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Today is the 10th United Nations International Anti-Corruption Day. Corruption remains a significant obstacle to economic and social development. According to the World Bank, every year $1 trillion is paid in bribes, while an estimated $2.6 trillion is stolen annually through corruption – a sum equivalent to more than five per cent of global GDP….
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The government’s decision to launch an action plan on business and human rights is a welcome one. As businesses have expanded their operations into increasingly challenging parts of the world, there has been some confusion as to the respective roles of state and business in protecting and respecting human rights, so it is encouraging…
Recent events such as the UK horsemeat scandal and of course, the tragic consequences of the collapse of a factory complex in Bangladesh, have focused attention once again on the supply chain. Big brands are getting tarnished as a result of accidents and incidents that may expose weaknesses in business ethics and responsibility. It also…
Why don’t we see things coming? Risk and governance issues seemingly continue to move up Board agendas. Anticipating and preventing problems should be second nature in most boardrooms. Yet scandals such as LIBOR and the horsemeat fiasco keep on happening. It’s clear we must be missing something. Not only does this make businesses more vulnerable…
Reviewing a law to make sure it is fit for purpose is clearly wise. Legislation can have unintended consequences, so checking that this is not the case makes perfect sense. However, the recent decision to review the Bribery Act seems likely to create confusion and uncertainty, just when clarity and confirmation are needed. Impacts and…
Anti-corruption Due Diligence The first GoodCorporation Business Ethics Debate of 2013 revealed that for many companies, anti-corruption due diligence is proving to be the most challenging aspect of implementing robust adequate procedures to comply with the UK Bribery Act. Despite the lack of prosecutions to date, this presents a real problem for businesses. The behaviour…
As the Financial Services Bill makes its way through parliament in a bid to create a new framework for financial regulation in the UK, the debate over what that regulation should look like rumbles on. Despite the forthcoming reconstruction of the Financial Services Authority, it is still far from clear how this sector will be…
Transparency International’s Corruption Perceptions Index, published today, paints a very real picture of the business landscape where many UK companies operate. GoodCorporation works internationally to help businesses in their fight against corruption and we see examples of the risks they face almost every day. Inevitably, the greatest risks are in those countries whose governments…
The latest discussion in GoodCorporation’s Business Ethics Debate series, held at the House of Lords, looked at the ethical challenges in the defence sector. Clearly a high-risk area, it operates within the sort of perfect storm where corruption can flourish. It is a shrinking market. Growth will only come by moving into new countries, with all…
Businesses striving to establish an ethical corporate culture are encouraged to set up an effective speak-up system. Working on what is now a clearly established truth that misconduct damages corporate reputations, a good whistleblowing system can act as a company’s eyes and ears, providing an early warning system so that real reputational damage can be…
