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The Corruption Debate
For a while now, corruption has been at the top of the global agenda. Authorities around the world are devoting a great deal of resources in a bid to diminish corruption, but the issue is proving stubbornly resilient.
Corruption is an insidious phenomenon that undermines people’s trust in institutions and political systems, a dangerous state of affairs. It threatens sustainable economic development, ethical values and justice; it causes great harm to our society and endangers the rule of law. It is the poor and marginalised, however, who suffer the harmful effects of corruption the most.
The perception of corruption can cause great damage to a country’s reputation, and can create a disincentive to investment in a country, harming financial flows and impacting on development. Numerous studies illustrate how corruption can restrict trade and reduce economic growth, incapacitating the state’s ability to extend services and grants to its most vulnerable citizens.
To manage corruption effectively requires good governance, ethical leadership and a robust corporate governance framework. This helps to create an environment where corruption struggles to take hold. If every employee understands that the organization to which they belong has well defined anti corruption policy that is well policed and supervised, they are less likely to be tempted to take advantage of opportunities. A reputation for strong and ethical leadership also helps to draw people with good ethical standards.
Over the last few years, we have witnessed a number of large corporate failures, including high profile banks and major corporations. The recent case against FIFA has been very interesting, with the joint activity by US and Swiss authorities sending a very strong, very public statement that corruption will no longer tolerated. It remains to be seen, however, whether or not this signals a turning point in the global war against corruption.
We spoke with Jermyn Brooks of Transparency International. Jermyn is a founding Board Member of the World Economic Forum’s Partnering Against Corruption Initiative, and has chaired the 10th Principle Working Group of the United Nations Global Compact since 2009. He is also a member of the Wolfsberg Group, and serves as Independent Chair of the Global Network Initiative. There are few other people with the deep knowledge of the global fight against corruption, and we asked Jermyn what more can be done.
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For a while now, corruption has been at the top of the global agenda. Authorities around the world are devoting a great deal of resources in a bid to diminish corruption, but the issue is proving stubbornly resilient.
Corruption is an insidious phenomenon that undermines people’s trust in institutions and political systems, a dangerous state of affairs. It threatens sustainable economic development, ethical values and justice; it causes great harm to our society and endangers the rule of law. It is the poor and marginalised, however, who suffer the harmful effects of corruption the most.
The perception of corruption can cause great damage to a country’s reputation, and can create a disincentive to investment in a country, harming financial flows and impacting on development. Numerous studies illustrate how corruption can restrict trade and reduce economic growth, incapacitating the state’s ability to extend services and grants to its most vulnerable citizens.
To manage corruption effectively requires good governance, ethical leadership and a robust corporate governance framework. This helps to create an environment where corruption struggles to take hold. If every employee understands that the organization to which they belong has well defined anti corruption policy that is well policed and supervised, they are less likely to be tempted to take advantage of opportunities. A reputation for strong and ethical leadership also helps to draw people with good ethical standards.
Over the last few years, we have witnessed a number of large corporate failures, including high profile banks and major corporations. The recent case against FIFA has been very interesting, with the joint activity by US and Swiss authorities sending a very strong, very public statement that corruption will no longer tolerated. It remains to be seen, however, whether or not this signals a turning point in the global war against corruption.
We spoke with Jermyn Brooks of Transparency International. Jermyn is a founding Board Member of the World Economic Forum’s Partnering Against Corruption Initiative, and has chaired the 10th Principle Working Group of the United Nations Global Compact since 2009. He is also a member of the Wolfsberg Group, and serves as Independent Chair of the Global Network Initiative. There are few other people with the deep knowledge of the global fight against corruption, and we asked Jermyn what more can be done.