Gillian Bowen, Host: Hello, my name is Gillian Bowen, the Australian manager of
Gillian Bowen, Host: Public Affairs at Chartered Accountants ANZ. This is Small Firm,
Gillian Bowen, Host: Big Impact.
Geraldine Magarey FCA: It is based on a huge amount of trust in
Geraldine Magarey FCA: each other, so it's actually a two way relationship. Actually,
Geraldine Magarey FCA: we need to think about it's not just about clients
Geraldine Magarey FCA: trusting us as a professional, it's actually us trusting the
Geraldine Magarey FCA: client as well. If either one of the parties breaches
Geraldine Magarey FCA: that trust or breaks that trust, it takes a long
Geraldine Magarey FCA: time to be able to rebuild it.
Dr Lisa Marriott FCA: Companies that are trusted have higher revenues, higher profitability, higher
Dr Lisa Marriott FCA: shareholder returns, and lower employee turnover.
Dr Lisa Marriott FCA: Because trust increases commitment to an organization, it's actually much
Dr Lisa Marriott FCA: easier to be honest and ethical.
Geraldine Magarey FCA: All professions are built on trust, and for chartered accountants,
Geraldine Magarey FCA: it really is the cornerstone of our profession.
Gillian Bowen, Host: It's the podcast giving you and your clients the up
Gillian Bowen, Host: to date information you need to do your jobs. Each episode,
Gillian Bowen, Host: I share resources, tools, and expert advice provided by CA ANZ
Gillian Bowen, Host: and a range of people across our profession. So make
Gillian Bowen, Host: sure you're following the pod in your favourite pod app.
Gillian Bowen, Host: And if you've got an idea for the show, email
Gillian Bowen, Host: podcast@charteredaccountantsanz.com Today we have Dr. Lisa Marriott. She's a Professor
Gillian Bowen, Host: at the School of Accounting and Commercial Law of Victoria
Gillian Bowen, Host: University of Wellington, and an extraordinary professor at the University
Gillian Bowen, Host: of Pretoria in South Africa. She's been working in academia
Gillian Bowen, Host: for the past 15 years, and prior to that was
Gillian Bowen, Host: a financial controller and accountant in the private sector. She's
Gillian Bowen, Host: a published author and helped with the CA ANZ thought leadership article,
Gillian Bowen, Host: The Future of Trust: New technology meets old fashioned Values.
Gillian Bowen, Host: We also have with us another author of that paper,
Gillian Bowen, Host: CA ANZ General Manager for International Development Geraldine Magarey, FCA.
Gillian Bowen, Host: At the time, she was our thought leadership and research leader.
Gillian Bowen, Host: Geraldine had a background in audit and regulation prior to
Gillian Bowen, Host: joining CA ANZ. I'm very excited to have both of you
Gillian Bowen, Host: on this episode. Welcome to Small Firm, Big Impact.
Dr Lisa Marriott FCA: Thanks, Gillian. I'm delighted to be here and really looking
Dr Lisa Marriott FCA: forward to our conversation.
Geraldine Magarey FCA: Yeah. Thanks, Gill. Great to join you and Lisa today.
Gillian Bowen, Host: If you're listening to this episode on the day it's dropped,
Gillian Bowen, Host: it won't surprise you - it's Global Ethics Day. It's why
Gillian Bowen, Host: we're diving into the topic of trust, why it's important for professionals,
Gillian Bowen, Host: for chartered accountants. Big question right off the top, Lisa.
Gillian Bowen, Host: What is trust?
Dr Lisa Marriott FCA: And great place to start. So at its simplest, trust
Dr Lisa Marriott FCA: is when we rely on another party to behave in
Dr Lisa Marriott FCA: a certain way. So in any relationship there's a couple
Dr Lisa Marriott FCA: of things going on. There's dependence on the other party
Dr Lisa Marriott FCA: to do what they're going to do, what they will,
Dr Lisa Marriott FCA: what you've agreed that they will do. But there's also
Dr Lisa Marriott FCA: uncertainty about how that other party will behave. And then,
Dr Lisa Marriott FCA: of course, trust gets broken when that other party doesn't
Dr Lisa Marriott FCA: behave as expected in that interdependent relationship. And of course,
Dr Lisa Marriott FCA: that holds for all of our relationships, our personal relationships
Dr Lisa Marriott FCA: and our professional relationships.
