FACE
VALUE
Your Reputation as
a Business Asset
A report from Coutts & Co
by Michael Hayman
A REPORT FROM COUTTS & CO
Coutts & Co
Your
Reputation
as a
Business
Asset
A report from
FACE
VALUE
1
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
CONTENTS
04
05
06
08
10
14
16
18
2
ABOUT THE REPORT
The importance of managing
reputation effectively
THE BANK AND THE AUTHOR
About Coutts & Co and
author Michael Hayman
THE CONTRIBUTORS
Profiles of those who have
provided key comment
FOREWORD
By the Earl of Home, Chairman,
Coutts & Co
INTRODUCTION
Author Michael Hayman
sets the scene
THE VALUE OF REPUTATION
Why reputation is now one of the
most crucial business assets
THE QUESTION OF TRUST
A look at people’s waning
faith in authority
A CULTURE OF MISTRUST
Peter Kellner on how public
scepticism is affecting reputation
20
22
24
26
28
32
34
36
THE MEDIA
The Rt Hon the Lord Heseltine
on managing the press
ME, MYSELF AND MY BRAND
How CEOs have become the
personification of their companies
MADE TO MEASURE
Emma Willis on running an
eponymous business
IF YOU CAN’T STAND THE HEAT
Tom Aikens on why he named his
restaurant after himself
ALL BUSINESS IS PERSONAL
The role of the business leader
THE PERILS OF ‘PERSONALITY’
Robin Saunders on the pitfalls of
losing control of your reputation
REPUTATION AND THE LEADER
Doug Richard on the risks and
opportunities of public life
HOW NOT TO DO IT
Anatomy of a reputational
meltdown
A REPORT FROM COUTTS & CO
38
40
42
44
46
48
50
52
HOW TO DO IT
Best practice in reputation
management
NET EFFECT
Embrace Web 2.0 or brace
for impact
KNOW YOUR STORY
Stay on solid ground
54
56
58
CONCLUSION
Reputation: the undiscovered
country
COUTTS OFFICE DIRECTORY
The Bank’s locations
across the UK
USEFUL CONTACTS
How to reach the contributors
SECRETS OF SUCCESS
Getting the most out of an
interview
TRIAL BY MEDIA
Max Hastings on the importance
of image management
KNOW YOUR RIGHTS
Forearmed is forewarned
USING THE LAW
Alasdair Pepper on how the law
can help protect your reputation
MANAGING YOUR REPUTATION
Advice on how to maintain a
good public profile
3
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
ABOUT THE
REPORT
“Reputation,
like any other
company asset,
needs to be
monitored,
nurtured and
managed”
4
I
ntangible but pivotal, reputation
is a prized commercial asset.
Face Value:Your Reputation as a
Business Asset examines the role
of today’s business leaders and the
value of their own personal reputations in the
making or breaking of the companies they run.
There are many tangible factors that make
up the reputation of a business. If you do
not have a good product or service, you do
not get on the pitch list.
In an increasingly competitive marketplace,
companies need to extract value and advantage
wherever they can. Given that the media
often seek stories about people, rather than
organisations, many companies have sought
to boost the personal profile of the business
leader as a means of promoting the company
as a whole. This is a valid and valuable strategy,
but it is also a risky one.
Reputation, like any other company asset,
needs to be monitored, nurtured and
managed. This report delivers insight into the
business leader as the chief representative for
a company on the public stage. It interrogates
the idea that business leaders have a ‘face
value’ and argues that this personal reputation
is the canvas upon which much future business
success will depend.
It brings together a personal viewpoint of
the author, Michael Hayman, based on his
own experience in business, politics and the
communications industry, the sentiment of
a series of interviews with business leaders,
research from YouGov and the views of
a number of expert witnesses who have
developed a unique perspective on the issue.
The
BANK and the AUTHOR
A REPORT FROM COUTTS & CO
Michael Hayman
Coutts & Co
Michael Hayman is
Chief Executive of The
Communication Group
plc, a leading public
relations consultancy.
He provides senior
communications counsel
to clients including
De Beers Group, the Government of
Dubai and Rio Tinto.
Coutts & Co is one of the UK’s leading private
banks. It has provided pioneering private
banking services for more than three centuries.
Today, Coutts expertise meets the financial
needs of 100,000 diverse individuals worldwide.
Michael is an accomplished speaker and author,
regularly addressing global business audiences,
governments, political leaders and business
media on a range of communication issues.
He was previously a Director at WPP
consultancy Hill & Knowlton. Prior to
this he was an adviser to the Foreign &
Commonwealth Office, to a former Secretary
of State for Employment and a senior member
of the Department of Trade and Industry
Parliamentary Select Committee.
He is a Fellow of the Chartered Institute
of Public Relations, a commissioner to the
Edinburgh festivals, and one of The Observer
newspaper’s Courvoisier The Future 500, a
showcase of the UK’s top business talent.
The issue of reputation has always been
central to Coutts business. As far back as the
19th century, Thomas Coutts endorsed the
earlier principle of safeguarding his Bank’s
reputation through ample and easily available
reserves, but also by putting a great emphasis
on the influence of the individual. As he saw
it, the honour of his family name, his ‘proud
but modest’ character, and his qualities of
competence, directness, friendliness and
natural caution were what would protect the
reputation of Coutts. He felt very strongly
that the responsibility for that reputation lay
with him. Despite taking partners into the
business, he never placed the onus of the public
perception of the Bank onto others.
Today, the public face of Coutts encompasses
each and every one of our employees, who
play a vital role in maintaining Coutts reputation
as a highly professional, respected and trusted
organisation. From our private bankers on the
front line to the staff who support them in a
variety of guises, our employees embody the
timeless Coutts values of trust, understanding
and expertise.
Understanding the vital role of reputation
in building sustainable enterprise is just one
way we can support our clients in their
business interests.
5
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
THE
CONTRIBUTORS
6
The Earl of Home
Lord Home was appointed
Chairman of Coutts & Co
in June 1999 and became
Chairman of RBS Coutts
Bank Ltd in March 2000.
Lord Home is an active
member in the House of
Lords and was appointed
Opposition Front Bench spokesman on Trade,
Industry and Finance until his resignation
in December 1998. He is also Chairman of
Grosvenor Group Ltd, MAN Limited and
a Board Director of The Dubai Financial
Services Authority (DFSA).
The Rt Hon
the Lord Heseltine
Lord Heseltine was a
Member of Parliament for
the Conservative Party
for the Borough of Henley
from 1974 to 2001. He has
held many senior political
positions, including
Secretary of State for the
Environment, Secretary of State for Defence,
President of the Board of Trade and Deputy
Prime Minister from 1995 to 1997. He is also
a successful entrepreneur, founding Haymarket
Publishing Group, the largest private magazine
publisher in the UK.
Peter Kellner
Peter Kellner has been
Chairman of leading
market research
organisation YouGov
since 2001. During that
time he has advised on
polls and public opinion to
institutions, including the
Bank of England, the Foreign Office and the
Trades Union Congress. Previously, he was
a journalist and political commentator for
more than 30 years, for a variety of media,
including The Sunday Times and the BBC’s
Newsnight. He has also been a visiting fellow
at Nuffield College, Oxford and the Institute
for Policy Studies.
A REPORT FROM COUTTS & CO
Doug Richard
Emma Willis
Doug Richard is a highly
successful UK-based
Californian entrepreneur.
Among other things, he is
the founder and Executive
Chairman of Library
House, an investment
research and consulting
firm. He has recently shot to prominence as
a ‘dragon’ (investor) in BBC’s Dragons’ Den.
In 2006, he received the Queen’s Award for
Enterprise for his work promoting, developing,
and helping entrepreneurs.
Emma Willis is the founder
of Emma Willis, a custom
shirt making company. She
trained at the Slade School
of Art before starting her
business in 1987, designing
and making men’s shirts.
In 1999, she opened her
elegant and intimate shop in Jermyn Street,
London. Her philosophy is to adhere to the
original traditions of English shirt making, using
luxurious Italian and Swiss cottons, silks and
linens, many of which are exclusive to her
collections. Emma Willis is men’s magazine
GQ’s ‘Shirt Style Shrink’, answering a host of
questions on the subject.
Sir Max Hastings
Sir Max Hastings is an
acclaimed journalist,
editor, historian and
author. He became a
foreign correspondent
and reported from more
than 60 countries and
11 wars for the BBC
and the Evening Standard. After ten years
as Editor and then Editor-in-Chief of The
Daily Telegraph, he returned to the Evening
Standard as Editor in 1996 until his retirement
in 2001. He received a knighthood in 2002.
Tom Aikens
Tom Aikens is a master
chef and the founder of
Tom Aikens restaurant.
He left London in 1993
to work under Joel
Robuchon in Paris and
Gerard Boyer in Reims
before returning to Pied à
Terre as Head Chef in 1996, where he became
the youngest British chef ever to be awarded
two Michelin stars. He spent a year as Head
Chef at La Tante Claire before opening Tom
Aikens in April 2003. The restaurant won a
Michelin star in January 2004, and in 2005 it
was named as the eighth best restaurant in
the world in Restaurant’s Top 50.
