ACSI publishes anti-corruption review
The Australian Council of Superannuation Investors has published its Anti-corruption and Bribery Practices in Corporate Australia: A review of the S&P/ASX200 research paper, investigating the risk of bribery in Australia's top 200 listed companies.
The research report, commissioned by ACSI and produced by CAER (Corporate Analysis Enhance Responsibility), provides a snapshot of exposure to bribery and corruption risk across ASX200 companies, focussing on those with operations in high-risk sectors and/or high-risk countries.
The paper found that:
- The number of ASX100 companies operating in a sector or country deemed high-risk for corruption has increased from 56% in 2006 to 75% in 2011;
- ASX100 companies lag the top 100 companies (by market cap) from the UK, US and Europe in prohibiting the giving and receiving of bribes; and
- 126 ASX200 companies operating internationally are exposed to a high-risk sector, country or both, but 40% of these companies have no public policy that prohibits bribery or facilitation payments.
“Corruption and bribery in business is a pervasive obstacle to the long-term success and stability of companies and economies. By enforcing illegitimate trade flows, distorting competition, eroding stakeholder relationships and wasting capital flows, these practices deteriorate long-term value," the report stated.
The full report can be found here