Gillian Bowen, Host: Geraldine, why take the time to understand what trust means?
Gillian Bowen, Host: I mean, I guess in the sense of why talk
Gillian Bowen, Host: about this on a day like Global Ethics Day?
Geraldine Magarey FCA: Look, it's super important, Gill. As we know, all professions
Geraldine Magarey FCA: are built on trust. And for chartered accountants, it really
Geraldine Magarey FCA: is the cornerstone of our profession. But more importantly, just
Geraldine Magarey FCA: like to add from our research, we actually found there
Geraldine Magarey FCA: is a trust gap between what the perceived factors for
Geraldine Magarey FCA: improving trust. So it's actually really important to understand and
Geraldine Magarey FCA: not just to think about it just being a sort
Geraldine Magarey FCA: of a given. So it's really a really important thing
Geraldine Magarey FCA: to to get right. If we want to have good
Geraldine Magarey FCA: relationships with our clients, with our community and with our employees.
Gillian Bowen, Host: What do you mean by gap? Can you explain that
Gillian Bowen, Host: to me? What what is the gap?
Geraldine Magarey FCA: Yeah. In the research, we actually found that the actual
Geraldine Magarey FCA: perceived factors for improving trust, what we might have thought
Geraldine Magarey FCA: they were, they're actually different to what people perceive trust
Geraldine Magarey FCA: as being from a client perspective. So I'll give you
Geraldine Magarey FCA: an example. So one of them was around data security.
Geraldine Magarey FCA: So as a um, you know, if we're working with
Geraldine Magarey FCA: our clients, we might not think of data security being
Geraldine Magarey FCA: super important to our clients. It is important. But is
Geraldine Magarey FCA: it the top factor when it comes to building that
Geraldine Magarey FCA: trust with our client? So when we actually were doing
Geraldine Magarey FCA: the survey, 10% of our members said data security was
Geraldine Magarey FCA: a key trust factor. But when we actually asked the
Geraldine Magarey FCA: other side the clients, it was actually one of the
Geraldine Magarey FCA: very top trust factors. So there was that gap between
Geraldine Magarey FCA: what we perceived as a trust factor and as a top,
Geraldine Magarey FCA: top three, and what the client was saying was a
Geraldine Magarey FCA: trust factor in their top three.
Gillian Bowen, Host: Mm.
Gillian Bowen, Host: Lisa, how do you get that understanding? How can you
Gillian Bowen, Host: make sure that you're drilling down into what it is
Gillian Bowen, Host: that makes the relationship between you as a professional and
Gillian Bowen, Host: your client trustworthy?
Dr Lisa Marriott FCA: That's a really good question.
Dr Lisa Marriott FCA: And I'm going to just follow on from what Geraldine
Dr Lisa Marriott FCA: was saying. And with the research that we looked at, um,
Dr Lisa Marriott FCA: the trust has changed. And of course, everything is evolving.
Dr Lisa Marriott FCA: But what we found in that research is that the fundamentals,
Dr Lisa Marriott FCA: the basics are actually pretty solid. We we want to
Dr Lisa Marriott FCA: engage with those who are ethical and those who are honest.
Dr Lisa Marriott FCA: And the survey respondents were really clear on this, and
Dr Lisa Marriott FCA: it was dishonesty and unethical behavior that was likely to
Dr Lisa Marriott FCA: sort of decrease trust across the board. And that didn't
Dr Lisa Marriott FCA: really matter whether you were a professional or whether you're
Dr Lisa Marriott FCA: in some other industry or public sector or media or
Dr Lisa Marriott FCA: whatever it was, behaving unethically and being dishonest were those
Dr Lisa Marriott FCA: factors that really mattered most to people.
Gillian Bowen, Host: Geraldine, do you think the participants in in the survey
Gillian Bowen, Host: and I guess professionals in general understand what behaving ethically means
Gillian Bowen, Host: and what behaving with integrity means?