Robin Saunders
Robin Saunders is a
Managing Partner of
Clearbrook Capital
Partners. She first worked
for Northern Trust in
Chicago and then moved
to London with Citibank.
After a stint at Chemical
Bank and Deutsche Bank, she joined the
German state-owned WestLB in July 1998.
In 1999, she helped turn around Bernie
Ecclestone’s Formula One through a £792m
securitised bond issue and brokered a
£426m loan to finance the new Wembley
Stadium. After leaving the bank in 2004, she
established the private equity investment
firm Clearbrook Capital Partners.
Alasdair Pepper
Alasdair Pepper is one
of the most experienced
media lawyers in the UK
and has been a partner in
Carter-Ruck, the leading
defamation and reputation
management firm in the
country, since 1986. He
devised the MediaAlertService, which enables
the firm to efficiently handle and assist clients
with media interest. He is the Secretary of
the Media Section of the International Bar
Association and has spoken on the issue of
reputation at conferences around the world.
7
A REPORT FROM COUTTS & CO
THE EARL OF HOME, Chairman, Coutts & Co
FOREWORD
T
he value of reputation has
never been so important.
This report examines the
role of reputation as a key
business driver and the
emerging challenges associated with it.
Reputation, simply put, is the impression
that others have of you. It is, therefore,
an intangible but highly prized asset, often
equated with the goodwill of a business, and is
seen as a key source of competitive advantage.
Today, the emphasis placed on the various
faces of reputation is a relatively recent
development, and its wide-ranging spectrum
in the fiercely regulated financial world of
the 21st century would be unfamiliar to the
founder and the partners of Coutts in the
17th and 18th centuries.Yet there is no doubt
that reputation was of the highest importance
to the early partners and to Thomas
Coutts, even if their way of interpreting and
maintaining it varies from today’s demands.
For John Campbell and succeeding partners,
including Thomas Coutts, in the world of
banking, a man’s reputation was only as good as
his credit. Confidence was inspired by prompt
payment of debt and open and honest dealings.
The ‘promissory note’, the early cheque, was
exactly what it said: a promise to pay either on
demand, at a fixed or deferred period of time.
Campbell and his successors dealt in these
notes and bills of exchange all the time.The
ethos of ‘my word is my bond’ was vital.
With the rise of the joint stock banks in
the 19th century, private banks faced stiff
competition and many failed. Coutts had
such a well-established reputation that it
could withstand the onslaught.There were
a number of ‘panics’ in the 19th century,
including the collapse of Overend & Gurney
in 1866, a distinguished private bank.There
was never a run on Coutts, nor any hint of
anxiety concerning the business.The lessons
learned by Coutts in earlier times paid off in
maintaining its reputation: a sound balance, wise
management not based on family if they failed
to demonstrate aptitude, and quiet discretion.
Today, we are observing a growing interest
in entrepreneurial businesses and the
personalities that lead them. This has meant
that, even more so than in the times of John
Campbell and Thomas Coutts, the reputation
of an organisation and its leaders has become
unavoidably intertwined, with a proliferation
of media ready to bring any impropriety to
the doorstep of the public.
As such, reputation and the protection of
it is now not only the preserve of big
corporates, but also of individuals. Our work
with many of the UK’s top business leaders
means that, at Coutts, we understand this
perhaps more than most.
Business leaders and entrepreneurs are
increasingly creating and influencing the
brands of the future. We have seen this
especially in our work with entrepreneurs
and the discussion opportunities afforded
by the Coutts Forum for Entrepreneurs.
That is why we are delighted to be associated
with this important report that seeks to
bring new insight into what has, for many,
remained an intangible, but nevertheless
crucial, area of business life.
The author, Michael Hayman, Chief Executive
of The Communication Group plc, examines
how businesses and individuals are increasingly
scrutinised in the modern world. He draws on
real-life examples and case studies of leaders
and organisations under the public spotlight.
Joining him are former Deputy Prime Minister
Lord Heseltine, former Daily Telegraph
Editor Sir Max Hastings, BBC2 Dragons’ Den
entrepreneur Doug Richard, legal expert
Alasdair Pepper, ‘super chef’ Tom Aikens,
entrepreneurs Emma Willis and Robin Saunders
and Chairman of YouGov Peter Kellner.
I hope you find the report thought-provoking.
It delivers real insight into how understanding
the potential opportunities and risks to
reputation can equip entrepreneurs and
leaders for the challenges of the 21st century
business landscape.
9
A REPORT FROM COUTTS & CO
INTRODUCTION
F
rom celebrity business
leaders to entrepreneurs
and super chefs, Britain’s
business reputations have
never had it so good.
The role and leadership of Britain’s top
business performers is fuelling a new era
of interest.
Thanks to prime-time television shows, such
as Dragons’ Den and The Apprentice, we
are witnessing a growing public fascination
in businesses and the personalities that
lead them.
Is this just mere entertainment or does it
reflect a more substantial transformation in
the role of reputation and its net effect on
business? This report argues the latter.
The definition of value in business has
changed. Once, accountants could define a
company’s worth by totting up the value of real
estate, inventorying stock and calculating the
depreciation of plant and machinery.
Not any more. As we move ever further into
a knowledge economy, a company’s value is
increasingly determined by its intangible assets
– the strength of its customer relations, the
quality of its software and the institutional
knowledge of its employees.
According to a study by the US Institute of
Practitioners in Advertising, more than
three-quarters of the market value of the
typical Fortune 500 company is now accounted
for by intangible assets. Yet if reputation has a
value, so the loss of reputation has a cost.
The UK famously has a schizophrenic attitude
towards business and wealth creation, and
there is no shortage of companies and
business leaders who find that their image
shifts from consumer champion to incompetent
villain with dizzying speed.
In the political rather than the business
sphere, as an adviser within the Conservative
Government led by John Major, I witnessed
at first hand the shattering consequences of
damaged reputations stemming from the 1993
‘Back to Basics’ campaign. A key handmaiden in
this great drama was a tenacious media.
Journalists, often with more than just cause,
revelled in exposing scandal after scandal,
damaging the reputation of the Government.
My argument is that the public interest has
more recently been confused with what is
interesting to the public, and this has been
used to justify unparalleled levels of subjective
investigation, comment and news. Former
Minister, Steve Norris, among others, used to
use the phrase: “Why let the truth stand in
the way of a good story?”
At first, new levels of scrutiny found their
way to the quoted community of publicly
listed companies. After all, a business with
shareholders has a public duty to be transparent
and accountable.
Increasingly, however, private businesses run by
entrepreneurs have emerged onto the front line
of reputational scrutiny. This new line of attack
states that where stakeholders are involved,
stories relating to any company and its leader
meet a public interest test.
Me, myself
and my brand
We live in an era of information overload.
Take a leading global newspaper like the UK’s
Sunday Times. It contains around 500,000
words per edition. To read it at an average
reading speed of 300 words per minute
would take some 28 hours.
To stand out in this ever more congested
market place, people have become a powerful
way of bringing a company story to life.
In many cases, the brand of a particular
company, and that of its leader, has merged.
11
FACE VALUE: YOUR REPUTATION AS BUSINESS ASSET
In today’s business environment, a company
leader is often expected to be the
personification of the company; he or she
represents what the company is trying to
do and the values by which it operates.
The consequence is that the reputation of a
company is now often inextricably linked to
that of its leader.
Yet, as with many merry-go-rounds, getting on
is a lot easier than getting off. A high public
profile may be a valuable asset when results
are strong; but it becomes an equivalent liability
in times of difficulty.
Solid growth is no longer a story; it is only
astronomic leaps that even get a look-in these
days. Against this backdrop, the claims have
become greater, the thinking ever more short
term, the headlines more dramatic and the real
results more questionable.
Trial by media?
The media has, for the most part, provided a
superb platform for enhancing the reputation
of business leaders, of large public companies
and high-flying entrepreneurs alike. However,
it is a complacent business leader who views
the media as a lifelong friend. The academic
C. Northcote Parkinson put it well when
he said: “The void created by the failure to
communicate is soon filled with poison, drivel
and misrepresentation.”
In recent years, the size of that void has
grown exponentially. Twenty-four hour global
media, new media, broadcast media, print
media, specialist media, citizen media – these
are just some of the critical scrutineers of
public life today.
The emergence of the internet has brought
with it the phenomenon of news being
“They’ve all got a
strategy until
they get hit”
MIKE TYSON
12
disseminated globally, instantly and cheaply.
A world of websites, chatrooms and blogs turns
anyone with an internet connection into an
expert commentator; rumour can take on the
appearance of fact with startling speed. In this
environment, effectively telling your side of the
story is both vital and increasingly hard to do.
Situations can spiral out of control before an
individual or organisation can make an informed
judgement about what is going on. From a legal
perspective, you never admit culpability until you
are clear about the facts, and that takes time. But
delay carries with it a reputational cost.
The pressure of these two competing needs
is enormous. In preparing this report, I
interviewed a FTSE 100 chairman who
brought this to life when talking about his
own response to a significant crisis: “All those
advisers around me just confused the situation.
More than anything I wished I had listened to
my gut instinct, and that was to hit the issue
before the issue hit us.”
