John Nesbitt, chief financial officer of Suncorp Group, took unnamed rivals to task yesterday over conduct that tarnished the reputation of an entire industry.Speaking at a business lunch in Brisbane yesterday, Nesbitt discussed some of the issues affecting his company's, and his industry's, reputation."Our reputation and whether we are admired depends on the perception and satisfaction of stakeholders," Nesbitt said."We can develop a value proposition and promise to deliver that to our stakeholders. [But] ultimately, our stakeholders decide whether we have met our promise. That is how reputations are built - or destroyed."I believe this point is often overlooked by banks and insurance companies when they embark on strategies that attack the credibility of their competitors. "That can lower the stakeholder's respect for an entire industry sector without guaranteeing long-term commercial benefits for any individual company."Nesbitt did not single out the activities of any firm or firms, and his remarks were phrased to refer to more than one entity.Still, the opening section of his talk read like a remonstration with National Australia Bank over its "break-up" campaign, and he might have had in mind aspects of the marketing of some of the challengers in the insurance sector such as Hollard and Auto & General.Rather than diminish the standing of an entire industry, Nesbitt said: "This is the time for banks and insurance companies to work hard to rebuild consumer and community trust, and repair damaged reputations."Nesbitt also used his speech to grumble about the policy priorities of the Minority Labor Government."Infrastructure needs in Australia," he said, "go well beyond telecommunications and are urgent if we are to gain the full benefit of the current mining boom. "If the Government is not keen on creating a special fund to capture mining boom income for future investment, an alternative would be to use part of the taxation income to fund infrastructure investment."Nesbitt also voiced disappointment over "creeping regulation" and the prospect of the Federal Government intervening in the insurance market in Australia."That could affect the financial soundness of Australia's general insurance industry; erode the value of its innovation; and reduce its long-term investment value. "There is sufficient capacity in Australia to manage general insurance demand without the need for the Government to enter the market. "Rather than compete with insurance companies, the Government should focus on disaster mitigation. Government and industry efforts would then be complementary rather than competitive."