The World Economic Forum (WEF) has launched an innovative framework on Anti-Corruption Day to help companies fight against corruption.
Corruption thrives in times of crisis, undermining social and economic development; and is something from which no country, region or community is immune, pointed out WEF. That’s why its Global Future Council on Transparency and Anti-Corruption has launched an Agenda for Business Integrity Framework.
The uncertainty created by the Covid-19 pandemic demands a business culture of integrity to restore confidence and trust, reported WEF. That means business leaders need to act with ethical leadership and integrity now more than ever before. WEF’s framework helps businesses build resilience against corruption. It also aims to ensure global efforts are effective and equitable as the world recovers from the pandemic.
ANTI-CORRUPTION FRAMEWORK
The framework strives to provide business with the ability to fight against corruption and the promotion of a culture of integrity that goes beyond rules-based compliance. It also provides a practical guide for businesses that aligns with the United Nation’s (UN) Sustainable Development Goals (SDG), the Organisation for Economic Co-operation and Development (OECD) Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights.
The anti-corruption framework contains four pillars. They include:
1. A conceptual foundation that requires a commitment to ethics and integrity beyond compliance.
2. Strengthening corporate culture and incentives to drive continuous improvement and leadership.
3. Leveraging innovative technologies to improve data collection, analysis, decision-making, reporting and overall accountability.
4: Supporting collective action to increase scale and impact.
CULTURE OF ETHICS & INTEGRITY
Commenting on the new framework, Delia Ferreira Rubio, Chair, Transparency International; Co-Chair, WEF Global Future Council on Transparency and Anti-Corruption, stated: “The world’s business leaders must commit to a more holistic, systemic and global approach to building a culture of ethics and integrity. If they fail, corruption will continue to plague our societies and economic systems, and our democratic institutions will be severely weakened.”
Adding to her comments, Pedro G Gómez Pensado, Head, Partnering Against Corruption Initiative (PACI) at WEF, stated: “Committing to ethics and integrity beyond compliance is an effective tool to ensure a holistic approach to corporate governance. The Agenda for Business Integrity offers an innovative framework to the Partnering Against Corruption Initiative (PACI) community to achieve the SDGs and face corruption challenges.”
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