Reputation as a
management challenge
A Roman general once said that in times of
peace, prepare for war, and I think that this
message is highly relevant today. The key is
A REPORT FROM COUTTS & CO
to take control; get ready and build your
reputation by design rather than allowing it
to grow ramblingly by default. Indeed, many
business leaders are often supported by highly
sophisticated corporate communications
departments who have the ability to view
business reputation in the round.
Reputations built over the long term and
on firm foundations engender trust. Look at
Richard Branson or Bill Clinton. Neither without
their detractors, but both have weathered the
reputational storm, for now.
Business leaders should realise that their
personality, record of achievements and way of
doing business adds up to a brand. In the same
way as Volvo is readily associated with safety,
so in a similar way people have a perception
about you. Taking charge of your brand, and
managing it effectively, is a vital challenge.
the relationship between reputation and brands,
the decline of public trust in companies and
business leaders, and offers practical tips both
on preventing reputational crisis and managing
them effectively if they arise.
For those who are aware of reputational risk,
are concerned about the threat it poses, and
are uncertain how it should be managed, I hope
this report provides a valuable starting point.
My thanks are extended to the
contributors and especially to
Coutts & Co, whose wise counsel,
insight and support were central to
the development of this report.
Your weapons
Shortly before leaving office, Prime Minister
Tony Blair described the media as a “feral
beast”. The media may indeed be more than
capable of handing out a mauling, but with
rights come responsibilities, and the media
cannot hide from these.
The Reynolds Defence outlines specific
obligations on the media to behave responsibly.
Understand this check list and you have a
formidable ally at your side.
You also have the right to ensure that your
side of events is accurately reported. Get your
messages agreed and stick to them. Legend
has it that Henry Kissinger regularly used to
ask the assembled White House press corps:
“Do you have any questions for my answers?”
It is still overwhelmingly the case that the vast
majority of business careers avoid a public
mauling or editorial assassination attempt. But
times are changing and with it so must the
approach of Britain’s business leaders.
This report offers insights and recommendations
into how companies and business owners
can manage their reputation more effectively,
through both good times and bad. It looks at
13
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
THE
VALUE
OF
REPUTATION
DEFINITION
COLLINS ENGLISH
DICTIONARY
NOUN
1.
2.
3.
The opinion generally
held of a person or thing
A high opinion generally
held about a person or thing
Notoriety or fame,
especially for some
specified characteristic
14
A REPORT FROM COUTTS & CO
I
n this new century, one of the most
crucial business assets is reputation.
It may be difficult to ascribe a hard
figure to the value of a company’s
reputation, but it is certainly not zero. Just
look at Arthur Andersen, a century-old global
accountancy practice and one of the five
biggest professional service advisers of its kind
in the world. It’s association with Enron, and the
reputational damage that caused, saw Andersen
collapse within months as clients fled.
Business commentator Jeff Randall put it as
follows: “In today’s commercial world, where
physical assets form only a small part of
corporate valuations, non-tangibles such as
brands, alliances and relationships make up the
difference – and these are often underpinned
exclusively by reputation. It has been called,
‘the Cinderella asset’ – you never quite know
what you’ve got until it’s gone, then the
damage is unmissable.”
Once lost, it is hard for a company or individual
to win their reputation back. As Benjamin
Franklin, the US founding father put it: “Glass,
china and reputation are easily cracked, and
never well mended.”
Some of the leading business people of the
modern age have spoken just as eloquently
as Franklin. Warren Buffett, the legendary
US investor, said: “It takes 20 years to build a
reputation and five minutes to destroy it.”
Small wonder that he once told his employees:
“If you lose dollars for the company by bad
decisions, I will be understanding. If you lose
reputation for the firm, I will be ruthless.”
debt crisis of the past two decades, has reached
a similar conclusion. He told an interviewer
that he had learned three big things in 50
years of banking: “The importance of people;
the client pays the bill; and risk, especially
reputational risk, is crucial.”
Businesses acknowledge the risk. A recent
PricewaterhouseCoopers survey found
that 50% of companies agree that loss of
reputation is the biggest threat to their business.
Meanwhile, a study by Aon Consulting of
2,000 private and public organisations ranked
reputational risk as the most significant threat to
businesses, greater than crime, natural hazards
“GLASS, CHINA AND
REPUTATION ARE
EASILY CRACKED”
and terrorism.Yet not all companies act on
this knowledge. PricewaterhouseCoopers
found that less than one quarter of companies
had a formal strategy to manage reputational
risk. And, according to a further study carried
out by The Economist, it is the most difficult
risk to manage.
Jack Welch, the feted boss of General Electric,
was similarly adamant: “One thing I learned
during my years as CEO is that perception
matters. And in these times when public
confidence and trust have been shaken, I’ve
learned the hard way that perception matters
more than ever,” he said.
Perhaps the subject is too vast for many
companies to embrace. Professor Michael
Power of the London School of Economics
argues that once companies start to assess and
manage reputational risk, they find it hard to
stop. He wrote: “Reputation has become a new
source of anxiety where organisational identity
and economic survival are at stake. And if
everything may impact on organisational
reputation, then reputational risk management
demands the risk management of everything.”
Finally, Bill Rhodes, Senior International Officer
for US financial services giant, Citi, whose subtle
diplomacy has been at the forefront of every
Managing reputation successfully is indeed
daunting. Furthermore, it is becoming
increasingly hard to do.
15
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
THE
QUESTION
OF
TRUST
“The purest treasure
mortal times afford
is spotless reputation;
that away, Men are but
gilded loam of
painted clay”
RICHARD III, ACT 1, SCENE 1
16
A REPORT FROM COUTTS & CO
T
rust is an essential part of
doing business, yet forming
that vital bond is increasingly
hard for all companies.The
public’s trust in authority as
a whole is waning, requiring leaders in all spheres
to work harder to secure their reputations.
In 2003 and 2007, market research and
polling group YouGov surveyed public attitudes
on trust. The survey asked: “How much do
you trust the following to tell the truth?” of
professionals in 25 fields, ranging from family
doctors to teachers, police officers, plumbers
and electricians, as well as captains of
industry and politicians.
With the sole exception of judges,YouGov
found every group to be less trusted in 2007
than it had been four years before.
What explains the seemingly inexorable
decline in public trust? There are two mutually
reinforcing trends that have added to the
challenge of managing reputation.
The first trend is the development of a more
open, transparent and accountable society, which
means that those in authority operate under a
microscope as never before.The ministers’ code,
the Committee on Standards in Public Life, and
the strengthened register of members’ interests
have created a yardstick against which politicians’
behaviour can be measured.
The incidence of political sleaze and self-dealing
is probably no higher than it ever was, but
individual cases are more likely to be exposed,
the media coverage more extensive and hostile,
and the sanctions more severe than in the
past. In the words of the Nolan Committee,
established by the Major administration in
the context of the ‘cash for questions’ scandal:
“We cannot say conclusively that standards of
behaviour in public life have declined. We can
say that conduct in public life is more rigorously
scrutinised than it was in the past.”
“THE PUBLIC’S
TRUST IN AUTHORITY
IS WANING”
were required to spell out their remuneration in
detail for the first time, giving the media an easy
opportunity to track levels of executive pay and
match it to company performance.
The second contributing factor to the growing
climate of mistrust is a more aggressive
media. The rise of the internet has spawned
instant news and comment, making the news
environment much more competitive.
The media cannot rely on simply reporting the
news any more, but must seek to break it. This
hunger for scoops, assisted by new tools such
as the Freedom of Information Act, has turned
even mini scandals into front page news. What
is clear is that this style of media is not going to
disappear any time soon.
The result is what could be termed the
reputation paradox – as those in authority
are subject to more extensive best practice
standards and disclosure requirements than
ever before, so the public believes them even
less. Transparency goes up; trust goes down.
Viewed against this background, it is clear that
establishing a reputation for integrity and
fair-dealing is harder than ever before. The
public is cynical about what those in authority
are telling them, requiring leaders in all spheres
to devise inventive strategies for establishing
and maintaining their reputation.
Business people as much as politicians have
learned to operate under the new rules. It is only
ten years ago that executives of listed companies
17
PETER KELLNER
A REPORT FROM COUTTS & CO
Growing public scepticism means it is
increasingly difficult to manage reputation
A culture of mistrust
T
he public is in a
mistrustful mood. Our
polling found that every
group in authority save
one (namely, judges)
were less trusted in 2007 than they had been
four years previously. This finding is hardly
surprising.Think of the ‘dodgy dossier’, the
David Kelly affair and subsequent Hutton
report,The Daily Mirror’s faked photos, and
the recent revelation that TV phone-in
competitions were rigged, and it is no surprise
that the public’s faith in authority is waning.
Part of the reason for this decline in trust is
the more intense media scrutiny of those in
positions of authority. Despite this heightened
attention, however, public understanding of
business has barely improved. When the
City of London sponsored the Money Zone
in the ill-starred Millennium Dome, they
commissioned research into how well the
public understood the worlds of business
and finance.
The results revealed startling ignorance.
People understand companies as consumers
– they know whether they enjoy a positive
shopping experience at Marks & Spencer
or suffer interminable delays at the hands
of a budget airline. But they know little
about the business behind the brand,
and even less about companies with no
consumer-facing operation.