Geraldine Magarey FCA: I do but think we do need to remind ourselves,
Geraldine Magarey FCA: you know, every now and then, about what it truly
Geraldine Magarey FCA: does mean. Think sometimes we can because all of us
Geraldine Magarey FCA: come to our roles. All chartered accounts come to this,
Geraldine Magarey FCA: you know, with that mindset of acting with integrity, acting
Geraldine Magarey FCA: with honesty, being ethical. But as a regulator, I've seen sometimes,
Geraldine Magarey FCA: you know, when we're busy, you're stressed, um, or, you know,
Geraldine Magarey FCA: sometimes you might take a shortcut. We don't mean to
Geraldine Magarey FCA: go down that path. And so think just having that
Geraldine Magarey FCA: reminder of, of of what it truly does mean to
Geraldine Magarey FCA: be ethical, to act with integrity and to be honest,
Geraldine Magarey FCA: which are the real values that help build trust. It
Geraldine Magarey FCA: is really important for us to just to revisit and
Geraldine Magarey FCA: to check in regularly around those, those factors.
Gillian Bowen, Host: Um, there is a focus on the profession's ethics and
Gillian Bowen, Host: integrity right now, where the behaviours of a few can
Gillian Bowen, Host: cast a long shadow. And this isn't the first time,
Gillian Bowen, Host: and it won't be the last time. And to take
Gillian Bowen, Host: the name of the research paper and turn it into
Gillian Bowen, Host: a question, Lisa, what is the future of trust?
Dr Lisa Marriott FCA: Yeah. So I think at least, um, part of this
Dr Lisa Marriott FCA: is it's really thinking about the way we work and the,
Dr Lisa Marriott FCA: the way we engage with others. So, you know, don't
Dr Lisa Marriott FCA: need to tell anybody that our work practices are changing
Dr Lisa Marriott FCA: and everything's moving quite quickly. And of course, then we
Dr Lisa Marriott FCA: got Covid coming along and things changed even more rapidly. Um,
Dr Lisa Marriott FCA: you know, probably go back to our research and talk
Dr Lisa Marriott FCA: about one of the things that came out of that was,
Dr Lisa Marriott FCA: you know, these days we tend to have a bit
Dr Lisa Marriott FCA: less face to face contact with people in a lot
Dr Lisa Marriott FCA: of situations. But what we saw out of that research
Dr Lisa Marriott FCA: was that people trusted their accountants and the work that
Dr Lisa Marriott FCA: their accountant produced more when they had more of a
Dr Lisa Marriott FCA: connection with that accountant. When you have those strong professional relationships,
Dr Lisa Marriott FCA: that's really going to help build those future trusting relationships
Dr Lisa Marriott FCA: and face to face contact is part of that. One
Dr Lisa Marriott FCA: of our conclusions in the report was to not let
Dr Lisa Marriott FCA: technology get in the way of those face to face
Dr Lisa Marriott FCA: business relationships, because they're still really important, even as the
Dr Lisa Marriott FCA: way we do business actually changes.
Gillian Bowen, Host: What did you want to add into that, Geraldine, on
Gillian Bowen, Host: the future of of the trust and build on what
Gillian Bowen, Host: Lisa's brought up there?
Geraldine Magarey FCA: Yeah, interesting enough just on that that technology piece. So
Geraldine Magarey FCA: face to face is important. But we also talked about,
Geraldine Magarey FCA: you know, we've got the tools have got now with
Geraldine Magarey FCA: you know, teams or zoom etcetera. We've actually got that
Geraldine Magarey FCA: ability to see each other. So although we might not
Geraldine Magarey FCA: be there in the physical sense, but you know, it's
Geraldine Magarey FCA: really important to make sure, you know, you do fundamentals,
Geraldine Magarey FCA: turn the camera on. And you know, being able to
Geraldine Magarey FCA: you can develop rapport and trust, you know, by being
Geraldine Magarey FCA: able to read people's body languages. We know it's very
Geraldine Magarey FCA: important about, you know, a lot of the messages we
Geraldine Magarey FCA: convey are not just from our words, but from how
Geraldine Magarey FCA: we present ourselves and our body language. So having the
Geraldine Magarey FCA: camera on. So the future of trust. Yes, it is
Geraldine Magarey FCA: those really old fashioned values that we talk about in
Geraldine Magarey FCA: terms of relationships that we can get around some of
Geraldine Magarey FCA: those technology things, like with the camera. But one of
Geraldine Magarey FCA: the biggest things that came out of it is actually
Geraldine Magarey FCA: suppose back to the future. But and that was really
Geraldine Magarey FCA: honesty is really the number one and it's actually key.
