Anti-Bribery & Corruption
Faced with an increasingly complex, concentrated legal and regulatory context – overlapping regional and multilateral conventions, national and international laws, standards, guidance and more – and heavier penalties, the risk of corruption has become a major issue for companies.
2014 marks the 10th anniversary of the fourth pillar of the United Nations Global Compact relating to anti-corruption. Originally built on the three pillars of human rights, labour rights and the environment, companies are encouraged to voluntarily sign up and align their operations and strategies with the ten principles underpinning the four pillars of the Global Compact.
The risk of corruption is a major challenge for international groups with regard to the legal, financial and reputational impact it may cause. Corporate stakeholders and society as a whole are putting increasing pressure on business leaders to adopt and deploy effective policies in the fight against corruption. This not only requires companies to publicly communicate their anti-corruption programs, but also provide guarantees for their effective implementation.
On the face of it, the risk of bribery and corruption in business remains high. But we are entering a new phase in the fight against corruption. This phase began following the 2008 global economic crisis when the broader expectations of society, particularly investors and stakeholders, shifted to demand that business is conducted in a better way going forward.