Britain’s love-hate relationship with success
also plays a part. When the UK’s largest
companies deliver record profits – after its
last set of results, Shell was reported as
making a profit of £1.5m every hour – does
the public view this as the result of brilliant
management and business leadership, or
further evidence of ‘rip-off’ Britain? I am
not aware of any polling that answers this
question, but I suspect the latter.
The demands of the media contribute to the
problem. Business is complex and not easily
reported, so that stories tend to focus on
individuals rather than institutions – think of
how much better known Amstrad is as a result
of the profile of its founder, Sir Alan Sugar.
“COMPANIES
TEND TO BE
HEROES OR
VILLAINS”
The media is also poor at reporting shades
of grey – companies and their bosses tend
either to be heroes or villains with few
points in between.
Today, the environment in which power is
exercised, whether by politicians or business
leaders, is harsher. Standards of behaviour
may well have improved, but so too has
scrutiny, and the punishment for transgression
is undoubtedly more severe. This has made
managing reputation both more important and
more difficult than ever.
Peter Kellner is President of YouGov,
the AIM-listed market research and
polling company.
19
THE RT HON THE LORD HESELTINE
A REPORT FROM COUTTS & CO
Carefully managing the press can be vital
to building and maintaining reputation
The media
T
o understand the
relationship between
politicians and the
public, it is necessary to
understand the media
that both connects and stands between the
two. The media has diverse owners, including
National Institutions (BBC) and private trusts
(The Guardian) that are independent from
proprietors, but most of the media is owned
by public companies.
The Financial Times provides a consistency of
quality commensurate with the expectations of
its audience. For the main, the big Fleet Street
nationals are controlled by proprietors or
editors with political agendas that too often
tip their reporting towards something close
to propaganda. The spectrum of reporting
ranges from those who genuinely try to
report responsibly in the pursuit of truth
and balance, through to others who deliver
flagrantly partisan bigotry.
The choice of editor reflects the attitudes of
the owner. For example, many of Fleet Street’s
high-profile editors take the political stance of
the proprietor and point their paper towards a
target market that thinks much like the owner,
with no plans to change much about its view
of the world. The further from Fleet Street,
the less the political direction and predictability.
Journalists can be serious specialists with a deep
commitment to the truth. At the other extreme
are the footloose hacks, who are in it for the
money, the thrill of the gutter and all you find
there. But, for the large part, journalists tell it
as they see it. They are independently minded,
suspicious and questioning.
But the media has its own demanding disciplines,
such as circulation figures, readership profiles
and advertiser demands. Once appointed, an
editor can become anything from a ruthless
dictator to a tolerant consultant. The former
may be more effective if they serve audiences
anxious for a clear, simple message and
intolerant towards qualified argument.
Politicians live a life interwoven within this mesh
of the principled and the prejudiced. They
depend on the media to get their ideas across.
They have to know where potential allies are
to be found. They have to persuade proprietors
and editors to back them. They have to judge
the pay-off by giving scoops to assumed friends.
It is easy for an MP to get himself referred to as
“a prominent backbencher” by a judicious leak
or criticism of a colleague. It is harder to gain
serious editorial support.
I have very clear views and some advice for
politicians in dealing with the media. Always
remember that they are not there to be on
your side or a friend. The odd one may become
either or both for a while, but for the majority
you are no more than the raw material of their
trade. Succeed and you will be suffocated with
friendship. Fail or become embroiled in scandal
and suddenly that ‘named reporter’ you trusted
has become ‘our special correspondent’ hunting
you down anonymously with the pack.
But remember, as I do, that they represent a
balance to what would otherwise be the
unbridled abuse of power by governments.
The Government machine of 1986 would have
buried me without trace after I resigned. So
would some of the proprietors. But they couldn’t
because too many journalists and programme
editors wouldn’t let them.The media as well as
my ideas kept me afloat. Indeed the media built
me up to the point that, despite four years on
the backbenches, I was a serious candidate for
the highest office. No one knows more than I do
that, warts and all, a free and varied press is an
essential feature of a free society.
The Rt Hon the Lord Heseltine is a
former Deputy Prime Minister and
founder of Haymarket Publishing Group.
21
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
ME,
MYSELF
AND
MY
BRAND
T
oday, more than
ever before, leaders
have become the
personification of
the brands that they
represent. They need to crystallise the best
attributes and the best values – they are the
emblems and the hallmarks of their businesses.
“The most
important thing
about how you
present your
business is how you
present yourself”
RICHARD BRANSON
22
It is not just celebrity business leaders whose
reputation is pivotal to the business. For those
that may be less well known, their reputation
with their specific stakeholders is no less
important in their own business environments.
This reliance on powerful personalities is no
accident. It is people that count and personalities
are the best way to bring out the value of the
brand and spark a company into life. People
need to see themselves very much like a brand
and the challenge of a brand is to positively
position itself in the minds of the market.
A REPORT FROM COUTTS & CO
In just the same way as business brands exist,
there is no doubt now of the existence of the
personal brand, which is very strong among
business leaders whose reputations are often at
the heart of the overall success of the business.
Sometimes the leader’s identity is a very overt
symbol of the business’ success; it is the sign
above the shop door where the name is quite
literally the brand.
In an era of information overload, businesses
have increasingly looked to new ways of
standing out from the crowd and often the
best way to do this is to promote the
personalities of leaders. It is almost as if
people have become immune to information.
To this end, ever more creative strategies
are required to cope with the deficit in
human attention.
Take the acres of broadsheet coverage spent
every week profiling the personalities that lead
Britain’s businesses.
For some, this is yet further evidence of a
national obsession with celebrity. For others,
it is a sign of something more significant
and substantial.
In an age where intangible assets count, it
is the people stories that often help sell.
As one famous entrepreneur said: “I like to
work with people I like.”
Providing good products and doing good work
alone only gets you so far in a story-focused
market. It is simply not good enough because
a lot of people do it. And part of the problem
for competing marketers is that there is no
shortage of good companies.
“I LIKE TO WORK
WITH PEOPLE
I LIKE”
To this end, the
building of a positive
profile is part of the
everyday work of
most business owners.
Once the preserve
of the press officer,
communication is now
more readily handled
at board level. Indeed,
for most business
leaders, the role of
communicator-in-chief
goes with the
territory.
Personality matters
The personal brand is
particularly relevant and
prevalent for the entrepreneur,
where so much of the success
of a business depends on them.
When entrepreneurs first
set up a business, they have
to sell themselves.
Chris Mottershead agrees.
After quitting his job as
managing director of Airtours
to found Travelzest, he found
the biggest challenge was
to persuade people he was
serious. “I had enjoyed all the
benefits of people around me,
but when I set up Travelzest it
was just me,” he recalls. “I had
to persuade people that I was
absolutely 100% committed
to see it through.You have to
sell yourself and your concept,
and demonstrate to clients
that you don’t intend to fail.”
“UST not just USP”
Numerous business leaders
spend countless hours
thinking about their Unique
Selling Point (USP), but
undoubtedly more effort
needs to be devoted to
Unique Story Telling (UST).
This is a crucial reason
about why they are successful
and not just because they
have the best product,
distribution network or
sales people, but because
they effectively position
their offering in the minds
of prospects.
23
EMMA WILLIS
A REPORT FROM COUTTS & CO
Running an eponymous business comes
with a heightened sense of responsibility
Made to measure
M
y first ambition
was to be an
artist and I
studied at the
Slade School
of Fine Art. Towards the end of my first term,
I answered the Main Hall telephone.
“Could we speak to Emma?” said a voice.
“It’s Emma speaking,” I replied.
“We’re delighted to inform you that you have
won the Young Portrait Artist of the Year award.”
I let myself believe for a glorious moment before
having to ask: “Which Emma did you want?”
“Emma Sergeant” was the reply.
One day, I thought, I want the answer to be
Emma Willis. Although I am loath to admit it
to my children, I did dream, like my actress
grandmother, of having my name up in lights.
So there are my less than admirable motives.
Putting my name to the company has made me
directly responsible for the business and brand,
and the relationship with the customer, and I
enjoy this responsibility.
I know that every cotton or silk that I buy, and
the make of my product, is a reflection of my
own taste and I can be judged by it. I only buy
what I honestly love, for quality, colour or design,
and I think having an eponymous business keeps
me true to this, resulting in an individual and
original style with a common thread linking
all the products and the image of the business.
I feel confident that this is a strength as it
cannot be imitated.
I use all English manufacturing for my shirts and
ties, and have built a strong relationship with
my suppliers. Perhaps being so visible and
accountable to them, as well as to my staff and
customers, helps build trust in this important
area of the business too.
A possible disadvantage of putting my name
to the company is that I am held directly
responsible for any failures, as well as successes,
but this accountability adds to the excitement
of running my own business.
“I DID DREAM
OF HAVING
MY NAME UP
IN LIGHTS”
I have designed the shop to create a sense of an
English drawing room with hand-made cabinets
for fittings, an oak staircase, stone floors, music,
flowers and paintings. And a drawing room
needs a host. My presence in the shop is made
more important by it being named after me, but
I seem to be choosing my staff accordingly.
