES

INTEGRITY

COMMUNICATES FREQUENTLY AND HONESTLY ON THE STATE OF ITS BUSINESS

LISTENS TO CUSTOMER NEEDS AND FEEDBACK

TREATS EMPLOYEES WELL

PLACES CUSTOMERS AHEAD OF PROFITS

ENGAGEMENT 16 KEY ATTRIBUTES TO BUILDING TRUST

-25

-24

-26

-24

-26

-24

-21

-22

-17

-16

-13

-14

-14

-7

-9

-12 16%

20%

22%

18%

19%

20%

19%

21%

20%

23%

21%

20%

22%

21%

23%

23%

28%

29%

29%

32%

33%

33%

35%

38%

42%

44%

45%

46%

46%

47%

47%

48%

PARTNERS WITH NGOS

TOP GLOBAL COMPANY

INNOVATOR

ADDRESSES SOCIETY'S NEEDS

CONSISTENT FINANCIAL RETURNS

ADMIRED TOP LEADERSHIP

POSITIVELY IMPACTS COMMUNITY

PROTECTS ENVIRONMENT

COMMUNICATES OFTEN

TREATS EMPLOYEES WELL

CUSTOMERS BEFORE PROFITS

TRANSPARENT & OPEN

IS ETHICAL

ACTS RESPONSIBLY IN CRISIS

HIGH QUALITY PRODUCTS

LISTENS TO CUSTOMERS

Q80-Q95. [TRACKING] How important is each of the following actions to building your TRUST in a company? Use a nine-point scale where one means that action is “not at all important to building your trust” and nine means it is “extremely important to building your trust” in a company. (Top 2 Box, Very/Extremely Important) Informed Publics; Q114-129. Please rate businesses in general on how well you think they are performing on each of the following attributes. Use a 9-point scale where one means they are "performing extremely poorly" and nine means they are "performing extremely well". (Top 2 Box, Performing Extremely Well) Informed Publics.

BUSINESS IMPORTANCE VS. BUSINESS PERFORMANCE ON 16 TRUST DRIVERS – SINGAPORE Gap

48

IMPORTANCE PERFORMANCE

A SINGAPORE ROAD MAP

INTEGRITY

PURPOSE

OPERATIONS

PRODUCTS & SERVICES

ENGAGEMENT

21%

32% 31%

24%

30% 27%

50%

37%

32%

26%

34% 36%

30%

17%

27% 31%

23% 25%

15%

21% 25%

23% 22% 21%

12%

21%

13%

19%

14% 16%

COMPANY'S CEO COMPANY'S EMPLOYEE ACTIVIST CONSUMER ACADEMIC MEDIA SPOKESPERSON

49

MOST TRUSTED INFLUENCER TO COMMUNICATE EACH TOPIC - INFLUENCER MESSAGE MAPPING

INTEGRITY PURPOSE OPERATIONS PRODUCTS & SERVICES

ENGAGEMENT

IT TAKES A CHORUS TO GET YOUR STORY ACROSS

TOTALS

Q197-201(Global Summary). We would now like you to think about different types of information you may read, see or hear about a company. For each topic, please select which person you trust MOST to provide you with credible and honest information about a company. General Publics, 27-country global total.

82% 81% 80% 79% 69%

53%

Communicates clearly and

transparently

Tells the truth, regardless of how

complex or unpopular it is

Engages with employees regularly to discuss the state

of the business

Is front and center during challenging

times (product recalls, lawsuits,

etc.)

Is personally involved in supporting local charities and good

causes

Has an active media presence

ACTIONS A CEO CAN TAKE TO BUILD TRUST IN THEMSELVES AND THEIR COMPANY

Q254A-261A. [SPLIT SAMPLE ] Thinking about the following actions a CEO can take, how important is each of the following to building your TRUST in that CEO?; Q254B-261B. [SPLIT SAMPLE ] Thinking about the following actions a CEO can take, how important is each of the following to building your TRUST in that CEO's company? (Top 4 Box, Total Important) General Publics, 27-country global total.

50

WHAT CEOS SHOULD DO TO BUILD TRUST

80%

83%

85%

85%

86%

PAYS APPROPRIATE LEVEL OF TAX

RESPONSIBLE SUPPLY CHAINMANAGEMENT

RESPECTS EMPLOYEE RIGHTS

PROTECTS CUSTOMER DATA

ENSURES QUALITY CONTROL INPRODUCTS

Q237-248. [SPLIT SAMPLE] How important are each of the following factors to building your TRUST in a company? Use a 9-point scale where one means that action is "not at all important to building your trust" and nine means it is "extremely important to building your trust" in a company. (Top 4 Box, Important in Building Trust) Informed Publics in 27 -country global total.

51

TURNING ATTRIBUTES INTO ACTION: TOP RANKED POSITIVE BEHAVIORS WILL IMPACT ENGAGEMENT CLUSTERS THE LINK BETWEEN THE TOP FIVE POSITIVE EFFECTS ON TRUST AND TRUST CLUSTERS

If companies exhibit these positive behaviors... …it will have its greatest impact in these clusters

ENGAGEMENT INTEGRITY





PURPOSE

PRODUCTS & SERVICES

PRODUCTS & SERVICES

79%

79%

80%

80%

81%

MISREPRESENTS THE COMPANY

SUB-STANDARD WORK CONDITIONS

IRRESPONSIBLE DURING A CRISIS

FAILS TO KEEP CUSTOMERINFORMATION SECURE

UNETHICAL BUSINESS PRACTICES

Q226-236. [SPLIT SAMPLE] Please indicate whether each of the below actions would impact your trust in a company using a 9-point scale, where one means that action has "no impact on your trust in a company" and nine means it "has a significant negative impact on your trust in a company. " You can use any number from one to nine, the higher the number the more that action would have a negative impact on your trust in a company. (Top 4 Box, Negative Impact on Trust) Informed Publics in 27 -country global total.

