Stock of European Leaders Low

It is no surprise to hear that on the whole, Europeans do not trust politicians, managers and journalists. However, some nations trust them more than others, as revealed by a GfK survey commissioned by The Wall Street Journal Europe.

The 'CEO and Stocks' survey shows that European citizens afford representatives of the church, lawyers and in particular doctors a greater degree of trust than the above three groups. However, people from Northern Europe trust them more than those in Central and Eastern Europe. Germans are by far the most suspicious of political and business leaders.

Politicians top the table for mistrust in Western Europe, with 86% of people not trusting them, while two thirds do not trust top management in companies. The Finns are something of an exception - half of them indicated that they trusted business leaders - while in Denmark an unusually high proportion, four people in every ten, find politicians at least a little trustworthy.

No other nation is as critical of politicians, business leaders and the media as the Germans: only 18% of respondents trust the managers of large companies and only 2% have a great deal of trust in them. Three out of four Germans actively distrust top management. In a comparison of the various groups, politicians come last and managers second last. Only 8% trust politicians and only 1% trust them 'completely'. Doctors, followed by the church, and lawyers, are trusted far more, with journalists somewhere in between.

In all European countries surveyed, almost 50% of people think that the stock exchange scandals of recent months and years have shaken their trust in the management of listed companies - presumably many of the others had no faith to shake in the first place. Once again, this view is strongest in Western Europe (except Portugal) and particularly in Germany, while Danish and East Europeans are less likely to agree.

Four in ten Europeans think that top management of European companies is as good as that in America. There are many 'Don't Knows' with only 16 % taking the view that European managers are worse than American managers. Americans themselves are loyal to their management, with two thirds of the opinion that managers in the USA are more proficient than in Europe. Only a very small number (6%) think that European managers are better than in the USA.

Europeans are generally fairly loyal to their continent when it comes to investment. When asked what stocks they would invest EUR 1,000 in, three out of ten replied that they would invest all this money - and 13% the majority of this money - in European companies. Just 11 % would focus on companies on other continents. A substantial proportion of Germans - 38% - replied 'Don't Know', perhaps reflecting the recently turbulent stock market.

GfK Ad Hoc Research Worldwide surveyed a total of 21,889 people in 21 countries during September and October 2003.

All articles 2006-23 written and edited by Mel Crowther and/or Nick Thomas unless otherwise stated.

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