Several times, customers for whom I have
made shirts ten or 15 years ago, when I ran
my business without a shop, have come in to
joyfully greet my beautiful 24-year-old retail
manager, Alexandra with: “Emma, you’re looking
amazing!” and then, there was the American
tourist asking in a slightly incredulous voice:
“Is Emma Willis still alive?”
Emma Willis is the founder of Emma
Willis, a custom shirt making company.
25
If you can’t stand the heat…
TOM AIKENS
A REPORT FROM COUTTS & CO
There’s nowhere to hide when you open a
restaurant with your name above the door
T
he name ‘Tom Aikens’
did not leap out at me
as the one to choose for
my restaurant, which I
opened in 2003. I started
with a list of about 100 names, but frankly,
most of them were rubbish.
A restaurant’s name matters hugely – it should
tell you something about what the restaurant’s
about, and what it is trying to do. At the
same time, it must avoid being either banal or
pretentious. The name does mark the place
– if you get it wrong, the business does suffer.
I also wanted the name to be an expression
of me, my character, and my approach to
cooking. Ultimately, my own name seemed
simplest and best.
There was a sound commercial rationale for
this. At the time, I was a well-known chef with
a fairly high media profile. The industry and
food writers knew me and my background, so
there was a brand already in place. Because
of my name, people had a view of what kind
of restaurant it was going to be, so calling the
restaurant Tom Aikens saved time in terms of
restaurant PR and profile raising.
At the same time, there is considerable
pressure attached to having your name above
the door. People expect to see you, to know
that you’re cooking – which is why I’m working
in the kitchen at least five days a week.
I opened the restaurant in 2003; it was a very
scary feeling. When you name your business
after yourself, ultimate responsibility falls to
you and you alone. Everything eventually lands
on your shoulders. If the business fails, you’ve
got that round your neck.
I opened Tom Aikens after three years out
of the restaurant trade, having left Pied à
Terre in 2000. For two months before
opening, I was in an almost continuous state
of worry. Could I do it again? Could I commit
to the hours, run a kitchen, cope with the
stress? I had quite serious concerns about
taking it all on again.
Opening a restaurant is one of the hardest
things you can do. People think how romantic
and jolly it is to have a lot of friends over
for dinner every night. The truth is, it’s
relentlessly hard work.
I believe that if I hadn’t called the restaurant
after me, it may well have buckled. Speaking
both as a chef and a business entrepreneur, the
opening months of a restaurant – as you seek
to attract favourable reviews, build a client base
and establish your reputation – are particularly
gruelling and nerve-racking.Without the
brand awareness that my previous career
had generated, I am not certain that we would
have made it through that launch period. As
it was, we won nearly 25 awards in our first
year – no other restaurant has come close to
matching that achievement.
Establishing a reputation as a top-end
restaurant is both vitally important and
difficult to do. Customers paying a lot of
money for the best cuisine expect a ‘no
mistakes’ service. In any business, this is
impossible. In a pressurised environment like
a restaurant, it is harder still. Mistakes occur;
it is how you manage them that matters.
I once made the mistake of getting into a
dispute with a customer, and it ended up all
over the papers. Quiet professionalism would
have been a better idea. Next time, I’ll leave
the house manager to deal with it.
Tom Aikens is one of the most successful
young chefs in the UK and founder of
Tom Aikens restaurant.
27
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
ALL
BUSINESS IS
PERSONAL:
The role
of the
business
leader
28
A REPORT FROM COUTTS & CO
I
n the field of corporate reputation,
the individual and the business are
not easily separated. Shelly Lazarus,
the CEO of Ogilvy and Mather,
put it thus: “Everything a CEO says
and does is no longer personal. It is
attributed to the company.”
An Economist Intelligence Unit survey asked
companies who within the organisation had
“major responsibility” for managing reputational
risk – 84% responded “The CEO”.
Increasingly, it is not just business celebrities
like Sir Alan Sugar or Sir Richard Branson
who personify their business, but every chief
executive. When the company succeeds, it is
they who take the credit. Conversely, when
they fail, the company suffers.
Carly Fiorina, Chief Executive of Hewlett-Packard
from 1999-2005, was one of America’s most
visible business leaders, frequently photographed
alongside Hollywood celebrities and politicians.
The press speculated that, following her business
career, she would run for office.
Her visibility and fame became a hindrance
following the controversial acquisition of
Compaq in 2002. The merger did not go
smoothly, results were inconsistent and Fiorina
inevitably copped the blame. In 2005, she was
dismissed by the board, prompting a 7% jump
in the share price.
Fiorina later said: “The worst thing I could have
imagined happened. I lost my job in the most
public way possible, and the press had a field
day with it all over the world.”
The concept of a business celebrity is not
new. Sir John Harvey-Jones, the former Chief
“EVERY CEO
PERSONIFIES
THEIR
BUSINESS”
29
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
Executive of ICI, was the first of the modern
business TV stars with the series Troubleshooter
in the late 1980s, but the phenomenon has
multiplied greatly since then.
Even the comedy schedules are not immune
from our obsession with the way business works
– not when the biggest TV hit of recent times
was called The Office.
As business has become ever ‘sexier’ in the new
century, so managers of all kinds have become,
to use Fleet Street’s favourite and extremely
accurate metaphor, ‘fair game’. Dispatches and
Panorama are as likely to investigate companies
as they are governments; business leaders as
they are arms dealers.
As for newspapers, the days when a departing
chief executive, a boardroom row or a price
rise would be confined to the business pages
are long over. Bonuses, golden handshakes,
share options, perks, private equity deals,
commodity prices – no matter how technical
the detail, the daily dealings of multinational
corporations can be pushed and spun into
front page news.
One leader put it that in the 19th century people
of ability went into the military; in the 20th
century they went into politics; and in the 21st
century they go into business. Business leaders
are often interesting, powerful and relevant.
“ORDINARY
MORTALS
NEED NOT
APPLY”
The role of communication managers is to
build a positive reputation stock for chief
executives with a wary eye on that dreadful
moment when something serious goes wrong.
For, in many respects, the modern business
leader faces the same kind of superhuman
task that has long confronted politicians.
You are not permitted to display normal
human fallibilities.
That applies to your private life, your salary, your
ethical conduct, your knowledge of the balance
sheet and your firm’s accounting policies.
You are meant to be a leader and a delegator,
avoid being an egomaniac empire builder, and
yet know everything that goes on at all levels
of your company. No wonder it is said that
“ordinary mortals need not apply.”
Business leaders need to tread carefully to ensure
the balance between getting their story on the
record and not over hyping their own success.
Re-building reputation
The wise words of Benjamin
Franklin notwithstanding,
personal and corporate
reputation can be re-built.
Failure at some point does
not need to mean the end;
in fact, it is often the
beginning. From Steve Jobs’
much publicised reincarnation
as Apple’s leader to Sir
Rocco Forte’s leadership
of RF Hotels, the lesson
is that reputation is a
long-term game.
The son of a great
entrepreneur, Rocco Forte
30
seemed doomed to live in
his father’s shadow. That
weak point was exploited
mercilessly by Granada’s
Gerry Robinson during his
successful bid for the Forte
Group in the mid 1990s.
Robinson loved to point
out that Forte had been out
grouse shooting on the day
he launched his initial bid, and
the image of the spoiled and
patrician elder son stuck.
At 51, Forte had a huge
fortune but no job. Rather
than live a life of privileged
obscurity, he launched
back into the hospitality
business, creating RF Hotels,
a distinctive, growing and
highly profitable collection
of European city properties.
Granada, meanwhile, had a
torrid time managing the
Forte assets, and disposed of
them all within seven years
for a poor return.
Re-building reputation is a
difficult and time-consuming
job. The most important
lesson is to manage
reputation right first time,
so there is no need for a
rescue operation.
“EVERYTHING
A CEO SAYS
AND DOES IS
NO LONGER
PERSONAL.
IT IS
ATTRIBUTED
TO THE
COMPANY”
SHELLY LAZARUS,
CEO, OGILVY AND MATHER
The perils of ‘personality’
ROBIN SAUNDERS
A REPORT FROM COUTTS & CO
Avoid letting others boost your profile for
their own benefit. Control is everything
A
s a private equity
investor and
financier, I aim to
back managers
who are the best
in their business. Sometimes that means taking
on big personalities with a high public profile
– which sometimes scares off other investors.
For me, performance matters far more than a
controversial profile. It may be easier to work
with a low-profile company led by low-profile
managers, but I’m not put off by column inches.
In my career, I have been fortunate to back
the likes of Philip Green, Bernie Ecclestone,
Robert Tchenguiz and others, all of whom
were seen as controversial mavericks at the
time of their respective pivotal transactions.
More importantly, from my perspective,
each had, and continues to have, unique
talent in their fields of expertise. Ultimately,
entrepreneurial and managerial excellence and
business ‘nous’ trumps all other considerations.
However, I have a cautionary tale – and
personal experience of how quickly a high
public profile can become a liability. In 1999,
while at WestLB, my team led a bond issue for
Formula One, the international motor racing
championship, and Bernie Ecclestone and I gave
a press interview about the deal. My personal
profile rapidly became uncomfortably high.
