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SINGAPORE : Singapore companies have managed to strengthen their corporate reputation amid the financial crisis, overtaking some of their foreign rivals.
This is according to a survey which polled some 200 Singaporeans on their perception of organisations across various industries.
The survey, commissioned by Reputation Management Associates, was conducted between September and October.
Among the various industries, banking came out worst, followed by life insurance.
US-based financial institutions were badly hit by the financial crisis, as was reflected in Citibank's drop in rankings from second to fifth.
Local bank DBS is still tops, despite being involved in the problems associated with the sale of structured products. The survey organiser attributed this to three main reasons.
"One, I think they have embarked on a fairly aggressive campaign nationwide. Secondly, they have been publicising quite widely their corporate philanthropy and CSR programmes. Thirdly and most importantly, they are prepared to acknowledge that things have (been) done wrong, and things can be done better," said John Lim, CEO of Reputation Management Associates.
Among life insurers, Great Eastern Life ranked highest - up from second previously - lifted by its initiative to buy back its structured product from investors.
American company AIA dropped from first placing to fourth. However, the drop was not as bad as expected with this being credited to its strong branding.
NTUC Income topped the general insurance category, while Shell scored highest for petrol/energy companies, and SingTel for the telecommunications category.
"There's a marked difference in the kind of factors that respondents indicated that influenced their perceptions in companies. They have placed greater emphasis on companies who are not just prepared to tell them things, but also to demonstrate that they're honest, that they're willing to walk the talk, and most important of all, admit culpability when things have not gone as planned," said Lim. - CNA /ls
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