Geraldine Magarey FCA: It might sound a bit old fashioned, but it mattered
Geraldine Magarey FCA: the most to our survey respondents when we did that research.
Gillian Bowen, Host: And does that. That might tie into my next question.
Gillian Bowen, Host: I wanted to ask about what damages trust? I mean, honesty,
Gillian Bowen, Host: I think the perhaps two parts of it, one obviously
Gillian Bowen, Host: being transparent about how you operate and what you do.
Gillian Bowen, Host: But if you did make a mistake, what role does
Gillian Bowen, Host: being honest about the mistake play? Lisa, what do you
Gillian Bowen, Host: think about that?
Dr Lisa Marriott FCA: Oh it is crucial. Absolutely crucial. I mean, you can
Dr Lisa Marriott FCA: do a well, you can do a lot of damage
Dr Lisa Marriott FCA: to your trusting relationships by having problems, but actually you
Dr Lisa Marriott FCA: can also do some good if you do the right
Dr Lisa Marriott FCA: thing and you resolve those appropriately. So resolving them appropriately
Dr Lisa Marriott FCA: generally means owning those mistakes. We all make mistakes, you know,
Dr Lisa Marriott FCA: you have to own it, not blame others apologizing if
Dr Lisa Marriott FCA: you get something wrong that goes a really long way
Dr Lisa Marriott FCA: as well and really important. You've got you've got to
Dr Lisa Marriott FCA: fix it. If you've done something wrong, if it's all
Dr Lisa Marriott FCA: gone astray, then it's it's your job to fix that.
Dr Lisa Marriott FCA: And by actually by fixing things really well, you can
Dr Lisa Marriott FCA: almost end up in a better situation because you've you've
Dr Lisa Marriott FCA: shown your clients or you're working partners actually, that you
Dr Lisa Marriott FCA: can be trusted if things go wrong to resolve them.
Dr Lisa Marriott FCA: And that's just as important, I think.
Gillian Bowen, Host: Geraldine, what do you think the impact is of breaching
Gillian Bowen, Host: or breaking trust between a professional and a client?
Geraldine Magarey FCA: Well, it can have, you know, massive repercussion repercussions. But
Geraldine Magarey FCA: as Lisa has just pointed out, you know, you can
Geraldine Magarey FCA: get it back, but it can take a long time
Geraldine Magarey FCA: to get back. So, you know, the way we work
Geraldine Magarey FCA: with our clients there is it is based on a
Geraldine Magarey FCA: huge amount of trust in each other. So it's actually
Geraldine Magarey FCA: a two way relationship. Actually. We need to think about
Geraldine Magarey FCA: it's not just about clients trusting us as a professional,
Geraldine Magarey FCA: it's actually us trusting the client as well. So that
Geraldine Magarey FCA: two way trust is super important to to think about
Geraldine Magarey FCA: in this, in this relationship. But if either one of
Geraldine Magarey FCA: the parties breaches that trust or breaks that trust, it
Geraldine Magarey FCA: takes a long time to be able to rebuild it.
Geraldine Magarey FCA: And the things that Lisa said, you know, around the apology, around,
Geraldine Magarey FCA: you know, showing you can fix it, you know, bringing
Geraldine Magarey FCA: that track record back in and, you know, keeping things
Geraldine Magarey FCA: on track, not making any other errors. Um, you know,
Geraldine Magarey FCA: it's really just that long road to rebuilding it, but
Geraldine Magarey FCA: it can be rebuilt. But if we don't rebuild it, um,
Geraldine Magarey FCA: it's it's basically probably the very hard to have that
Geraldine Magarey FCA: professional relationship. Yeah. To come back from it.
