Leaders in government, business, and professions must inspire confidence in order to help rebuild eroded trust in the institutions supporting the global economy. We need to foster institutions and governance models that can anticipate, respond to, and mitigate future crises.
Organizations and individuals must be empowered by strong public and private sector governance. Governments must collaborate to generate a consistent, transparent regulatory and policy environment that inspires growth and investment-generating confidence.
With a crucial role enabling capital flows, economic activity, and higher living standards, the global accountancy profession recommends 10 clear actions to help restore public trust and confidence in the global economy and its institutions.
Stronger Governance for Trust and Confidence in Business and Government
Strong governance is the key to accomplishing the G20 objectives of building resilience, improving sustainability, and assuming responsibility, and is essential for regaining the public’s trust and inspiring confidence.
- Collaborate to tackle corruption and advance responsible conduct
- Create a secure and digital-ready investment environment across G20 countries
- Embrace integrated reporting in all G20 countries
- Strengthen governance in the public and private sectors
- Enhance public financial management
An Effective, Coherent, Transparent Global Economic Environment for Growth, Confidence, and Stability
Regaining public trust and inspiring people’s confidence requires regulatory approaches that fulfil their promises, and provide a sound footing for growth and opportunities across the economy—from small business owners to workers at all income levels, large businesses, and international investment.
- Create an environment for small- and medium-sized entity growth and inclusiveness
- Collaborate for a coherent international tax system
- Make regulation smarter, and more effective in G20 countries
- Create a consistent, transparent global regulatory environment
- Implement internationally-accepted standards to enhance confidence, growth, and stability in the global economy and financial system
IFAC President Rachel Grimes:Public trust is essential for strong capital markets and economies. Inspiring confidence requires transparent, accountable institutions that deliver long-term, innovative solutions.
IFAC CEO Fayez Choudhury:
In uncertain times it is essential for business and government to inspire public confidence and build thriving economies. One thing is clear—we can only meet these challenges by working together.
Previous G-20 Recommendations
- Trust and Integrity: The Accountancy Profession’s 2016 Call for Action by the G20
- IFAC Recommendations for the Turkish G20 Presidency, 2015
- Supporting Global Economic Growth and Resilience: IFAC Recommendations to G20 2014
- Accountability, Sustainability, and Growth Recommendations for the 2013 G20 Leaders’ Summit
- Global Sustainability and Growth Recommendations for the 2012 G20 Leaders’ Summit
- CNBC Africa interview: Restoring public trust & confidence in the global economy
- The Accountancy Profession: Playing a Positive Role in Fighting Corruption
- G20 Public Trust in Tax
- The Accountancy Profession: Fighting Fraud and Corruption - An Open Letter to His Holiness Pope Francis