No pass for multinationals that ignore Canadian interest
Large global corporations must act in Canada’s interest according to a new poll.
Canadians say that multinationals are too often profit-driven, bureaucratic and distant and are demanding that they keep a focus on supporting local communities.
As more investors steer towards portfolios that are responsible and ethical, their views of how fairly corporate juggernauts play in local markets is increasingly important.
The first-of-a-kind study was conducted for Nestle Canada by Pollara and shows that despite acknowledging the benefits that global corporations bring to Canada, that does not let them off the hook when it comes to protecting our national interest.
This demand was almost unanimous among respondents (94%) and most also agreed that multinationals generally do act in the local interest more often than not. Most (70%) also say that global firms champion research and innovation.
Despite these positives, 64% said big businesses are too focused on the bottom line while only 8% think the same of smaller, local firms.
"In Canada, and around the world, there's a perception that it's hard to like businesses once they grow beyond a certain size, despite how much they may contribute to the economy," said Shelley Martin, President and CEO, Nestlé Canada. "To overcome this, multinationals must focus on local relevance, be more transparent about where and how they profit, and clearly communicate how they are making a positive impact wherever they operate."
View of multinationals varies by age
The poll shows that millennials are more likely to support multinationals and credit them for supporting communities, contributing to employment and developing products aimed at them and their families.
They are also less likely than boomers to view small local companies as entrepreneurial, people-orientated, innovative and successful.
Overall, there is still work to do for large global firms in building a more positive reputation.
"We must be more proactive in our approach, communicating clearly on our purpose and values," added Ms. Martin. "Multinationals have an opportunity to show our communities how our resources and perspectives as global entities compliments that of our local businesses, helping to enrich the lives of all stakeholders we touch."
Canadians say that multinationals are too often profit-driven, bureaucratic and distant and are demanding that they keep a focus on supporting local communities.
As more investors steer towards portfolios that are responsible and ethical, their views of how fairly corporate juggernauts play in local markets is increasingly important.
The first-of-a-kind study was conducted for Nestle Canada by Pollara and shows that despite acknowledging the benefits that global corporations bring to Canada, that does not let them off the hook when it comes to protecting our national interest.
This demand was almost unanimous among respondents (94%) and most also agreed that multinationals generally do act in the local interest more often than not. Most (70%) also say that global firms champion research and innovation.
Despite these positives, 64% said big businesses are too focused on the bottom line while only 8% think the same of smaller, local firms.
"In Canada, and around the world, there's a perception that it's hard to like businesses once they grow beyond a certain size, despite how much they may contribute to the economy," said Shelley Martin, President and CEO, Nestlé Canada. "To overcome this, multinationals must focus on local relevance, be more transparent about where and how they profit, and clearly communicate how they are making a positive impact wherever they operate."
View of multinationals varies by age
The poll shows that millennials are more likely to support multinationals and credit them for supporting communities, contributing to employment and developing products aimed at them and their families.
They are also less likely than boomers to view small local companies as entrepreneurial, people-orientated, innovative and successful.
Overall, there is still work to do for large global firms in building a more positive reputation.
"We must be more proactive in our approach, communicating clearly on our purpose and values," added Ms. Martin. "Multinationals have an opportunity to show our communities how our resources and perspectives as global entities compliments that of our local businesses, helping to enrich the lives of all stakeholders we touch."
