World businesses have power to curb corruption – UNODC Boss

The Executive Director of the UN Office on Drugs and Crime (UNODC) Mr. Yury Fedotov, has called on world business leaders to intensify their public-private partnerships in order to curb the activities of corruption.

Mr. Fedotov, who delivered a keynote address at the just-ended 2012 World Economic Forum in Switzerland, told chief executives of global businesses that they have the “power to effect positive change” on corruption.

According to a statement from the UNODC January 27, 2012, Mr Fedotov stated that his Office stood ready to help businesses to adapt their policies in line with the provisions of the Convention.

UNODC has entered into fruitful public-private collaboration, for example, to promote private-sector engagement in combating corruption with support from the Siemens Integrity Initiative, the statement added.

“More companies are establishing ethics and compliance programmes to build an accountable workforce, but more could be done to promote anti-corruption corporate policies in line with the Convention,” Mr Fedotov said.

During the Forum, the statement disclosed that Mr. Fedotov unveiled the idea of an integrity initial public offering (IPO), which would enable UNODC to support developing countries in their efforts to develop anti-corruption legislation and institutions.

Under the scheme, companies would pledge $2 million over five years, sending out a strong message of integrity to shareholders and customers while enhancing their global anti-corruption credentials, it added.

By instilling integrity and transparency in business, CEOs can create a level playing field and the profits can be measured in more than just the bottom line; they can also help to lay the lasting foundations for ethical conduct and social justice, Fedotov said.

By Ekow Quandzie