Gillian Bowen, Host: Yes. Yes.
Dr Lisa Marriott FCA: So I'm sorry. You go. Yep. There's just to pick
Dr Lisa Marriott FCA: up on what Geraldine was saying there. There are a
Dr Lisa Marriott FCA: couple of authors who work in the Harvard Business School,
Dr Lisa Marriott FCA: and they say pretty much almost an identical comment to
Dr Lisa Marriott FCA: which Geraldine just made, which is it takes a sustained
Dr Lisa Marriott FCA: history of right. And that's arrived to wipe out one wrong.
Dr Lisa Marriott FCA: So it is it's much more important to, to really
Dr Lisa Marriott FCA: get things right, if you possibly can. There's also a
Dr Lisa Marriott FCA: really interesting statistic, and I wouldn't necessarily say this is 100%
Dr Lisa Marriott FCA: to be relied on and repeated and quoted, but they
Dr Lisa Marriott FCA: have a statistic that suggests that a company can lose
Dr Lisa Marriott FCA: around about 30% of its value in the short term
Dr Lisa Marriott FCA: when it loses trust. And as I say, that's I'm
Dr Lisa Marriott FCA: sure that's a highly variable statistic, but it is an
Dr Lisa Marriott FCA: indication of the real impact, financial impact that can can
Dr Lisa Marriott FCA: occur when trust is damaged.
Gillian Bowen, Host: I think now's a good time to then pivot to, um,
Gillian Bowen, Host: you know, some of the preventative measures. We've talked about
Gillian Bowen, Host: the importance of integrity and, and honesty and having that.
Gillian Bowen, Host: But I'm thinking, Geraldine, what are the benefits? For example,
Gillian Bowen, Host: if you're part of a professional body like CA ANZ, what
Gillian Bowen, Host: does being part of a professional body help you with?
Geraldine Magarey FCA: We at the end of the day, we are, you know,
Geraldine Magarey FCA: we are a community of professionals. The CA ANZ itself provides
Geraldine Magarey FCA: a number of of not just tools but, you know,
Geraldine Magarey FCA: access to people and resources. So I'll just give you
Geraldine Magarey FCA: a little bit of a couple of examples if that's okay.
Geraldine Magarey FCA: So you know, obviously even our research paper, so the
Geraldine Magarey FCA: research paper itself was a was a, it wasn't just,
Geraldine Magarey FCA: you know, some sort of interesting set of research. You know,
Geraldine Magarey FCA: it really came back with, you know, a set of um,
Geraldine Magarey FCA: sort of, you know, six things to sort of think about.
Geraldine Magarey FCA: So there's, you know, there's the research papers will give you,
Geraldine Magarey FCA: you know, some, some ideas and suggestions around how you
Geraldine Magarey FCA: might like to, to approach trust. We've got things like
Geraldine Magarey FCA: ethics training, which is actually mandatory as being part of
Geraldine Magarey FCA: a being a chartered accountant. We have courses actually on trust,
Geraldine Magarey FCA: which again, important to, um, you know, to be aware of. And,
Geraldine Magarey FCA: and one of the my favourite resources. And we are very,
Geraldine Magarey FCA: very indebted to these members and lucky to have is
Geraldine Magarey FCA: our Chartered Accountants Advisory Group, which are a group of
Geraldine Magarey FCA: our members who very generously give their time to help
Geraldine Magarey FCA: their fellow members around difficult situations. So it's exactly these
Geraldine Magarey FCA: sorts of things about, you know, when you've got an
Geraldine Magarey FCA: issue or it might be a conflict or something in
Geraldine Magarey FCA: there that you know, around ethics or that you just
Geraldine Magarey FCA: need to talk to. It's someone who is independent of you,
Geraldine Magarey FCA: independent of the situation, who has vast experience. And, you know,
Geraldine Magarey FCA: you can actually talk through that dilemma with them. And,
Geraldine Magarey FCA: you know, to me, that is one of the most
Geraldine Magarey FCA: fantastic things we have and offering our members. So we
Geraldine Magarey FCA: there's a lot of benefits to being, you know, part
Geraldine Magarey FCA: of that, part of the professional body and part of
Geraldine Magarey FCA: something that we all face these issues during our time
Geraldine Magarey FCA: as chartered accountants and during our careers. So it just
Geraldine Magarey FCA: gives access to those, you know, to people and resources
Geraldine Magarey FCA: to be able to talk through those issues.