The following year while at WestLB, I was
given the brief to build its principal finance
operation. In retrospect, my ever-growing
public profile was used on behalf of the bank
as a whole, for its portfolio companies and
bank borrowers seeking to raise their own
profiles. I did not court the press, but I did
allow borrowers to include me in deal profiles,
believing it to be harmless.
Another example was when we helped to
finance the re-building of Wembley stadium,
a transaction that garnered a lot of press
attention to me even though there was a
large team involved. I actually gave very few
interview comments as I didn’t see how it was
helpful for the transaction.
Still, a few uncomfortable moments aside, I
didn’t see where this was heading until 2003,
when a WestLB loan turned sour. Suddenly my
high profile became a millstone for me and the
bank, magnifying the interest in the negative
story line as it gathered speed and momentum.
This quickly became uncontrollable. Forget
trying to manage my reputation; I lost the
ability even to correct basic facts.
A media presence can be valuable and when
coverage is focused on the company and its
marketing messages, profile is invaluable. As
soon as it becomes too personalised, however,
it can become uncontrollable. In hindsight, I
was naïve to take a laissez faire approach to
a snowballing public profile. At the peak
of frenzy, I received several letters from
FTSE CEOs (some of whom I knew, some
I didn’t) encouraging me to “shake it off”.
I felt as if I had joined a club of those who
had experienced the full press cycle.
Today, four years after leaving WestLB, I have a
successful private equity company.We adopt a
low public profile, for obvious reasons. Despite
my desire for a life out of the public eye, I
agreed to do this article to share the risks of
running the gauntlet of a public profile gone out
of control. As silver linings go, it’s a modest one.
Robin Saunders is the Chief Executive
of Clearbrook Capital.
I remember one Sunday when my picture
appeared on the front cover of almost every
broadsheet business supplement detailing
the allocation of capital by the bank to our
Principal Finance team. In reality, the details
had been in the public domain for months
without being reported. The facts had not
changed, only the media’s knowledge of them.
33
DOUG RICHARD
A REPORT FROM COUTTS & CO
The risks of living life in the public eye are
matched by the opportunities and rewards
Reputation and the leader
J
ust as it is a fallacy to think that
the CEO must be a celebrity, it is
equally untrue that he or she can
remain anonymous. The humble,
silent CEO who sticks to operations
and leaves the public to itself has
neglected his responsibilities just
as much as the CEO whose sole use of the
position is as a platform for his popularity.
As we clear the first decade of a new
century, certain things are becoming clear: the
corporation can no longer be anonymous, and
it is the CEO who must both be emblematic of
the company and the company’s voice.
The internet has touched all elements of
business and personal life. The rise of the
blog and its impact in legitimising opinion and
commentary has forced CEOs to move out
from behind their corporate PR shelters and
address their constituencies directly.
For the public company CEO, this has forced
hard decisions, because the increasing exposure
has been accompanied by increasing scrutiny
and regulation by Wall Street. What you tell
one you tell all; so many CEOs have resorted
to tell no one anything.
Nevertheless, companies are becoming
personified through the personality and
character of their leaders, and the result is that
the leader’s reputation is quickly becoming only
as respected as the company he represents.
“SILENCE
LEAVES
FORTUNE TO
CHANCE”
character for the business that can be reflected
in their own persona, and they must get into the
public eye and stay in the public eye.
It is not a matter of celebrity; it is a matter
of brand. The company’s brand depends
on the reputation of the business, which is
characterised by the CEO being seen to be
involved in the world espousing the company’s
values. Anything less is leaving opportunity on
the table, reducing the rewards of success and
making a fixed risk unacceptable.
Doug Richard is a successful
entrepreneur with 20 years’ experience,
and has appeared as a panellist on
BBC TV’s Dragons’ Den.
Even more so, whatever any employee does
puts the CEO at risk. So the potential for
disaster is multiplied by the sum of employees
facing the public. But the solution, given that
these are exogenous to the CEO, is not to
retreat. That silence becomes deafening and
leaves the CEO’s fortune to chance.
If the risk has increased then the reward must
increase to put that risk in context. Companies
must accept that the CEO has an affirmative
obligation to present themselves in the public
eye, to take views on the issues that touch all
stakeholders of the business and which can be
supported by the employees; they must shape a
35
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
HOW NOT
TO DO IT:
Anatomy
of a
reputational
meltdown
36
A REPORT FROM COUTTS & CO
W
harton, one
of America’s
leading
business
schools, offers
a concentrated programme in reputation
management. Course leaders identify five stages
that lead to collapse in a company’s reputation:
1. There is an initial mistake, often
minor, that goes uncorrected.
2. A subsequent problem compounds
the initial error.
3. Attempts to correct the problem
are often half-hearted, either
because there is no recognition
of the increasing seriousness of
the situation, or because executives
are in denial.
4. When the problem eventually
becomes too big to ignore, attempts
are made to hide the truth.
“NO
COMMENT IS
NO LONGER
REALISTIC”
and his ‘bootiful’ produce was replaced with
images of intensive farming and government
scientists in protective suits.
The Daily Telegraph reported: “Retail analysts
say the company’s reputation has plunged.
One of the biggest ongoing surveys of
consumer confidence yesterday revealed
that Bernard Matthews was now the least
respected and trusted brand in Britain.”
5. Finally, there is the awful moment
of acceptance that the situation is
completely out of control.
Matthews’ immediate response was “no
comment” and it nearly cost him the business.
“No comment” is no longer realistic, especially
when, as in this case, the individual and the
company are so closely associated.
The five stages are marked by a rising graph of
media interest. The narrative is much the same:
this scandal has happened, now let’s find the
guilty person and make them answer for their
actions (or inactions, if need be).
The lawyers may well demand a cautious
response. They will rightly advise not to admit
culpability unless it is absolutely necessary.
One recent example concerns the outbreak
of avian flu on a Bernard Matthews farm.
Matthews, the avuncular turkey tycoon, failed
to address mounting public concern about the
problem, allowing the story to become defined
by damaging, piecemeal reports of the firm
importing turkeys from a part of Hungary close
to a bird flu-affected area.
Reputation managers, meanwhile, may paint an
alternative scenario in which litigation costs are
negligible compared to the loss in reputation.
Two months after the outbreak, a government
report announced there was insufficient
evidence to bring a food safety prosecution
against the Bernard Matthews operation. By
then, the firm was reporting a 40% drop in sales
and the folksy memory of the Norfolk farmer
37
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
NET EFFECT:
Embrace
Web 2.0
or brace
for impact
A
ccording to William
Arruda, personal
branding expert:
“If you don’t
show up in a
Google search of your name, you don’t exist.”
Enter the era of digital advocacy.
The new technology landscape is top of mind
for many business leaders because of its effect
on the way people give and form opinions.
It is important because so much of reputation
rests on opinions.
A recent report titled The Cluetrain Manifesto
states that: “Markets are conversations, consisting
of human beings, not demographic sectors.
Conversations among human beings sound
human.They are conducted using the human
voice.The internet is enabling conversations
among human beings that were simply not
possible prior to the era of mass media.”
40
In essence, the frequently used term
Web 2.0 refers to a perceived second
generation of social-networking sites along
with other technologies such as wikis, blogs,
file-sharing and peer-production, to name a
few. It is about an architecture of participation
that encourages users to add value to the
application as they use it.
As far as reputation management is concerned,
the internet fuels the reputational steam
engine. If leaders don’t enter into the inevitable
conversation, they will be subject to it rather
than part of it.
Alan Jenkins, internet communications specialist,
noted: “Your brand is no stronger than your
reputation and will increasingly depend on what
comes up when you are Googled.”
Leaders in the political arena, and of the world’s
most successful companies, have moved onto the
front foot by harnessing the power of the open
conversation brought about by the growth of this
era of collaboration and participation – that is
globally visible at the click of a button.
A REPORT FROM COUTTS & CO
Bob Lutz, CEO of General Motors, uses a
blog to engage with his huge, geographically
dispersed workforce, and Leader of the
Conservative Party David Cameron launched
Web Cameron as a tool in the armoury to
show his leadership credentials.
For some business leaders, the internet has
provided a chance to effectively re-build
reputation. The notorious Gerald Ratner, who
fell from grace in the 1980s after offending his
loyal customers by referring to Ratner products
as “total crap”, has emerged some 16 years later
with a highly successful online jewellery business.
But success is not the exclusive preserve of
all-star business and political leaders. In many
respects, the internet levels the playing field.
Value from investment in clever and compelling
communication technologies can deliver
real success for less prominent business
leaders that are prepared to engage in
dialogue instantaneously with audiences
throughout the world.
Further, the internet used to be the home
of the tech-savvy company – in the new
communication landscape the ‘bricks and
mortar’ company has everything to play for
in the battle to win mindshare.
The internet has also emerged as a growing
source of stories for more traditional forms
of media. Indeed, there is a daily competition
between many newspapers and their online
versions to break stories first, and this reflects
the growing importance of new media as a
source for news.
In addition to the media, the internet age has
brought with it an army of citizen journalists,
armed with blogs and mobile phone cameras,
who can make information globally accessible
within minutes. As one online journalist put it:
“You can’t go anywhere or do anything and
expect not to be seen, because everyone is
a reporter now.”