52

NEGATIVE BEHAVIORS ARE MOST LIKELY TO AFFECT PERCEPTIONS OF HAVING AN ETHICAL BUSINESS PRACTICE THE LINK BETWEEN THE TOP FIVE NEGATIVE EFFECTS ON TRUST AND TRUST ACTIONS




INTEGRITY

INTEGRITY

…it will have its greatest impact in these clusters If companies exhibit these negative behaviors...

AUSTRALIA IN TRANSITION

Emerging opportunities for business and communications

53

New opportunities Exciting changes for communications – international perspective, financing partnerships, better understanding of regional trends New industries and new areas to drive debate, policy and be seen • Agribusiness – world class and growing global need • Gas and clean coal – access and technology catch up • Tourism • Education – STEM • Wealth management – international We have: • Low sovereign risk • Proximity to Asia • Assets to develop “Australian advantages meets global opportunities” – where they will intersect is the big question

COMMUNICATIONS

54

PR + communication industry’s relevance based on advisory position not just execution. There will always be requirement for communication tools, videos, community engagement. Australia’s position presents real opportunity.

Move from being consumed by channels and execution – outputs based – to broader business position Regulatory, political and business environment presents opportunities See the company’s role now and into the future Play at a different level Follow big trends, observe data and develop commercial feeling

On the cover, from top left: Japanese Prime Minister Shinzo Abe: REUTERS/Toru Hanai; Malala Yousefzai: REUTERS/Darren Staples; Brazilian Oil and Gas Magnate Eike Batista: REUTERS/Fred Prouser; Anti-Government Protests in Turkey: REUTERS/Murad Sezer; Lord Justice Leveson, chair of The Leveson Inquiry: REUTERS/Stefan Wermuth; Hong Kong Protests in Favor of Edward Snowden: REUTERS/Bobby Yip; U.S. Government Shutdown: REUTERS/Mike Theiler

Slide Number 1Edelman's 14th Annual survey, largest global exploration of trust Edelman trust barometer in retrospectSlide Number 4Trust in business and ngos remains stable, trust in government and media decreasesThe trust index: slight decline in trust over the past year with strong regional variations; major declines in poland, u.s. & mexicoSUBSTANTIALLY Lower trust among general public than informed publicTrust in ngoS on the rise, with MAJORITY OF MARKETS AT OR ABOVE 60% TRUST LEVELENVIRONMENTAL NGOS RANKED IN TOP TIER OF NGOSTrust in business stabilizes; western skepticism entrenched, DEVELOPING MARKETS SOARFamily-owned and small- and medium-sized businesses have a trust advantage except in Asia; STATE-OWNED LEAST TRUSTED GLOBALLY global trust in media REVERTS TO 2010 LEVELS; nearly 80% of countries report trusting media less over the last yearSignificant trust decline for government; largest trust drops in U.S., France and Hong KongHISTORIC gap between business and government TRUSTSlide Number 15Slide Number 16Companies headquartered in bric nations suffer a trust deficit compared to western based companies Some scepticism in AustraliaHigh score in china, but, china is a high trust nationMiddle of the road in SingaporeHigh scores in indonesiaSlide Number 22Technology continues to lead, banks trail The top three and bottom three markets for trust in financial services, food & beverage and energy industriesThey Cant use it but know they like tech in australiaChina highest of energy trust in any marketEnergy relatively high scores in singaporeHigh in Indonesia as wellSlide Number 29Slide Number 30REGIONAL VIEW OF TRUST IN ENERGYThe regulatory environment is only going to get tougher for energyYour trust scores is generally linked to the desire for regulationTHAT SAID, WITH THE EXCEPTION OF APAC COUNTRIES, POLICYMAKERS ARE NOT TRUSTED TO APPROPRIATELY REGULATE THE ENERGY INDUSTRYAND MOST FEEL GOVERNMENT SHOULD CONSULT MULTIPLE STAKEHOLDERS WHEN DEVELOPING REGULATIONS—ENERGY HAS LICENSE TO ENGAGE THERE IS AN OPPORTUNITY FOR THE energy industry TO play a key role in �energy policy debateSlide Number 37UNANIMOUS TRUST IN RENEWABLESTrust in natural gas above 50 percent in 19 of 27 MARKETS; gains in a VARIETY OF MARKETSTRUST IN UTILITIES ABOVE 50 PERCENT IN 17 OF 27 MARKETS; �CRITICAL LOW POINTS IN SOMECountries clearly divided over trust in the oil sector; trust highest in emerging and Asian marketsMINING IS MOST TRUSTED IN DEVELOPING NATIONS; CanaDA, U.S. LEVELS MIGHT SURPRISESlide Number 43The power of searchSlide Number 45From 2009 to 2014, SIGNIFICANT GAINS FOR regular employees, a person like yourself. CEOs FLAT FROM 2013.16 key attributes to building trustA SINGAPORE ROAD MAPIt takes a chorus to get your story acrossWHAT CEOS SHOULD DO TO BUILD TRUST Turning attributes into action: TOP RANKED POSITIVE BEHAVIORS WILL impact ENGAGEMENT CLUSTERSNegative behaviors are most likely to affect perceptions of having an ethical business practiceAustralia in transitionFuture for corporate communications�Slide Number 55

Documents

EDELMAN TRUST BAROMETER PRESENTATION TO LA ......EDELMAN TRUST BAROMETER IN RETROSPECT ONE | The State of Trust Q11-14. [TRACKING] Below is a list of institutions. For each one, please