Business heads at WEF pledge against corruption - CNBC Africa

Business heads at WEF pledge against corruption

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Businessman handing cash to a another under the table. PHOTO: Getty Images

“We need a global legal framework and an effective enforcement mechanism to win the fight against corruption. It is exciting that the OECD and the PACI Vanguard community of CEOs will work together to expand the adoption of the OECD Convention on Combatting Bribery,”  OECD Secretary-General Angel Gurría said in a statement at the World Economic Forum, currently underway in Davos, Switzerland.

“This is the kind of partnership between business and government that can achieve real impact and level the playing field in some of the most important growth markets in the world.”

The PACI Vanguard consists of top business community leaders, including a group of 20 CEOs and over 100 leading companies that make up the membership. The members have also made a signed commitment to the PACI Principles for Countering Corruption. Some of the principles include building culture of integrity within a company and business framework, and fostering transparency.

According to the statement, the PACI Vanguard is expected to work towards establishing a legal framework aimed at consistently addressing corruption, and subsequently eventually lead to effective enforcement of anti-corruption frameworks.

“Corruption is a massive obstacle for inclusive growth, competitiveness and social upward mobility. It is also a major business risk for CEOs and their companies around the world,” Elaine K. Dezenski, senior director and head of PACI at the World Economic Forum added.

“We need strong partnerships across industries and with governments and civil society to create a level playing field for all and to design corruption out of the system.”

Business leaders from the aviation industry have already begun the drive towards transparency and pledged a mutually developed agenda to fight corruption. The World Economic Forum, in collaboration with Deloitte, also presented a report on the role of corruption in the aviation industry entitled ‘Safeguarding Aviation and Travel Value Chains Against Corruption.’

The Safeguarding Aviation and Travel Value Chains Against Corruption project will also operate adjacent to the PACI Vanguard’s initiative.

The project aims to demonstrating how traditional competitors of an industry can come together on key issues such as corporate citizenship and social responsibility and form transparent and anti-corruption practices.

“The industry can set a firm stance on keeping any form of corruption and misconduct out of the system, and use its competences to influence the global value chains and other stakeholders to embrace this fundamental principle,” said Frederico Curado, president and CEO of Embraer, and Co-Chair of the Safeguarding Aviation and Travel Value Chains Against Corruption project.

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