Enter a new phenomenon, citizen journalism;
the most prolific medium used in this context
is blogging. There are currently more than 60
million blogs, a new blog site is created every
second of the day, and 50,000 pieces of citizen
journalism are published every hour, day and
night. The sheer volume of material makes the
internet a crucial medium in the protection of
reputation. Perception is reality, and for leaders
the imperative is to communicate effectively.
Jay Heiser, Vice-President at Gartner, makes
the point: “Reputational persistence is a unique
internet phenomenon that traditional reputation
specialists have never had to deal with.The
fact is that, where the internet is concerned,
the only way to counteract persistent negative
information is to overcome it with a greater
weight of positive information.This means getting
to grips with internet reputation management.”
There is, of course, a darker side to the
internet. Things can go wrong very quickly for
businesses that make mistakes. The conventional
wisdom that “a dissatisfied customer tells ten
people about a bad experience” is outdated.
Today, they tell millions. Social media is
unforgiving in this way.
Similarly, there is a proliferation of negative
websites aimed at individuals. Not surprisingly,
these are often directed at the rich and famous.
One senior lawyer told me that “the UK is
emerging as an international hub because of the
strengths of our laws protecting rights to privacy.
Indeed, we have found that some fairly ancient
laws have provided important 21st century
solutions for our clients.”
Increasingly, the law has sought to police the
internet to ensure responsible practices. Often
thought as communication’s answer to the Wild
West, there are now many examples of the
law being used to ensure rights to privacy and
accuracy of information.
Unlike the United States, where the internet
service providers have no liability for content
and are defined as equipment suppliers like
the telephone companies, in the UK they are
considered publishers and liable for libel and
other actions over content.
In the final analysis, the internet seems to be
the home of opinion rather than news. It is
an opportunity for individuals to state their
point of view, and many business leaders use
it as a channel to get their case to market.
As technology matures, there is no doubt that
the internet will play an even greater role in
the promotion of profile.
41
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
KNOW
YOUR
STORY:
Stay
on solid
ground
42
A REPORT FROM COUTTS & CO
F
or many business leaders,
seeing themselves as a
brand asset is the language
of waffle usually confined to
the marketing department,
yet it is a core survival aid in the ‘business jungle’.
In today’s environment, leaders are brands; they
are what they say. So think very carefully about
what it is you are putting on record.
The phrase ‘perception is reality’ has developed
for a reason. It hinges on the fact that if people
believe something to be true for them it may as
well be true. A change in perception does not
greatly alter facts, but can alter their meaning.
What a difference it makes to life when you
see the glass as half empty or half full.Yet it is
no accident that a partially drunk glass of water
can deliver the same facts, but radically different
positive and negative moods and meanings to
the drinker. This is the power of perception.
“LEADERS ARE
BRANDS; THEY ARE
WHAT THEY SAY”
The value of honesty
In 2003, Kate Swann was headhunted from
Argos to take over the ailing high-street retailer,
WHSmith. Many in the retail analyst, investor
and media community expressed pity, seeing
WHSmith as a poisoned chalice that could only
damage Swann’s reputation.
The carping appeared justified the following
year when Smith’s reported a 39% drop in
profits. As one columnist wrote after the results
announcement: “Swann had two choices last
week when it came to presenting the disastrous
slump in first-half profits: say as little as possible
and get out of the room, or open the closet
doors wide.
“To someone who has never had to publicly
deliver any kind of company news, let alone
such dire stuff to such a hungry audience, the
first option might have been tempting.”
Instead, Swann disarmed the critics with her
refreshing honesty, describing a visit to her local
store to buy a replacement printer cartridge.
“By the time I went around five departments
because it was no one’s responsibility, it was
easy to lose the will to live,” she said. The line
won her laughs – it also won her time to fix
the company.
43
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
SECRETS OF
SUCCESS:
Getting
the most
out of an
interview
44
A REPORT FROM COUTTS & CO
W
hat you say, or
don’t say, in an
interview, and
how you say it
will shape the
media’s and the public’s perception of you, and,
therefore, your business. So make sure you
make the most of this opportunity to enhance
the reputation of yourself and your company
by thorough preparation.
Know what you
want to say
•
•
•
•
Know what you want to get out of
the interview
Know who you’re talking to – interviewer
and audience
Don’t expect to tell the whole story
Define the most important points…
and know how you’re going to say it
Support your
key messages
•
•
•
•
•
•
Bring to life with facts, figures, examples
Use word pictures – human interest
examples
Have proof points to hand
Remember who you are – company
and brand
Address the negatives – don’t ignore them
Rehearse
Preparation, preparation
•
•
•
•
•
•
•
•
If a journalist approaches you unexpectedly,
do not launch into an interview
Give yourself time to prepare
Never try to read from notes – you won’t
sound spontaneous
In a studio interview, establish eye contact
with your interviewer
Don’t speak until you’re told to in a
broadcast interview
Make sure you reach your key messages
– don’t go off the track
Prepare examples to illustrate your points
Never go ‘off the record’
45
SIR MAX HASTINGS
A REPORT FROM COUTTS & CO
An obsession with the cult of personality
means that image management is crucial
Trial by media
M
odern
media
coverage is
focused on
personalities
who become classified as heroes or villains,
and may find themselves exchanging status
at bewildering speed.
While success is often extravagantly
applauded, failure demands blame and the
identification of guilty parties.The old belief, that
some human misfortunes must be considered
mere acts of God, is out of the window.
It would be wrong to place sole responsibility
for this state of affairs on media practitioners. It
is attributable partly to technology, to education
or the lack of it, and to changing lifestyles.
Competition for public attention grows ever
more intense. There are relatively small
specialist publics for heavyweight briefings
on serious issues.
the decisive theatres of debate in public affairs.
A chief executive or secretary of state can
survive an individual drubbing; it is infinitely
harder to overcome sustained media hostility.
The process is self-renewing and what is more
disturbing is the degree to which the core
reporting function of radio, TV and press has
been displaced by comment.
In many controversies, a public which is told
little about the issues at stake is overwhelmed
by the opinions of the commentariat.
It becomes increasingly hard to present
complex arguments. Once a negative
perception is established, it is more difficult
still to reverse this.
“REPORTING
HAS BEEN
REPLACED BY
COMMENT”
The mass print and broadcast audience,
however, shows a diminishing appetite for
big reads or long programmes.
Accessibility, a word which has become laden
with malign significance, is deemed to be
the highest good.
The past 30 years have witnessed a notable
shift of power in most Western societies,
away from government and towards commerce
and the media.
We are creating a society in which people
possess myriad fragments of information about
all manner of subjects, but seldom achieve
mastery of any.
Global market forces now exercise an influence
which few politicians can match, while broadcast
and print outlets have supplanted Parliament as
No single organ today possesses anything
like the power of say, the BBC’s Panorama
programme or the Daily Express of half a
century ago.
But the collective feeding frenzies of the media
possess a momentum, and often a bias, against
understanding, which dismays even many of
those engaged in the industry.
Wisdom and justice are ever more elusive,
while image management has become
indispensable both to government and
corporate policy-making.
Sir Max Hastings is an acclaimed
journalist, editor, historian and author.
47
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
KNOW YOUR
RIGHTS:
Forearmed is
forewarned
48
A REPORT FROM COUTTS & CO
M
any business
people don’t
understand
the extent of
their rights to
receive a fair hearing and to get their points on
the record. Indeed, organisations and individuals
have a right to scrutinise and respond to media
stories that may damage their reputations.
The Reynolds Defence is a 10-point test to
define responsible journalism.The result is that
journalists, if they later wish to rely on a defence
of having responsibly reported a story, have to
consult the Reynolds check list before publishing
allegations that may damage reputations. In
October 2007, in a case at the Court of Appeal,
the Reynolds Defence was upheld – judges
decided that a book about police corruption
had been libellous, but that the investigation and
reporting had been handled responsibly.
“THEY MUST
PUBLISH YOUR SIDE
OF THE STORY”
Querying whether a journalist is acting
responsibly in preparing their article and
referring to the 10-point test can assist you
greatly when discussing the piece with them.
Leading law firm, Schillings, summarise the
Reynolds Defence as follows:
The Reynolds Defence 10-point check list
1. Gravity
If the allegation is serious
and untrue, the public is
more gravely misinformed
2. Of public interest
The extent to which
material is a matter of
public interest and
concern. Not the same
as ‘interesting’
3. Sources
Is the source of the
information independent,
paid for or from someone
with an axe to grind?
4. Verification
What steps have been
taken to check the truth
and reliability of the
source and the story?
5. Status
Is it a bare allegation or
an authoritative finding?
6. Urgency
Never means their
print deadline or desire
for a scoop
7. Comment
The journalist must try to
report the subject’s view
8. Gist
They must publish your
version/side of the story
9. Tone
A newspaper can
raise queries or call for
an investigation. Is the
article sensational or is
it neutrally reported?
10. Circumstance
The circumstances of
the publication, including
the timing
Use the Reynolds
Defence effectively by:
• Getting to know the
10-point checklist
• Ensuring a journalist
writing the piece can
meet each point on
the list
49
Using the law to protect your reputation
ALASDAIR PEPPER
A REPORT FROM COUTTS & CO
Putting pressure on the media to follow
best practice can prove highly effective
W
ithin the
past two
years, we
have seen a
significant
rise in instructions from company chief
executives and chairmen. The volume of
business news has expanded dramatically in
recent years, causing the personal profile of
company leaders to be raised to a far higher
level. This has an inevitable impact on the
companies they run; many journalists and
editors draw little distinction between the
public and private lives of individuals occupying
powerful and well-rewarded positions.