Gillian Bowen, Host: Um, there's a couple of good takeaways from there, which
Gillian Bowen, Host: I'll give some some wrap up when we finish in
Gillian Bowen, Host: a couple of minutes time. And that includes the fact
Gillian Bowen, Host: that we have done an episode for you on this
Gillian Bowen, Host: podcast series about the advisory group, or as we call it,
Gillian Bowen, Host: two of our CAAG professionals are on it, one from Australia,
Gillian Bowen, Host: one from New Zealand. It's really interesting picking their brain
Gillian Bowen, Host: and understanding how that works. I'll put a link to
Gillian Bowen, Host: that in the show, notes. Lisa. Before we before we
Gillian Bowen, Host: wrap up, I'll get a final thought from both of
Gillian Bowen, Host: you in a in a tick. I also wanted to
Gillian Bowen, Host: just ask a quick question about what role does deterrence play?
Gillian Bowen, Host: And I'm thinking in the sense of obviously for chartered
Gillian Bowen, Host: accountants there is a disciplinary framework, but there'd be lots
Gillian Bowen, Host: of professional organisations who operate with a disciplinary framework. What
Gillian Bowen, Host: role does deterrence play in ensuring trust is upheld?
Dr Lisa Marriott FCA: Yeah, I think it does play a pretty important role.
Dr Lisa Marriott FCA: And it's quite good actually, that our disciplinary framework is
Dr Lisa Marriott FCA: reasonably public, because what that does is it does signal
Dr Lisa Marriott FCA: to other members and our clients and potential clients that
Dr Lisa Marriott FCA: the profession does take any sort of non-compliance quite seriously.
Dr Lisa Marriott FCA: And then what that does is that builds trust across
Dr Lisa Marriott FCA: the broader profession, and everybody benefits.
Gillian Bowen, Host: Fantastic.
Geraldine Magarey FCA: Could I add into that Gill? Sorry.
Gillian Bowen, Host: Of course. Go for it.
Geraldine Magarey FCA: So there's two aspects obviously to deterrence. It's obviously that
Geraldine Magarey FCA: individual side, the accountability and repercussions. But it's actually super
Geraldine Magarey FCA: important that deterrence actually at the beginning of a trust relationship.
Geraldine Magarey FCA: Because if we don't know our clients, they come to
Geraldine Magarey FCA: us often because we are a chartered accountant. So there's
Geraldine Magarey FCA: that trust in the designation. It's a shortcut in a way.
Geraldine Magarey FCA: It signals that to our clients we've got a high
Geraldine Magarey FCA: level of training. We've got we've demonstrated our competence. We've
Geraldine Magarey FCA: passed demanding exams. We have a code of ethics, we
Geraldine Magarey FCA: have professional standards, and we abide by disciplinary process. So
Geraldine Magarey FCA: all of that builds trust in our designation, which helps
Geraldine Magarey FCA: in that initial interaction with the new client.
