Corruption damages more than just investments and growth rates in countries. It also makes firms become inefficient. Corruption is a major hindrance to development and fair competition and should be eliminated in all its forms.
Businesses must work against corruption in all its forms, including extortion and bribery
All forms of corruption, facilitation payments, extortion and embezzlement are strictly prohibited. Such activities may result in: immediate termination of the business relationship, cessation of communication with relevant authorities and organisations and legal action. You are expected to provide the highest standards of integrity in all business interactions.
Corruption is widely recognised as one of the world’s greatest challenges. Each year more than USD one trillion is paid in bribes. These payments undermine fair competition and affect the profitability of businesses operating globally. They are a hindrance to development as they divert public resources away from their legitimate uses, such as providing education, clean water and health care. Nevertheless, corruption is in some countries considered normal and is found necessary to secure a firm and run a business. NICE recommends striving towards a business where corruption is eliminated completely. No bribery, improper gifts or the like can be offered or accepted.
- Have policies, procedures and management systems in your organisation ensuring that your employees know how to deal with bribery and corruption
- Define the vulnerabilities in your organisation and describe the preventive measures you intend to implement to eliminate corruption
- Introduce anti-corruption policies and programmes within your organisations and business operations
- Communicate your policy to all relevant persons
- Report on the work carried out against corruption annually
- Join forces and cooperate within your industry and with other stakeholders to eliminate all forms of corruption
- Have established procedures on how to handle corruption if you discover it inside your organisation
Transparency International’s Principles for Countering Bribery defines corruption as, “the abuse of entrusted power for private gain,” which means both financially and non-financially gains.
The OECD Guidelines for Multinational Enterprises define extortion as follows, “The solicitation of bribes is the act of asking or enticing another to commit bribery. It becomes extortion when this demand is accompanied by threats that endanger the personal integrity or the life of the private actors involved.”
Transparency International’s Business Principles for Countering Bribery define facilitation payments as, “small unofficial payments made to secure or expedite the performance of a routine or necessary action to which the payer of the facilitation payment has legal or other entitlement.” Facilitation payments are also called facilitating, speed or grease payments.
Transparency International’s Business Principles for Countering Bribery define bribery as, “An offer or receipt of any gift, loan, fee, reward or other advantage to or from any person as an inducement to do something which is dishonest, illegal or a breach of trust, in the conduct of the enterprise’s business.”