When the lines are blurred unfairly or
inaccurately, firms like Carter-Ruck become
involved. I would stress that our participation
is rare – in most cases, even hostile press
enquiries can be effectively handled by a
public relations firm. It is only when relations
between a news organisation and an individual
or business have broken down, and it becomes
clear that libellous allegations are likely to be
made, that we interpose ourselves.
There are several ways we can help. At the
extreme end, we can advise clients who wish
to sue for libel, although the risks of this
route are well known. We can also seek an
injunction, preventing a media outlet reporting
it’s story, although again it is rare that this is
the preferred route. The risks of failure are
high, and it attracts more heat to the story if
the application fails.
Injunctions are also seldom granted where
straightforward issues of libel are concerned.
They are more likely to succeed on
privacy grounds, especially where intrusive
photography or children are involved.
As lawyers, however, we can achieve a
great deal on behalf of our clients’ reputations
without recourse to the nuclear options
of an injunction or libel suit. By talking to
the legal team of the media outlet concerned,
we can provide some muscle in terms of
reminding the news organisation of its
responsibilities.
The aim is often to put pressure on the
journalist to follow best practice, as set out in
the UK’s top court in 1999 by Lord Nicholls
in Reynolds v The Times. Lord Nicholls set out
a 10-point guide to responsible journalism,
which stressed the importance of proper
sourcing and that the subject of any criticism
has the right of response. The Ofcom code for
broadcasters covers similar ground.
Following contact from a firm such as ours,
we expect that the media outlet’s legal
team will ensure that the relevant journalist
and editor are paying close attention to
Lord Nicholls’ 10 points. After all, if a news
organisation can demonstrate that best
practice has been scrupulously followed, it
has another leg to its defence, in addition to
those of truth and fair comment on a story
of public interest.
Often, in a world of 24-hour media, a story
may be based on facts reported elsewhere.
Simply copying the story may result in
allegations to be spread at great speed, even
though the original claims were not well
founded. By putting pressure on a newspaper
or broadcaster to ensure that sources and
facts are rigorously checked, we can minimise
the extent of publication of the claims.
In our experience, an insistence on accurate
reporting, responsible sourcing, clear evidence
for claims made and the right to respond to
specific allegations is frequently sufficient to
ensure that a story is spiked or the claims
significantly toned down.
Alasdair Pepper is a Partner at
Carter-Ruck, the media and human
rights lawyers.
51
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
MANAGING
YOUR
REPUTATION
“It has been wisely
said that the world
is not interested
in the storms you
encountered, but
in whether you
brought the
ship in safely”
HARVARD BUSINESS REVIEW
52
A REPORT FROM COUTTS & CO
I
have advised clients with both
personal and company difficulties,
and over that period have observed
some common themes that can
be particularly helpful during
stressful periods. They’re not exactly the Ten
Commandments, but they nevertheless are
very good advice:
Tell the truth
No matter how tough it gets. Know and
understand your rights, but always tell the truth.
Getting caught out makes the problem far worse.
Fail to prepare,
prepare to fail
In a world where scrutiny is an everyday
fact, then prepare yourself and prepare your
messages. Think of yourself as a brand with
clear themes to communicate. “Prevention is
better than cure.”
Take control (quickly)
From the moment a crisis emerges, perceptions
are being formed. Ask yourself the right
questions and then act on the answers. “Hit
the issue before the issue hits you.”
Address the negatives
You need to make your case effectively and that
means being seen to address the issues at hand.
“No comment is no longer an option.”
Stick to your messages
If you have prepared, you’ve got a script, so
stick with it. Form a verbal bridge to the
answers you want to make. “Do you have any
questions for my answers?”
Show concern
You have a case to make and you need to
ensure that you deliver it in the right way.
Remember the CAP rule. Start with concern,
and then move to the action points you
intend to make, then you have the right to
ask for perspective.
“GETTING CAUGHT
OUT MAKES THE
PROBLEM WORSE”
Keep the pitch short
Choose your ground carefully and selectively.
You are in the best place to decide just what
allegations need to be met head on. “Don’t
become rent-a-quote.”
Time spent on
reconnaissance
is rarely wasted
Understand the media. An interview is not
just an interview. If, for example, you are
broadcasting, insist on live-to-camera interviews
and never take part in a pre-recorded package,
which allows a journalist to cut an interview
and introduce subjectivity.
Never go
‘off the record’
Ultimately there is no such thing, only say what
you are prepared to stand up to.
Knowledge is power
You know your brief, your life and your career
better than anyone around you and that is a
source of strength. “You are an expert witness.”
Keep perspective
Remember, tomorrow is another day.
53
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
CONCLUSION
Reputation: the
undiscovered
country
“You can’t build a reputation
on what you’re going to do”
HENRY FORD
54
A REPORT FROM COUTTS & CO
T
he great business leaders
and entrepreneurs of the
past were known for their
innovation, vision, drive
and tenacity. These qualities
still hold true, but a talent for communication
should now be added to the list.
Communicator-in-Chief is not a job description
Isambard Kingdom Brunel would have
recognised for his building of bridges, or
indeed any other who thought that their
work spoke for itself.
Yet, if he were starting in business today he
would think differently.
spent by a consumer or client considering your
competitor’s product or service line is time
denied to your own company’s offer.
Big or small, failing to stand out in a
competitive marketplace is fast becoming
commercial suicide. Considered and effective
communication that strengthens the reputation
of your company and its leaders has become an
essential part of good management.
Businesses in every sector look for ways to
differentiate themselves, and telling a compelling
story remains a sure-fire way to achieve that.
It brings the role of personality and reputation
to the fore, facts that should be written into
many more of tomorrow’s business leaders’
job specifications.
In 2003, for example, the pharmaceutical sector,
for the first time ever, spent more on marketing
than it did on research and development. Go
to a petrochemicals convention and you would
be mistaken for believing you had arrived at a
consumer lifestyle event.
In December 2007, The Sunday Telegraph
reported that one in five FTSE 100 CEOs
had left their jobs during the year, the highest
number for some five years. This included a
growing number of high-profile casualties of a
volatile business world.
It might be tempting to dismiss some of the
substance of this report as the preserve of
celebrity business leaders and the mega brands
that are highly visible in our daily lives. This
would be a mistake, for it would underestimate
the trends and forces that are shaping the
business world of tomorrow.
Today’s business world faces an unparalleled
degree of scrutiny, and the media will always
seek to tell stories in terms of people rather
than institutions or companies. This treatment is
an inevitable part of doing business today.
In a world where information, goods and
services are in plentiful supply, every company
has to work harder to stand out. Humans have
only a finite amount of attention, so any time
Entrepreneurs and business leaders should
recognise that their own reputation carries a
‘face value’ and that it is a crucial part of the
reputational armoury of their company. It is one
of the most exciting, fragile and important assets
that a business can have.
“THE REPUTATION OF A
THOUSAND YEARS MAY
BE DETERMINED BY THE
CONDUCT OF ONE HOUR”
JAPANESE PROVERB
55
Coutts Office
DIRECTORY
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
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56
A REPORT FROM COUTTS & CO
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57
USEFUL CONTACTS
FACE VALUE: YOUR REPUTATION AS A BUSINESS ASSET
Coutts & Co
020 7753 1000
www.coutts.com
www.coutts.com/entrepreneurs
www.couttswoman.com
The Communication Group plc
020 7630 1411
www.thecommunicationgroup.co.uk
Haymarket Publishing Group
020 8267 4210
www.haymarket.com
YouGov plc
020 7012 6000
www.yougov.com
Tom Aikens Restaurant
020 7584 2003
www.tomaikens.co.uk
Emma Willis
020 7930 9980
www.emmawillis.com
Clearbrook Capital Partners LLP
020 7907 9650
www.clearbrook.com
The Library House Ltd
01223 500 550
www.libraryhouse.net
Carter-Ruck
020 7353 5005
www.carter-ruck.com
Schillings
020 7034 9000
www.schillings.co.uk
Photography by Andres Reynaga
07932 731491
www.reynaga.co.uk
Coutts & Co is authorised
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A REPORT FROM COUTTS & CO
About The
Communication Group plc
Established in 1986, The Communication
Group plc is a leading independent public
relations communications consultancy. We
bring together specialists across all the
main disciplines, ensuring an integrated and
seamless approach to every client’s business.
From global to local campaigns for
multinationals or high-value start-ups; from
reputation and crisis management to product
launches; from financial communication to
public affairs, we provide the excellence that
our clients need to stand out.
Our unique strength lies in our commitment
to add value through integrated
communication expertise, crafting matchless
public relations programmes that are
powerful, strategic, creative and tangible.
With The Communication Group plc there
are no compromises; we get under the
skin of your business, provide high level
senior counsel, strategic advice and creative
implementation, as well as access to a global
network and an integrated approach to
communication.
We understand the power of effective
communication. We do it every day.
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