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October 4, 2013

PwC UK’s Powell calls for responsible capitalism

PwC UK chairman and senior partner Ian Powell called for increased efforts and open debate on the role of business in society and towards mapping out a "new type of responsible capitalism" at the annual PwC Building Public Trust Awards in London.

In his keynote speech Powell said: "It is clear that business needs to engage with society to build trust. Business is all too often depicted as not benefiting society, but as selfishlyis pursuing its own interests regardless of the costs to others, which is profoundly at odds with the actual values and behaviours of the vast majority of people working in commercial organisations and public institutions".

Powell added that there is an "increasingly pressing need for a new settlement between business and society – a common understanding founded on trust, shared honesty and integrity, and an embedded culture of doing the right thing".

The PwC Building Public Trust Awards recognise companies’ efforts in corporate reporting and "going beyond good reporting, by focusing on what it means to act as a responsible business". A panel of independent judges awarded the following organisations:

Overseas award: towards integrated reportingWinner: Gold Fields (South Africa)Highly commended: Novo Nordisk (Denmark), PotashCorp (Canada), Schiphol Group (Netherlands)

Excellence in reporting in the FTSE 100 Winner: Anglo AmericanHighly commended: National Grid, The British Land Company

Excellence in Reporting in the FTSE 250 Winner: The Go-Ahead GroupHighly commended: African Barrick Gold, Great Portland Estates

Excellence in Reporting in the public sector (awarded jointly by PwC and the National Audit Office)Winner: The Crown Estate Highly commended: Defence Science and Technology Laboratory, Environment Agency

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