In the wake of the financial crisis, many companies are finding that they must rebuild more than just their balance sheets—they must also confront the challenge of rebuilding trust, relationships, and corporate reputations. In this video interview, PR expert Richard Edelman discusses what he calls “private-sector diplomacy”: the range of actions and behavior that companies can use to engage the widening network of consumers, organizations, communities, and governments that make up stakeholder groups. He sees opportunities for improvement along the entire spectrum, from innovative corporate responsibility initiatives to increased use of social media.

His insights come in part from his firm’s ongoing research initiative, the Edelman Trust Barometer, which conducts a study of trust levels among companies and industries across the globe. The most recent results are available at edelman.com/trust/2009. Rik Kirkland, McKinsey’s director of publishing, conducted the interview in June 2009 at the New York office of PR firm Edelman, where Richard Edelman is president and CEO.

Watch the video, or read the transcript below.