Gillian Bowen, Host: Absolutely. Look, that is a great way to bring together
Gillian Bowen, Host: the discussion and that it is Global Ethics Day, as
Gillian Bowen, Host: I mentioned at the start of the show. So on
Gillian Bowen, Host: that theme, I wanted to let everyone listening know that
Gillian Bowen, Host: CA ANZ has created a dedicated global ethics hub on our website,
Gillian Bowen, Host: which links to a wide range of resources, and I'll
Gillian Bowen, Host: put a link to that in the show notes. And
Gillian Bowen, Host: we're also making Micro Course three, which is called Conflicts
Gillian Bowen, Host: of Interest available to all members for free until the
Gillian Bowen, Host: end of October, so details on how to access access
Gillian Bowen, Host: that course can also be found on that Global Ethics
Gillian Bowen, Host: Hub page on the website. And to coincide with the
Gillian Bowen, Host: 18th of October, we're launching a new trust CPD course,
Gillian Bowen, Host: which will be available, and I'll put the link to
Gillian Bowen, Host: that in the show notes. I will put a link
Gillian Bowen, Host: to the episode on the Chartered Accounts Advisory Group or
Gillian Bowen, Host: CAAG that Geraldine was just mentioning, which is called How
Gillian Bowen, Host: to Get Help with Ethical Dilemmas. Very topical and key.
Gillian Bowen, Host: And if you are listening to this on the 18th
Gillian Bowen, Host: of October, I will not miss an opportunity to let
Gillian Bowen, Host: you all know that there are still two days to
Gillian Bowen, Host: vote in our member vote to further strengthen the Professional
Gillian Bowen, Host: Conduct framework, so eligible members would have received an email
Gillian Bowen, Host: from electionz.com, which is the independent voting provider who's running
Gillian Bowen, Host: the vote. And if you can't find it, have a
Gillian Bowen, Host: look in your junk or spam folder. That email has
Gillian Bowen, Host: your unique Pin and the link to get into the
Gillian Bowen, Host: voting platform. We want our members to be involved in
Gillian Bowen, Host: this important process. If you haven't voted, please do. All
Gillian Bowen, Host: the information is in the voting platform and also available
Gillian Bowen, Host: on our website. Voting closes on the 20th of October
Gillian Bowen, Host: and the 20th of October is also the day of
Gillian Bowen, Host: our AGM. Gosh, come along to that too. I'm plugging
Gillian Bowen, Host: things left, right and centre. Why not? Lisa and Geraldinea
Gillian Bowen, Host: final thought before we go. Lisa you first.
Dr Lisa Marriott FCA: Fantastic. Thanks. I would just like to close by saying that,
Dr Lisa Marriott FCA: you know, research has shown that there are just enormous
Dr Lisa Marriott FCA: benefits associated with being trustworthy. So very quickly companies that
Dr Lisa Marriott FCA: are trusted have higher revenues, higher profitability, higher shareholder returns
Dr Lisa Marriott FCA: and lower employee turnover because trust increases commitment to an organisation.
Dr Lisa Marriott FCA: So those are all great things to have. It's actually
Dr Lisa Marriott FCA: much easier to be honest and ethical and reap the
Dr Lisa Marriott FCA: gains that come with that. And you know, of course
Dr Lisa Marriott FCA: it is just the right thing to do as well.
Gillian Bowen, Host: Geraldine, all good points there. What else?
Geraldine Magarey FCA: Yeah, three things for me. I would just say, you
Geraldine Magarey FCA: know honesty is key. So never forget that. Also be
Geraldine Magarey FCA: mindful of that trust gap that I referred to early on.
Geraldine Magarey FCA: And in the in the age of, you know, A.I. , internet,
Geraldine Magarey FCA: fake news etcetera, etcetera that are leverage your expertise because
Geraldine Magarey FCA: your the expertise you have is super important to building
Geraldine Magarey FCA: and maintaining trust in the current world.
Gillian Bowen, Host: I love that leverage your expertise. What a great message.
Gillian Bowen, Host: That is all we have time for. If you want
Gillian Bowen, Host: to find out more, head to the Global Ethics Hub,
Gillian Bowen, Host: which I've mentioned. There's a link in the show notes. Also,
Gillian Bowen, Host: give the podcast a follow and we have an email.
Gillian Bowen, Host: So get in touch podcast@charterdaccountantsanz.com Let's start a conversation. Thank you.
Gillian Bowen, Host: Lisa Marriott and Geraldine Magarey, FCA for being my experts
Gillian Bowen, Host: on Small Firm, Big Impact.
Geraldine Magarey FCA: Thanks, Gill.
Dr Lisa Marriott FCA: Thank you.
Gillian Bowen, Host: Bye bye.